Tax Rates Cards

Please find below our Tax Rates Card:

 SJD Accountancy Tax Rates 2015/2016
 SJD Accountancy Tax Rates 2014/2015

Below are some of the key highlights following the 2015/16 Budget report - to download the full report click here:

2015/16 Budget Report Summary

  • Self-assessment tax returns will be moving to a digital system from 2016 whereby taxpayers’ information will be uploaded automatically i.e. from employment.
  • From April 2016 the government will look to stop employment intermediaries and umbrella companies that use tax systems to claim travel expenses – this will not affect genuine self-employed entities. This announcement relates to contractors working under the supervision, direction and control of the client (inside of IR35) and in affect there will be no relief on ‘travel and subsistence’.

Tax

  • Personal Tax Allowance - this will increase to £10,600 from the 6th April 2015, and then by a further £200 from 6th April 2016, up to £11,000 in 2017.
  • Higher Rate Threshold for 40% income tax - set to rise from £41,865 to £42,385 in April 2015, then to £43,300 in 2017.
  • Married Couples Allowance - in the 2015/16 tax year, the transferrable personal allowance will increase to £1,060.
  • Corporation Tax - cut to 20%, previously 21%, for companies with profits above £300,000.
  • Personal Savings Allowance - from April 2016 the first £1,000 of interest earned on bank savings will be tax free. Those who fall into the 40% tax rate bracket will be given a £500 allowance. No allowance available for those earning over £150,000.
  • Employer National Insurance contributions - abolished for under 21s and apprentices from tax year 2016/17.
  • Class 2 National Insurance Contributions - abolished entirely for those in self-employment within next parliament.
  • Accelerated payment notices will be implemented by HMRC to chase tax arrears.

Leisure

  • Petroleum revenue tax will to be lowered from 50% to 35%.
  • Beer duty down by 1p.
  • Cider and whisky duty cut by 2%.
  • Fuel duty - planned increase for September 2015 has been cancelled.
  • Charities can claim ‘gift aid relief’ on donations up to £8,000, previously £5,000.

Pensions

  • Pension lifetime allowance to be reduced from £1.25 million to £1 million from April 2016.

Investment

  • More flexible ISAs will allow people to take money out of their account and return it in the same year without losing any of their annual tax-free entitlement.
  • The ‘Help to buy ISA’ means the government will contribute 25% on top of that invested by first time buyers. i.e. Invest £200 and they will contribute £50.

Tax Evasion

  • Stronger penalties and criminal proceedings for tax evasion and those assisting in this. 

For further advice please call our New Client Services helpdesk on 01442 275789 or email jessica@sjdaccountancy.com

SJD Accountancy

SJD Accountancy are the UK's largest specialist provider of fixed fee, Limited company accountancy services to contractors; we've been acting for contractors across the UK since 1992 and have more than 15,000 clients.

We are the only national specialist firm of contractor accountants with offices nationwide. SJD Accountancy has more qualified staff than any other firm in our market with qualifications from the following major tax and accountancy bodies - ATT, AAT, CTA, ACCA, CA, ACA and FCCA.

  • Unlimited face to face meetings. This is a unique service only SJD Accountancy offers - unlimited face to face meetings across the UK - tax is complicated and sometimes only a meeting will do.
  • UK's Largest contractor accountants with more qualified staff. No call centres, no outsourcing, no automated call handling. Simply telephone, email or meet your own dedicated accountant face to face.
  • Money back service guarantee. All your Emails received by 4pm on any normal working day will be answered the same day. Should it be necessary to leave a telephone message it will be answered same day/following day latest or we will make a full refund of that months fee.
  • Outstanding reputation. We have won more awards for customer service and accountancy excellence than any other firm in our market, including: Best Accountant for Contractors, Accountant of the Year and Best Professional Service Team to name just a few.
  • All inclusive low cost fixed fee accountancy package which includes completion of accounts*, payroll bureau, dividends and corporation tax computations, personal taxation, free bookkeeping software, your own dedicated accountant* and all company returns for a fixed fee starting from £120 plus VAT per month. Check our packages for more detail.

If you have any questions about contracting or would like any further advice please call our new client services helpdesk on 01442 275789 or email: janice@sjdaccountancy.com. Our new client services helpdesk is open Monday to Friday (8am to 6pm).

Appoint SJD Accountancy and never worry about your tax or accountancy affairs again.

Form your own Limited company with SJD - our same day online company formation service includes company bank account set up, VAT/PAYE registration and advice on optimum share structure. 

You may also find the following pages, guides and case studies useful:

*If you would like us to complete your company year end accounts we simply ask that you have been a client of SJD for one year or have made 12 monthly payments. All accountants are part or fully qualified.