If you're in business, then I'm sure you've tuned in already to the Budget 2016 today. What does it all mean though, I hear you ask! Well here are a couple of nuggets to help explain the budget for business in a little more detail.
Investing in New Business Equipment
The £200,000 Annual Investment allowance is now permanent. To recap, this gives up front tax relief for the vast majority of investments made by clients. Don't forget this applies to vans but not to cars - some 'green' cars continue to benefit from a 100% First Year Allowance.
Employing People
The £3,000 NI employer's NI exemption comes into force from 6 April 2016. It no longer applies to single director single employee companies and should no longer be claimed. New travel and subsistence rules also come into force and these will be the subject of my next newsletter.
The living wage commences 6 April 2016.
It's also worth remembering that over the next year or so small employers will be required to provide a pension to the vast majority of employees so the combination of the increase in minimum wage and the impact of the cost of providing pension schemes need to be factored in. More information is available via the Pensions Regulator's website. You can also check your staging date by using your PAYE reference.
The living wage commences 6 April 2016.
It's also worth remembering that over the next year or so small employers will be required to provide a pension to the vast majority of employees so the combination of the increase in minimum wage and the impact of the cost of providing pension schemes need to be factored in. More information is available via the Pensions Regulator's website. You can also check your staging date by using your PAYE reference.
VAT
The VAT registration threshold will rise to £83,000 with effect from 1 April 2016.
Final Note - 2015/16 Tax Returns
My software should be updated in the next few days and I'm now taking bookings for 2015/16 tax returns. Those wishing to have an early view of their tax affairs are welcome to get in touch to book an appointment!
Deadlines
- 31 March 2016 - June Company Year Ends must be filed with Companies House
- 19 April 2016 - Final payroll EPS due with HMRC for 2015/16
- 30 April 2016 - If you've not filed your 2014/15 Self Assessment yet you need to do this urgently online before penalties at £10 per day commence
- 5 July 2016 - P11Ds to be filed with HMRC
- 19 July 2016 - Class 1A National Insurance to be paid
- 31 July 2016 - Second Payment on Account for 2015/16
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