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Important Dates for Individuals and Self Employed

05 October 2017           Deadline to advise HMRC that you need to register for Self-Assessment for the
                                         2016/17 Tax Year.

31 October 2017           Deadline for filing Paper Income Tax Return with HMRC.

30 December 2017       Deadline for filing Income Tax Return with HMRC if you want any Tax collected
                                         through your PAYE Coding (under £3,000).

31 January 2018            Balance of any Tax, National Insurance, and Student Loan owed to HMRC for
                                         2015/16 must be paid.

31 January 2018            1st Payment on Account of Tax for 2017/18 due to HMRC.  Last day to file your
                                         Income Tax Return.

05 April 2018                 End of Current Tax Year.


National Minimum Wage and National Living Wage Rates 1st April 2017

The rate for 25 and over will increase by 30p from £7.20 to £7.50 an  hour.                                                                           The rate for 21-24 year olds will increase by 10p from £6.95 to £7.05 an hour                                                                     The rate for 18-20 year olds will increase by 5p from £5.55 to £5.60 an hour                                                                       The rate for 16-17 year olds will increase by 5p from £4.00 to £4.05 an hour

The apprentice rate will increase by 10p from £3.30 to £3.40 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.


Tax changes taking effect from April 2017

Personal Allowance: £11,500 – Current Tax Code 1150L
All individuals will be entitled to the same personal allowance regardless of age.  The income limit for personal allowance is £100,000.

Dividend allowance: £5,000

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’ and for an Apprentice under 25 it is ‘H’

Changes – National Insurance Employment Allowance 6 April 2017.

The government will increase the National Insurance Employment Allowance to £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.

From 6 April 2014, every business, charity and community amateur sports club has been entitled to an annual ’employment allowance’ of £2,000 to reduce your employer liability for Class 1 secondary NICs with a few exceptions.  These exemptions are as follows:

Employ someone for personal, household or domestic work, such as a nanny, au pair, chauffeur, gardener, care support worker already claim the allowance through a connected company or charity are a public authority, this includes; local, district, town and parish councils carry out functions either wholly or mainly of a public nature (unless you have charitable status), for example:

  • NHS services
  • General Practitioner services
  • the managing of housing stock owned by or for a local council providing a meals on wheels service for a local council
  • refuse collection for a local council
  • prison services
  • collecting debt for a government department

You do not carry out a function of a public nature, if you are:

  • providing security and cleaning services for a public building, such as government or local council offices
  • supplying IT services for a government department or local council

You can only claim the £2,000 Employment Allowance against one PAYE scheme – even if your business runs multiple schemes.

This Employer allowance is an on-going benefit provided by the Government which will continue into future tax years.  Please be aware that it is your responsibility as an Employer to notify the HMRC of any changes within your business that may affect your eligibility to receive this benefit.

Automatic Enrolment – Work based Pensions

The Government wants to encourage all workers to save for their retirement, in as easy a way as possible. Therefore, it has introduced a new legislation designed to help people save more.

All employers must enrol their eligible workers into a workplace pension, if they are not already in one, if they:

Are at least 22 years old;
Have not reached state pension age;
Earn more than a minimum amount a year (currently £10,600); and work, or ordinarily work, in the UK (under their contract).

As an employer you must automatically enrol certain workers into a qualifying workplace pension scheme and make contributions towards it. Employees are also required to make contributions towards the pension scheme.
All employers will have to provide their workers with a workplace pension scheme over the next few years, and pay a minimum contribution into the scheme.

This is called ‘automatic enrolment’ and is a legal requirement.
It is the responsibility of the employer to activate the scheme. To find out when you must be registered by you can contact the Pension regulator and find out your staging date.

For further information please see link below or contact us at the Office.