Despite our earlier post advising we would be shut today, we are OPEN!  The office move has been completed and we are now safely installed at Ashington Workspace.  Please note that the old 0800 is no longer in service, so our office number is now 01670 528416.

So what do we need to think about before the end of the tax year?

For company directors, the main thing which we need to act on now is the change coming on the taxation of dividends.  From April 2016, you will only receive £5000 tax free dividend and the rest is taxed, either at 7.5% for basic rate tax payers or 32.5% for higher rate tax payers and 38.1% for additional rate tax payers.

For landlords, from April 2016 there is an additional 3% payable on stamp duty land tax and this would apply also to people purchasing second homes.  This will also apply to someone who is buying a new property but has not yet been able to sell their current property.  So it is important to budget for this extra cost.  If you want to avoid that, you need to complete your sale before the end of this month.

In preparation for April 2016, we need to remember the living wage, which comes into force on 1st April 2016 with a minimum hourly rate of £7.20 for people over the age of 25.

Lots to think about and much to implement for all business owners.  If we can help in any way, just give us a ring on 01670 528416.