New National Minimum Wage and National Living Wage rates take effect from 1st April 2017
25 and over New rate £7.50
21 to 24 New rate £7.05
18 to 20 New rate £5.60
Under 18 £4.05
The end of the personal tax year is now only a month away. It is time to ensure that your tax affairs are put into order before 5 April 2017.
Two things to consider are:
Each taxpayer has a personal allowance of £11,000 for 2016-17. Where taxpayers have no other taxable income (such as rent) to use up their allowance it is worth ensuring that all working directors and other family members working in the business have sufficient income to make use of their personal allowance. Wages and salaries for 2016-17 must be paid before 5 April 2017.
Under current tax rules all taxpayers may receive £5,000 of dividend income free of tax, irrespective of the extent of their other income.
If your company has distributable reserves then you may wish to vote additional dividends before 5 April 2017.
Subject to (very important) non tax considerations, you may wish to consider the transfer of shares to your spouse or to adult children so that they may receive a tax free dividend before 5 April 2017.
By choosing our services, you can reap the benefits of a complete payroll processing team without worrying about time and overhead costs. You can rely on us for:
Real Time Information (RTI) filing
Setting up PAYE schemes
Whether you wish to outsource all or part of your payroll processing, JND Accounting are here for you. We cater to businesses throughout the East Midlands.