What this will mean for you? The top updates we think you should be aware of!
If you have registered or elected to be a self-assessed taxpayer, then this means that HMRC will send you a formal notice to complete a 2014/15 Self-assessment tax return. The due date for online filing of this is Jan 31, 2016.
Why wait till the last minute, start the procedure of preparing your tax return now with us!
If you are working as employed and your tax affairs are not complicated in any aspect, then this means that you can check whether you are entitled to a tax refund for 2014/15 tax year!
If you worked in the UK in 2010/11 tax year (06 Apr 2010 – 05 Apr 2011) then you probably already know that this tax year is being closed for claiming any repayments on 05 Apr 2015!
With the start of the 2015/16 tax year the tax rates and allowances will change as follows:
To summarise, from 06 Apr 2015, your income up to £10,600 is tax free, the next £31,865 are taxed at 20%, the next £107,535 are taxed 40% and any income in excess is taxed at 45%.
The average UK tax rebate is £963
With the start of the 2015/16 tax year, HMRC are introducing a new tax break for married couples and civil partnerships. You might be able to reduce your husband, wife or civil partner’s tax bill by up to £212 by transferring all or part of your unused personal allowance. If you wish to receive more information on that matter, please do not hesitate to contact us!
HMRC are also introducing changes to Capital Gains Tax Rules following the long discussions about the difference and 'imbalance' in the tax treatment of UK residents and non-residents on UK residential property disposals. According to HMRC this change will improve the integrity of the UK tax system and will bring it up to date with "many other countries around the world that charge capital gains tax on the basis of where a property is located".