• April 2018

    FriSatSunMonTueWedThuTax week
    --1   2   3   4   5   52
    6   7   8   9   1011121
    131415161718192
    202122232425263
    27282930---4
    • 6th - Start of 2018-2019 tax year
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
    • 2nd - Easter Monday (E,W,NI)
  • May 2018

    FriSatSunMonTueWedThuTax week
    ----1   2   3   4
    4   5   6   7   8   9   105
    111213141516176
    181920212223247
    252627282930318
    • 7th - May Bank Holiday (E,W,NI,S)
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
    • 28th - Spring Bank Holiday (E,W,NI,S)
    • 31st - Employee P60s due
  • June 2018

    FriSatSunMonTueWedThuTax week
    1   2   3   4   5   6   7   9
    8   9   101112131410
    1516171819202111
    2223242526272812
    2930-----13
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
  • July 2018

    FriSatSunMonTueWedThuTax week
    --1   2   3   4   5   13
    6   7   8   9   10111214
    1314151617181915
    2021222324252616
    2728293031--17
    • 6th - Forms P11D, P11D(b) and P9D due
    • 6th - Form 42 Due
    • 12th - Battle of the Boyne - Bank Holiday (NI)
    • 19th - HMRC cheque payments due
    • 19th - Payment of 2017/18 Class 1A NIC due
    • 22nd - HMRC BACS payments due
    • 31st - Payment of 2017/18 Class 2 NIC due
  • August 2018

    FriSatSunMonTueWedThuTax week
    -----1   2   17
    3   4   5   6   7   8   9   18
    1011121314151619
    1718192021222320
    2425262728293021
    31------22
    • 6th - Summer Bank Holiday (S)
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
    • 27th - Summer Bank Holiday (E,W,NI)
  • September 2018

    FriSatSunMonTueWedThuTax week
    -1   2   3   4   5   6   22
    7   8   9   1011121323
    1415161718192024
    2122232425262725
    282930----26
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
  • October 2018

    FriSatSunMonTueWedThuTax week
    ---1   2   3   4   26
    5   6   7   8   9   101127
    1213141516171828
    1920212223242529
    262728293031-30
    • 5th - Personal Income Tax Statement
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
    • 31st - Paper Self Assessment Tax Return Deadline
  • November 2018

    FriSatSunMonTueWedThuTax week
    ------1   30
    2   3   4   5   6   7   8   31
    9   10111213141532
    1617181920212233
    2324252627282934
    30------35
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
    • 30th - St. Andrew's Day (S)
  • December 2018

    FriSatSunMonTueWedThuTax week
    -1   2   3   4   5   6   35
    7   8   9   1011121336
    1415161718192037
    2122232425262738
    28293031---39
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
    • 25th - Christmas Day
    • 26th - Boxing Day
  • January 2019

    FriSatSunMonTueWedThuTax week
    ----1   2   3   39
    4   5   6   7   8   9   1040
    1112131415161741
    1819202122232442
    2526272829303143
    • 1st - New Year's Day
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
    • 31st - Online Self Assessment Tax Return Due
  • February 2019

    FriSatSunMonTueWedThuTax week
    1   2   3   4   5   6   7   44
    8   9   101112131445
    1516171819202146
    2223242526272847
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
  • March 2019

    FriSatSunMonTueWedThuTax week
    1   2   3   4   5   6   7   48
    8   9   101112131449
    1516171819202150
    2223242526272851
    293031----52
    • 17th - St. Patrick's Day (NI)
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
UK Tax Week

   14 Dec - 20 Dec

73

 

2016 Budget at-a-glance

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Summary

The 2016 Budget was presented at Parliament on Wednesday 16th March. Read on for a summary of the key changes affecting personal income and savings.

2016 Budget

 

 

George Osborne, Chancellor of the Exchequer for Her Majesty's Government, presented his Budget to Parliament on Wednesday 16th March. Here are details of key points that impact on personal income and savings below:

 

 

  • The Personal Allowance will increase to £11,500, and the higher rate threshold will rise to £45,000 in April 2017

 

The Personal Allowance is the amount of income you earn before you start paying Income Tax. In 2016, this will rise to £11,000 from £10,600, and by April 2017, will increase to £11,500.

In 2016, the point at which one pays the higher rate of Income Tax (40%) will increase from £42,385 to £43,000, and to £45,000 in April 2017.

 

 

  • Class 2 National Insurance contributions (NICs) for self-employed people will be scrapped from April 2018

 

Self-employed people currently have to pay Class 2 NICs at £2.80 per week if they make a profit of £5,965 or more per year. If their profits are over £8,060 per year they also have to pay Class 4 NICs.

From April 2018, they will only need to pay one type of National Insurance on their profits.

 

 

  • Lifetime ISA: a new £4,000 ISA that you can use to save for retirement or to buy your first home

 

The new Lifetime ISA enables adults under 40 to save up to £4,000 every year. This will be increased by a 25% bonus from the government. This will come into effect from April 2017 and can be used to help buy your first home, or be used as retirement income.

From April 2017, the total amount that can be saved in all ISA accounts will rise from £15,240 to £20,000.

 

 
  • Capital Gains Tax rates will be cut from 6 April 2016, but residential property will still be taxed at current rates

 

Capital Gains Tax is a tax on the gain made when you sell an asset that has increased in value. Depending on the rate of Income Tax you pay, it is paid at a basic or higher rate.

The higher rate will be decreased from 20% to 20% from April 2016, and 18% to 10% for the basic rate.

Capital Gains Tax on residential property does not apply to your main home, only additional properties.

An additional 8% surcharge will need to be paid on residential property and carried interest (the share of profits or gains that is paid to asset managers).

 

 

 

For more information on what was announced at the 2016 Budget, click here.

For reaction to the 2016 Budget, click here.

 

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