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 March to 5 April 2016, in which case you must submit electronically an Employer Payment Summary as a NIL return by 19 April. This is too easy to overlook. Your final EPS for the year also needs to be submitted by 19 April.
Fourth Quarter PAYE and CIS Payments by 19 April 2016
Employers must make Fourth Quarter payments of PAYE and NICs by 19 April 2016 if settled by cheque. If you pay electronically, then you have until 22 April to make the payment. Tax retained under the Construction Industry Scheme must also be paid by the same date.
CIS Returns to 5 April 2016
Construction Industry Scheme returns for the period from 6 March to 5 April 2016 should be submitted online by 19 April. This includes NIL returns.
Personal Allowance from 6 April 2016
The income tax Personal Allowance will rise to £11,000 from 6 April 2016. You can earn this much from employment or from self-employment before paying any tax. This Personal Allowance cannot be set off against income from dividends, for which there will be a new separate allowance of £5,000.
VAT Threshold £83,000 from 1 April 2016
The Value Added Tax registration threshold has risen to £83,000 from 1 April 2016. If you have made sales of goods or services totalling more than £83,000 over the last twelve months, then you must register for VAT if they are VATable. You are expected to do this every month by looking back at a moving twelve month window. We can help here.
If you expect to make supplies of goods or services totalling more than £83,000 in the next month alone, then you must also register for VAT. This could the consequence of a big order.
National Living Wage from 1 April 2016
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.
Service over Easter 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 deadline on 7 April 2016
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.
Tax Refund Startline from 6 April 2016
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.
ISA Deadline on 5 April 2016
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.
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