From 1 April 2016 employees over the age of 25 will legally need to be paid at least £7.20 per hour. This is the new National Living Wage, but it is really just another band to add to the National Minimum Wage system.
Archives for March 2016
We will be closed between Good Friday and Easter Monday 2016 inclusive. We will check our e-mails on Friday morning and Saturday lunchtime and will deal with any urgent matters which may arise.
Value Added Tax returns for the quarter ended 29 February 2016 are due to be submitted by 7 April 2016, and any payment which is due should be made electronically by the same date.
If you want to claim a tax refund after the income tax year ends on 5 April 2016, then you might like to do things quickly. Consider getting your records together now, and then contact us first thing on 6 April. We will use the latest technology to get your accounts prepared quickly.
Construction Industry Scheme businesses often have a refund to claim.
Individuals might consider putting some money into an Individual Savings Account for the year 2015/16 before the deadline on 5 April 2016. ISAs have the advantage of being tax free.
Small private companies with a year end of 30 June 2015 and into their second or later year of existence should submit their accounts to Companies House by 31 March 2016 in order to avoid a Late Filing Penalty.
The Annual Exempt Amount for Capital Gains Tax for the year ended 5 April 2016 is £11,100. If you hold a portfolio of shares or other assets, then you may wish to consider taking advantage of the Annual Exempt Amount by selling some of your assets to crystallise a gain before the 5 April deadline. Discuss this with your accountant or tax adviser.
There are rules to deter you from selling an asset and buying it back straight away, which is called “bed and breakfasting”. Your adviser will tell you about this.
Small companies may wish to consider declaring a dividend before the end of the income tax year on 5 April 2016. This could be advantageous in some cases.
Sometimes when you are an employer, you might have happened to have made no wage or salary payments at all for a PAYE month such as the month from 6 February to 5 March 2016, in which case you must submit electronically an Employer Payment Summary as a NIL return by 19 March. This is too easy to overlook.
Construction Industry Scheme returns for the period from 6 February to 5 March 2016 should be submitted online by 19 March. This includes NIL returns.