Doesn’t time fly when you are having fun!! … We are now six months into the new tax year.

Some questions for you ..

• If you are a self employed person or required to file an SA tax return, have you handed over the paperwork to your accountant yet?  If not, please do.  The later you leave it the more problematic it can become, especially for your accountant!
• Are you a company director that relies on dividends as a tax efficient way of drawing money from your company?  Do you know that things are changing on this front come April 2016.  Basically the current 10% dividend tax credit  is being abolished and in its place there will be an annual dividend allowance of £5,000.  Any dividends received above this £5,000 allowance will be taxed at increasing rates according to your highest rate of Income Tax so that means 7.5% if you are a basic rate taxpayer, 32.5% if you are a higher rate tax payer, and 38.1% if you are an additional rate tax payer.If you are affected by this, or think you will be affected by this, we would recommend you seek advice from your accountant or give us a ring, as this may well affect your personal disposable income.

Deadline dates for this month include:

1 September 2015 – Due date for Corporation Tax due for the year ended 30 November 2014.

19 September 2015 – PAYE and NIC deductions due for month ended 5 September 2015. (If you pay your tax electronically the due date is 22 September 2015.)

19 September 2015 – Filing deadline for the CIS300 monthly return for the month ended 5 September 2015.

19 September 2015 – CIS tax deducted for the month ended 5 September 2015

As always, if you need help with any of the above, just give us a ring on 0800 180 4252.