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Tax Diary March/April 2017

23/02/2017 – 1 March 2017 - Due date for Corporation Tax due for the year ended 31 May 2016. 2 March 2017 – Self Assessment tax for 2015/16 paid after this date will incur a 5% surcharge. 19 March 2017 - PAYE and NIC deductions due for month ended 5 March 2017. (If you pay your tax electronically the due date is 22 March 2017.) 19 March 2017 - … More...

Minimum wage increases

22/02/2017 – The new National Minimum Wage (NMW) and National Living Wage (NLW) rates are due to come into effect on 1 April 2017. This is the first time that the NMW and NLW rates will be uprated in parallel. Historically, the NMW increased annually in October and explains the smaller than usual increase in the NMW as the last increases were only … More...

Using the Lifetime ISA

22/02/2017 – The new Lifetime ISA will be available from April 2017. The Lifetime ISA is designed to help those aged between 18 and 40 to save for a new home or for their retirement. The new scheme will see the government provide a bonus of 25% on yearly savings of up to £4,000 and these benefits continue until the saver's 50th birthday. This could … More...

HMRC announces new support for mid-sized businesses

22/02/2017 – HMRC has used the publication of a new corporate report to announce new support services to the 170,000 mid-sized businesses operating in the UK. These businesses play an important role in developing entrepreneurship and creating new jobs. Mid-sized businesses are defined as those that have a turnover of more than £10 million and/or more … More...

Genuine HMRC email alert

22/02/2017 – HMRC has issued an advisory note to let employers know that it is in the process of emailing an employer alert. These emails are headed Important information for employers and refer to Employer Bulletin 64. These emails are genuine and include valid links to pages on the GOV.UK website. Taxpayers still need to be mindful of the many … More...

Let property campaign

22/02/2017 – HMRC’s Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities, whether due to misunderstanding the tax rules or because of deliberate tax evasion. There are three main stages to … More...

Pension automatic enrolment

22/02/2017 – Automatic enrolment for workplace pensions is intended to encourage employees to start making provision for their retirement with employers, with government contributing to make a larger pension pot. The timetable for employers to begin enrolling their staff started with the UK’s largest businesses in 2012, followed by medium, and then … More...

Late filing of Self Assessment tax returns

15/02/2017 – Taxpayers that have not yet filed their 2015-16 Self Assessment returns will have been charged an automatic £100 penalty for late submission. The penalty applied from 1 February 2017 even if no tax was due or the tax due was paid on time. However, taxpayers who were meant to file online by 31 January 2017, and have still not filed their … More...

The new £1 coin is coming

15/02/2017 – The new £1 coin enters circulation on 28 March 2017. The new £1 coin will be 12-sided and will replace the round shaped £1 coin that has been in use for 30 years. The new coin is being introduced to help combat the problem of counterfeit coins and will according to the Royal Mint be the most secure coin in the world. It has been … More...

The Apprenticeship Levy

15/02/2017 – The new Apprenticeship Levy comes into effect from April this year at a rate of 0.5% of the employer's 'pay bill'. To exclude smaller employers a £15,000 annual allowance can be claimed. The effect of this limit means that only employers with a pay bill in excess of £3 million will be required to contribute to the levy. The £3 million … More...

Pension auto-enrolment penalties

15/02/2017 – Automatic enrolment into workplace pensions has been rolling out across the UK since 2012 beginning with the largest employers in the country. The first batch of small and micro employers started to enrol in the scheme in mid-2015. There are estimated to be 1.8 million small and micro employers in the UK. It is expected that all … More...

Credit Card Sales Campaign

15/02/2017 – HMRC’s Credit Card Sales campaign targets individuals and businesses that accept credit and debit card payments and have not paid the right amount of tax due. The campaign offers the opportunity for anyone affected to bring their affairs up to date and in doing so take advantage of the best possible terms. Any individual or company that … More...

 

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Tax Diary March/April 2017

23/02/2017 – 1 March 2017 - Due date for Corporation Tax due for the year ended 31 May 2016. 2 March 2017 – Self Assessment tax for … More...

Minimum wage increases

22/02/2017 – The new National Minimum Wage (NMW) and National Living Wage (NLW) rates are due to come into effect on 1 April 2017. … More...

Using the Lifetime ISA

22/02/2017 – The new Lifetime ISA will be available from April 2017. The Lifetime ISA is designed to help those aged between 18 and … More...

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