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Important Dates for Individuals and Self Employed

31 July 2018                  2nd Payment on account of tax for 2016/17 due to HMRC.

05 October 2018         Deadline to advise HMRC that you need to Register for                                                                                                                   Self-Assessment for the 2016/17 Tax Year.

31 October 2018         Deadline for filing Paper Income Tax Return with    HMRC.                                         

30 December 2018      Deadline for filing Income Tax return with HMRC  if you                                                                                                                want any Tax collected through your PAYE Coding (under £3,000)                                                                               

31 January 2019          Balance of any tax, national insurance and student  loan owed to                                                                                                HMRC for 2015/16 must be paid.

31 January 2019          1st Payment on Account of tax for 2017/18 due to    HMRC.                                                                                                                LAST DAY TO FILE YOUR INCOME TAX RETURN                                         

National Minimum Wage and National Living Wage Rates 1st April 2018

The rate for 25 and over will increase by 33p from £7.50 to £7.83 an  hour.                                                                           The rate for 21-24 year olds will increase by 33p from £7.05 to £7.38 an hour                                                                     The rate for 18-20 year olds will increase by 30p from £5.60 to £5.90 an hour                                                                      The rate for under 18 will increase by 15p from £4.05 to £4.20 an hour

The apprentice rate will increase by 30p from £3.40 to £3.70 an hour.
* This rate is for apprentices under 19 or over who are in the first year.                                                                                Most workers over school leaving age will be entitled to the National Minimum Wage.

Workplace Pension minimum contributions are increasing from 6th April 2018 and 6th April 2019

6th April 2018 to      Company           Your                   Total
5th April 2019                 2%                   3%                      5%

6th April 2019 to
5th April 2020                 3%                  5%                       8%

Tax changes taking effect from April 2018

Personal Allowance: £11,850 – Current Tax Code 1185L
All individuals will be entitled to the same personal allowance regardless of age.  The income limit for personal allowance is £100,000.

Dividend allowance: £2,000

Personal savings allowance for basic rate taxpayers: £1,000

Personal savings for higher rate tax payers: £500

Corporation Tax main rate: 19%

Employer National Insurance Contributions no longer have to be made for employees who are under the age of 21. The new NI category for under 21’s is ‘M’ , for an Apprentice under 25 it is ‘H’ , for under 21 with more than one job, may be able 

National Insurance Employment Allowance 6 April 2018 stays the same at £3,000 this year.  If a director is the only employee in a company and has paid earnings above the Secondary Threshold for Class 1 National Insurance  contributions will no longer be able to claim Employment Allowance.