New tax year – new rates and allowances

As businesses enter the new tax year on 6 April we are urging businesses to prepare for the new tax arrangements.  UK companies will pay a reduced rate of corporation tax on their profits (cut to 20%).  Employers hiring under 21s will also no longer face National Insurance Contribution tax bills.

For individuals, the standard personal allowance is increased to £10,600, but this could be larger if you receive the blind persons allowance or were born before 6 April 1938.  For those born before 6 April 1935 you may be able to claim the Married Couple’s Allowance, for others you may be able to claim the new Marriage Allowance.  If you receive over £50,000 per annum in income you may have to pay all, or part of any Child Benefit received.  Please contact someone in the office to find the most efficient way to do this.

https://www.gov.uk/government/publications/tax-and-tax-credit-rates-and-thresholds-for-2015-16/tax-and-tax-credit-rates-and-thresholds-for-2015-16

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