You can call us (office hours) Monday to Friday on : 0121 455 8055
 
 

Tax and Payroll Update

Hand Holding Tablet Pc - Image Credit pat138241 at www.FreeDigitalPhotos.netHere are a few key points and changes effective from 6th April 2017:

  • Corporation tax will reduce to 19% staring from periods beginning 1 April 2017
  • Personal Allowance for Individuals is increasing to £11,500
  • 20% Threshold for income tax is increasing to £33,500
  • 40% threshold for income tax is increasing to £45,000

The dividend tax rate is as follows:

  • £5,000 = 0.0%
  • Basic rate = 7.5%
  • Higher Rate = 32.5%
  • Additional Rate = 38.1%

This will depend on which tax band you fall under after all your income in the tax year.
More information can be found on our previous article here >

The National Minimum wage is Increasing as follows:

  • 25 and Over ( National Living Wage) = £7.50 per hour
  • 21-24 years old = £7.05 an Hour
  • 18-20 Years old = £5.60 an Hour
  • 16-18 Years Old = £4.05 an Hour
  • Apprentices under 19 or 19 and over in the first year of their apprenticeship = £3.60 an Hour

More information can be found on our previous article here >


 

Tags:

 

More Posts in Accountancy

 
 

Share this Post