Check back here regularly to find out what's going on at Advance Payroll and Tax.
Do you fall into any of the following categories between 6th April 2016 and 5th April 2017?
If so, you will be required to submit a tax return to HMRC by 31st January 2018
Spring Budget 2017 - 8th March 2017
A round up of today's Spring Budget 2017:
1. The Making Tax Digital quarterly reporting has been delayed 1 year for businesses with a turnover less than the VAT threshold
2. Class 4 NIC to increase by 1% from April 2018 and a further 1% from April 2019
3. Tax free dividend allowance for shareholders and directors of small private companies will be reduced to £2,000 from April 2018
4. Personal tax free allowance to increase to £11,500, increasing to £12,500 by 2020
5. No changes to income tax, VAT or other National Insurance categories
Other announcements from the budget can be found in the link below:
Making Tax Digital
HMRC are currently reviewing the way in which individuals and companies file their tax information and in a bid to make the process easier for all, they have announced plans to modernise the taxation system by 2020.
Details of their proposals and how these may affect you and your business can be found at the link below
Advance Payroll & Tax
Chester le Street
If you have any queries or wish to make an appointment please contact us:
Tel: 0191 4109780
or 07506 620413
Alternatively, please use our contact form.