Monthly Archives: August 2015

Tax Diary August/September 2015

 1 August 2015 - Due date for Corporation Tax due for the year ended 31 October 2014.  19 August 2015 - PAYE and NIC deductions due for month ended 5 August 2015. (If you pay your tax electronically the due date is 22 August 2015)  19 August 2015 - Filing deadline for the CIS300 monthly return for the month ended Continue Reading
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Tapered pensions annual allowance

 Legislation in Summer Finance Bill 2015 introduces a tapered reduction in the annual allowance from 6 April 2016, for those with an ‘adjusted income’ of over £150,000. The ‘adjusted income’ definition adds-back any pension contributions, to prevent individuals from avoiding the restriction by exchanging salary for employer contributions. To provide certainty for individuals with lower salaries who may have one Continue Reading
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Small business changes

 Some of the key changes that will impact small businesses in particular are set out below: Taxation of dividend income from April 2016. The present 10% dividend tax credit is being abolished from April 2016. In its place an annual dividend tax allowance of £5,000 is being introduced. Dividends received will be free of further charge to Income Tax up Continue Reading
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Landlords

 There were a number of measures in the Summer Budget that will impact the taxation of property income. These include: the abolition of the 10% wear and tear allowance (see details below); the restriction of tax relief to the basic rate (20%) for loan interest on funds raised to purchase residential property for letting. This will be phased in over Continue Reading
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