Key Updates 2017/2018

  • The personal allowance increases for 2017/18 to £11,500
  • The basic rate limit is now £33,500
  • The higher rate limit is now £45,000
  • The national living wage for over 25’s has increased as of 6th April 2017 to £7.50 per hour.
  • The wear and tear allowance for clients who have rental properties will completely come to an end from the 6th April 2017.
  • There are a lot of changes in 2017/2018 regarding working in the public sector and IR35 rules. Please contact us to discuss if you believe this may affect you.
  • A reminder that all directors of limited companies need to be completing a personal tax return. Please get in contact with us if you believe that you have not completed one.
  • All companies running a payroll need to be aware of their auto enrolment responsibilities and staging dates. We can assist you with this so please get in touch if you need assistance.
  • The new dividend tax rules continue into 2017/18. The first £5,000 dividends received will be tax free and all subsequent dividends are taxed at the relevant dividend tax rates.

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