From 6th April 2016 the 10% Dividend Tax Credit will be abolished and there will be a new Dividend Tax Allowance of £5,000 per year in its place. That’s where the good news ends! A new Dividend Tax will also be levied on Dividend Income above the allowance at 7.5%..
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Here are the headlines: Allowance and Rate Bands The Personal Allowance will increase from £11,000 in 2016/17 to £11,500 in 2017/18. The Basic Rate Limit will increase from £32,000 in 2016/17 to £33,500 in 2017/18. The Higher Rate Threshold will increase from £43,000 in 2016/17 to £45,000 in 2017/18. From..
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From 1st April 2016 you must pay all employees aged 25 and over the new National Living Wage rate. The current minimum wage of £6.70 per hour will increase by 50p to £7.20 per hour. This will impact small businesses to varying degrees but will be at least partly offset..
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