April marks the beginning of the new tax year and with the start of the new period comes a number of new rules that all taxpayers need to be aware if they hope to make the most of their finances. To ensure you don’t miss out here are nine changes that have been introduced this […]
Accountants at one of Weybridge’s leading independent accountancy firms, TWP, are encouraging dividend holders to prepare for changes to the way in which they are taxed. Up until April 2016, dividends were paid net of a 10 per cent notional tax credit, this meant that basic rate taxpayers effective paid no tax on their dividend […]
It was announced in the Budget that the Dividend Allowance will be reduced from £5,000 to £2,000 from April 2018. Dividends received by an individual are subject to special tax rates. The first £5,000 of dividends are charged to tax at 0% (the Dividend Allowance). Dividends received above the allowance are taxed at the following […]
Extensive changes to how taxpayers record and report income to HMRC are being introduced under a project entitled Making Tax Digital for Business (MTDfB) . MTDfB is to be introduced in stages and the government has confirmed in the Budget the deferral of some of the obligations for one year. The result of this announcement is […]
One of the significant announcements Chancellor Philip Hammond made on Budget Day was the proposed increases to the main rate of Class 4 National Insurance Contributions (NICs) paid by self-employed individuals from 9% to 10% from April 2018 with a further increase planned from 10% to 11% from April 2019. The Chancellor subsequently announced that […]
Tax-Free Childcare, the new government scheme to help working parents with the cost of childcare, will be launched from 28 April 2017. For every £8 a parent pays in, the government will pay in an extra £2. Parents can receive up to £2,000 per child, per year, towards their childcare costs making a total amount […]
Employers need to ensure they are paying their employees at least the appropriate National Minimum Wage (NMW) or National Living Wage (NLW) rate. The rates increase from 1 April 2017. From 1 October 2016 From 1 April 2017 NLW rate for workers aged 25 and over £7.20* £7.50 the main rate for workers […]
The government has introduced new requirements for all private and voluntary sector employers of over 250 people relating to equal pay reporting from April 2017. The Equality Act 2010 (Gender Pay Gap Information) Regulations 2017 (SI 2017/172) mean that large employers must calculate and publish the difference in mean and median pay and bonuses between […]
Changes are being made to the Flat Rate Scheme (FRS) which take effect from 1 April 2017. These changes may mean that the FRS is less attractive to some businesses and this may result in these businesses deciding to no longer operate under the FRS. In some cases where a trader has voluntarily registered for […]
April/May 2017 Date What’s Due 01/04 Corporation tax for year to 30/06/2016 06/04 2017/18 tax year begins 19/04 Final RTI FPS due by this date. Indicate that this is Final Submission for the Tax Year 19/04 PAYE & NIC deductions, and CIS return and tax, for month to 5/04/17 (due 22/04 if you pay electronically) […]
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