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Current business news

Dividend Changes for 2016/17
The rates of dividends income have been increased as from 6 April 2016 as follows:

A £5,000 tax free amount is allowed for everyone. Even higher tax band tax payers.

Dividends above £5,000 will be taxed as follows:

Basic rate taxpayers                         7.5%
Higher rate tax payers                      32.5%
Additional rate payers                       38.1%

The 10% dividend tax credit has been abolished, so it will no longer be necessary to gross up the dividend.
Pensions: Auto-enrolment
In a new regime called auto-enrolment and aiming to ensure everybody will have a pension fund by the time they consider retirement, the largest employers have been required to set up pension schemes for their staff and make contributions into them. Employers with less than 50 employees have also joined the auto enrolment regime since 2015. The rest of the employers are expected to join in the next two years.

All employers need to take steps to make sure all eligible staff are enrolled into a pension scheme by their staging date which can be found here:

It is suggested by the Pensions Regulator that all employers should having a plan in place 12 months before their staging date as aspects of setting up for auto enrolment can take a long time.  

This is a complicated matter that requires careful planning. Implementation can take some time as different pension providers have to be evaluated and the preferred provider has to be selected following careful deliberation. Failure to comply will lead to automatic penalties.

We offer a pension and auto enrolment service which among other things, will produce letters which are required to be sent to your staff members and calculate the pension contribution due.
Annual Returns filing with Companies House
The time allowed for filing of Company Annual Returns has been reduced by Companies House.

Delay in filing your company’s annual return by more than two months will result in proceedings being commenced to have the company being struck off.

In order to avoid unnecessary long ranging problems, file your annual return promptly.

Use your ISA Allowance - £15,240 (2016/17)
ISAs provide a means for holding savings tax efficiently. It makes sense to include them in your portfolio planning.

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