Tax and business calendar
Details of compliance and regulatory deadlines.
To see expired deadlines, please use the following link: Expired deadlines
22 Jan 2016
Electronic monthly PAYE/NIC/Student loan payment
Payment if paying electronically, pay PAYE, NICs, student loan deductions and deductions from payments to subcontractors for the month up to the 5th of this month in order to avoid automatic interest charge
PAYE/NIC electronic quarterly payment
Third quarter (2015/16) PAYE/NIC payment due where paid electronically in order to avoid automatic interest charge
01 Apr 2016
Tax relief for orchestras is 25% on qualifying expenditure.
Higher rate threshold
Higher rate threshold increases from £42,285 to £43,000.
06 Apr 2016
New personal savings allowance
New allowance to remove tax on up to £1,000 of savings income for basic rate taxpayers and up to £500 for higher rate taxpayers.
Averaging of farm profits to be extended for income tax purposes from 2 to 5 years.
£8,500 benefit threshold is removed.
Gift Aid small donations scheme (GASDS)
GASDS increases to £8,000.
Those who currently receive income from an annuity will have the right to assign the annuity in consideration for a lump sum or alternative retirement product.
Reduces from £1.25 million to £1 million.
Investment limit increases from £40,000 to £50,000.
Personal allowance increases from £10,600 to £11,000.
Dividend tax credit abolished and replaced with a £5,000 dividend tax allowance.
Rent-a-room relief increases from £4,250 to £7,500.
Employment allowance increases from £2,000 to £3,000.
National living wage
This is introduced at an initial rate of £7.20.
07 Apr 2016
Corporation tax reduces from 20% to 19%.
06 Apr 2017
Personal allowance increases from £11,000 to £11,200.
Buy-to-let finance costs
Finance costs for buy-to-let landlords to be restricted to basic rate tax relief. These changes are being phased in over 4 years.
New rules to ensure that anybody resident in the UK for more than 15 of the past 20 years to be deemed a UK domicile for tax purposes.