Monthly Archives: June 2016

Tax Diary June/July 2016

 1 June 2016 - Due date for Corporation Tax due for the year ended 31 August 2015.

 19 June 2016 - PAYE and NIC deductions due for month ended 5 June 2016. (If you pay your tax electronically the due date is 22 June 2016.)

 19 June 2016 - Filing deadline for the CIS300 monthly return for...

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What is a CT61

Although most banks and building societies do not have to deduct Income Tax from interest payments they make to depositors from April 2016, the same does not apply to others that pay interest.

Consider an owner managed company whose directors had deposited a considerable sum with the company that was credited to a loan account...

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Stamp Duty increase penalises home buyers

There has been much press commentary regarding the extra 3% Stamp Duty Land Tax (SDLT) and the 3% Additional Dwelling Supplement (ADS) – part of the Land and Building Transaction Tax in Scotland – that applies to the purchase of a second residential property by individuals in the UK from 1 April 2016.

Home owners should...

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Expanding your Income Tax bands

For the tax year 2016-17, most taxpayers are entitled to claim a tax-free personal allowance of £11,000 from their taxable income. The maximum income that can be taxed at the basic rate of 20%, after the personal allowance has been deducted, is £32,000.

Accordingly, if your total income is £43,000 or below you will only pay...

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