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Archive: Apr 2016

  1. Author: JW / / Latest News

    Directors and others on minimum salary 2016/17

    Anyone who is currently being paid a salary of £670 per month (or £155 per week) in order to secure National Insurance Contributions should note that, as there has been no increase in the National Insurance bands from 6 April 2016, this continues to be the amount to pay for 2016/17.

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  2. Author: JW / / Latest News

    Tax Collection Shortfall

    The difference between the amount of Self-Assessment and PAYE tax due for the year and the actual amount collected by HM Revenue & Customs reached £8.5bn in 2013/14. This is an increase of almost 10% on the corresponding figure for 2012/13.

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  3. Author: JW / / Latest News

    Rotary ‘Venture’ Launched in Chesterfield

    A new Rotary venture has been launched by the Rotary Club of Chesterfield to enable busy younger business people in the town to help others. The new Rotary Satellite Club of Chesterfield Central, which will meet monthly, has been launched by a group of men and women who will aim to use their variety of skills to offer help and support to the local community.

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  4. Author: JW / / Latest News

    £1,000 Tax Free For Micro-Entrepreneurs

    From April 2017, the government will introduce new allowances for the first £1,000 of trading income and the first £1,000 of property income. Those with income below this level will no longer need to declare or pay income tax on that income.

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  5. Author: JW / / Latest News

    Lower Corporation Tax Rates

    A single corporation tax rate of 20% has applied since 1 April 2015 regardless of the level of the company’s profits. In the Summer 2015 Budget it was announced that this would reduce to 19% in April 2017.

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  6. Author: JW / / Latest News

    Capital Tax Rates

    An unexpected announcement was a reduction in the rate of capital gain tax from 6 April 2016 down from 18% to 10% for basic rate taxpayers and 28% down to 20% for higher rate taxpayers. The 18% and 28% rates remain for disposals of residential property.

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  7. Author: JW / / Latest News

    32.5% Tax on Loans to Participators from 6 April 2016

    Where a “close” company controlled by 5 or fewer shareholders (participators) makes a loan to one of those persons the company is required to pay tax to HM Revenue and Customs. The rate of tax increases from 25% to 32.5% from 6 April 2016 in line with the dividend rate for higher rate taxpayers.

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