19th September 2016
PAYE, Student loan and CIS deductions are due for month to 5th September 2016
19th October 2016
PAYE, Student loan and CIS deductions are due for the month to 5th October 2016
19th October 2016
PAYE quarterly payments are due for small employers for the pay periods 6th July 2016 to 5th October 2016
31st October 2016
Deadline for submitting 'paper' 2015/16 self assessment returns
31st October 2016
Deadline for submission of 2015/16 self assessment returns if you require HMRC to compute your tax liability and/or if tax underpaid is to be collected by adjustment to your 2017/18 PAYE code
2nd November 2016
Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5th October 2016
19th November 2016
PAYE, Student loan and CIS deductions are due for the month to 5th November 2016
1st December 2016
Advisory Fuel Rates
19th December 2016
PAYE, Student loan and CIS deductions are due for the month to 5th December 2016
30th December 2016
Online filing deadline for submitting 2015/16 self assessment return if you require HMRC to collect any underpaid tax by making an adjustment to your 2017/18 tax code
19th January 2017
PAYE, Student loan and CIS deductions are due for the month to 5th January 2017
19th January 2017
PAYE quarterly payments are due for small employers for the pay periods 6th October 2016 to 5th January 2017
31st January 2017
Deadline for submitting your 2015/16 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2015/16 liability together with the first payment on account for 2016/17 are also due
15/16 Tax Rates
Capital Gains Tax
| Exemptions | 15/16 | 14/15 |
|---|---|---|
| Individuals, estates, etc | £11,100 | £11,000 |
| Trusts generally | £5,500 | £5,500 |
| Chattels proceeds (restricted to 5⁄3rds proceeds gain exceeding limit) | £6,000 | £6,000 |
| Rates | 15/16 | 14/15 |
|---|---|---|
| Individuals – Up to basic rate limit | 18% | 18% |
| Individuals – Above basic rate limit | 28% | 28% |
| Trusts and estates | 28% | 28% |
| Entrepreneurs’ Relief* | 15/16 | 14/15 |
|---|---|---|
| Gains taxed at | 10% | 10% |
| Lifetime Limit | £10,000,000 | £10,000,000 |
Corporation Tax
| Profits | Effective rateto 31/3/16 | Effective rateto 31/3/15 |
|---|---|---|
| 0–£300,000 | 20% | 20% |
| £300,001 – £1,500,000 | 20% | 21.25% |
| £1,500,001 and over | 20% | 21% |
Dates for Tax Payments
Income Tax and Capital Gains Tax
31 January in Tax Year
Normally 50% of previous year’s income tax, less tax deducted at source
Following 31 July
Normally 50% of previous year’s income tax, less tax deducted at source
Following 31 January
Balance of income tax and all capital gains tax
Corporation Tax
Self Assessment 9 months after end of accounting period
Payable by installments where profits are £1.5m or over. Normally payable in 7th, 10th, 13th and 16th months after start of accounting period.
Growing companies: no installments where profits are £10m or less and the company was not a large company the previous year.
Inheritance Tax
| 15/16 | 14/15 | |
|---|---|---|
| Nil-rate band* | £325,000 | £325,000 |
| Rate of tax on excess | 40%† | 40%† |
| Lifetime transfers to and from certain trusts | 20% | 20% |
| Exemption for non-UK domiciled spouse/civil partner | £325,000 | £325,000 |
100% relief: businesses, unlisted/AIM companies, certain farmland and farm buildings
50% relief: certain other business assets e.g. farmland let pre 1/9/95.
* Up to 100% of the unused portion of a deceased spouse’s/civil partner’s ni-rate band can be claimed on the survivor’s death.
† 36% where at least 10% of the net estate leC to charity for deaths aCer 5/4/12.
Income Tax Rates
| Taxable income | 15/16 | 14/15 |
|---|---|---|
| Starting rate of 0% on savings income up to* | £5,000 | n/a |
| Starting rate of 10% on savings income up to* | n/a | £2,880 |
| Basic rate of 20% on income up to | £31,785 | £31,865 |
| Maximum tax at basic rate | £6,357 | £6,373 |
| £31,786 – | £31,866 – | |
| Higher rate of 40% on income | £150,000 | £150,000 |
| Tax on first £150,000 | £53,643 | £53,627 |
| Additional rate on income over £150,000 | 45% | 45% |
| Dividends for: | ||
| Basic rate taxpayers | 10% | 10% |
| Higher rate taxpayers | 32.50% | 32.50% |
| Additional rate taxpayers | 37.50% | 37.50% |
| Trusts: | ||
| Standard rate band generally | £1,000 | £1,000 |
| Rate applicable to trusts: Dividends | 37.50% | 37.50% |
| Rate applicable to trusts: Other income | 45% | 45% |
| Child Benefit: | ||
| 1% of benefit for every £100 of income for the tax year between | £50,000 – £60,000 | £50,000 – £60,000 |
* Not available if taxable non-savings income exceeds the starting rate
| Main Personal Allowances and Reliefs | 15/16 | 14/15 |
|---|---|---|
| Personal (basic) | £10,600 | £10,000 |
| Personal reduced if net income exceeds* | £100,000 | £100,000 |
| Transferable tax allowance for married couples* | £1,060 | n/a |
| Personal (age) if born between 6/4/38 and 5/4/48 | n/a | £10,500 |
| Personal (age) if born before 6/4/38 | £10,660 | £10,660 |
| Personal (age) reduced if net income exceeds* | £27,700 | £27,000 |
| Married couple’s allowance *† – maximum amount | £8,355 | £8,165 |
| Married couple’s allowance *† – minmium amount | £3,220 | £3,140 |
| Blind person’s allowance | £2,290 | £2,230 |
| Rent-a-room tax-free income | £4,250 | £4,250 |
| Venture capital trust (VCT) at 30% | £200,000 | £200,000 |
| Enterprise investment scheme (EIS) at 30% | £1,000,000 | £1,000,000 |
| EIS eligible for capital gains tax deferral relief | No limit | |
| Seed enterprise investment scheme (SEIS) at 50% | £100,000 | £100,000 |
| SEIS CGT reinvestment relief | 50% | 50% |
*£1 reduction for every £2 of additional income over the income threshold.
† Relief at 10% if at least on of the couple was born before 6/4/35.
Non-domicile Remittance Basis Charge
| Non-domicile Remittance Basis Charge after UK residence in at least: | 15/16 | 14/15 |
|---|---|---|
| 7 of the last 9 tax years | £30,000 | £30,000 |
| 12 of the last 14 tax years | £60,000 | £50,000 |
| 17 of the last 20 tax years | £90,000 | n/a |
Downloadable Forms
| 64-8 | Authorising your agent |
| CWF1 | |
| New Starter Checklist | |
| VAT1 | Application for registration |
| VAT7 | Application to cancel your VAT registration |
| CF10-2014-15 | Self-employed people with small earnings - applying for a certificate of exception |
| SA1 | Registering for Self Assessment and getting a tax return |