Latest News

IMPORTANT DATES FOR INDIVIDUALS AND SELF EMPLOYED: 

1st January 2020         First payment on account for 2020/21

31st July 2020              Second payment on account of tax for 2020/2021 due to HMRC.

5th October 2020         Deadline to advise HMRC that you need to register Self-Assessment for the tax year 2019/2020.

30th December 2020   Deadline for filing Income Tax return with HMRC if you want any tax collected through your PAYE coding (under £3,000).

31st January 2020        Deadline for filing Income Tax return with HMRC and deadline for payment of any tax, national insurance and student loan owed to HMRC for 2019/2020.                                   

NATIONAL LIVING WAGE & NATIONAL MINIMUM WAGE RATES APRIL 2020:                    

  • The rate for 25 and over will increase by 0.51p from £8.21 to £8.72 per hour.
  • The rate for 21-24 year olds will increase by 0.50p from £7.70 to £8.20 per hour.
  • The rate for 18-20 year olds will increase by 0.30p from £6.15 to £6.45 per hour.
  • The rate for under 18’s will increase by 0.20p from £4.35 to £4.55 per hour.
  • The apprentice rate will increase by 0.25p from £3.90 to £4.15 per hour. Apprentices are

entitled to the apprentice rate if they are either:

  • Aged 19 or under
  • Aged 19 or over and in their first year of apprenticeship. 

TAX CHANGES TAKING EFFECT FROM APRIL 2020: 

EARNINGS (If you live in England, Wales or Northern Ireland)          2020/21 Rate 

Under your personal allowance (PA)                                                            No income tax payable

For most, £12,500 

Basic rate                                                                                                                 20%

£12,501 to £50,000 

Higher rate                                                                                                             40%

£50,001 to £150,000

 

Additional rate                                                                                                     45%

Over £150,001

Employer National Insurance Contributions no longer have to be made for employees who are under the age of 21.

 National Insurance Employment Allowance for April 2020 goes up to £4000 per year.