Personal allowance to rise to 11,500 from April 2017. This means that we all would have around £112 per year more in our pocket compared to 2016/17 along with this, the higher tax bracket will rise from £43,000 to £45,000 in April 2017.
Here are a few key points and changes effective from 6th April 2017. More information can be found on a number of our our previously published website articles. See full details on this page.
From April 2016 the Dividend Tax Credit will be replaced by a new tax-free Dividend Allowance. This simpler system will mean that only those with significant dividend income will pay more tax.
Grants received by CICs and other social enterprises are not automatically treated as tax free or exempt. It is essential to establish the nature of the grant for corporation tax and VAT purpose.