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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

 

  • you were self-employed
  • you got £2,500 or more in untaxed income, for example from renting out a property or savings and investments
  • your savings or investment income was £10,000 or more before tax
  • you made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
  • you were a company director - unless it was for a non-profit organisation (such as a charity) and you didn’t get any pay or benefits, like a company car
  • your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
  • you had income from abroad that you needed to pay tax on
  • you lived abroad and had a UK income
  • you got dividends from shares and you’re a higher or additional rate taxpayer - but if you don’t need to send a return for any other reason, contact the helpline instead
  • your income was over £100,000
  • you were a trustee of a trust or registered pension scheme
  • you had a P800 from HMRC saying you didn’t pay enough tax last year - and you didn’t pay what you owe through your tax code or with a voluntary payment
  • you are a religious minister
  • you are a Lloyds underwriter

 

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:

https://www.gov.uk/government/news/spring-budget-2017-21-things-you-need-to-know

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

 

https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital

Address:

Advance Payroll & Tax

1 Angus

Ouston

Chester le Street

DH2 1RU

If you have any queries or wish to make an appointment please contact us:

 

Tel: 0191 4109780

or 07506 620413

Email: info@advancepayrollandtax.co.uk

 

Alternatively, please use our contact form.

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