The deadline to submit your online tax return for 2015\/16 is no later than midnight on 31 January 2017.<\/strong><\/p>\n Here are the 5 step guide necessary to complete self-assessment on time.<\/p>\n You\u2019ll need your most up to date records at hand, including:<\/p>\n Access the HMRC self-assessment page on the site and complete the form.<\/p>\n Speak to us if you have any problems filling in your form.<\/p>\n HMRC will calculate and send you the amount of tax due.<\/p>\n All tax for the 2015\/16 tax year needs to be paid by 31 January 2017.<\/p>\n If your tax bill is more than \u00a31,000 you may need to make an advance payment (a payment on account) towards your 2016\/17 bill by 31 January 2017.<\/p>\n There is a second payment on account deadline on 31 July 2017.<\/p>\n There are several ways to pay your tax bill, including:<\/p>\n A penalty of \u00a3100 is charged if a return is up to 3 months late. Penalties will increase if the return is even later or if payment is late.<\/p>\n Payments by post or direct debit will take up to 3 working days.<\/p>\n We can assist you in completing your self-assessment tax return on time.<\/em><\/p>\n A number of tax and finance changes are set to take place in 2017.<\/strong><\/p>\n It is important to start planning ahead of time so that you \u00a0take advantage of any opportunities available.<\/p>\n Some of the changes are in the process of being legislated through parliament and may be subject to change.<\/p>\n Salary sacrifice schemes<\/strong><\/p>\n Income tax and employer national insurance contributions and the advantages of most salary sacrifice schemes will be removed from 6 April 2017. Pensions, pensions advice, childcare and ultra low emission vehicles will be exempt from the new rules.<\/p>\n Corporation tax<\/strong><\/p>\n From 1 April 2017, the rate of corporation tax will be cut to 19%.<\/p>\n Business rates<\/strong><\/p>\n 100% rate relief will be available to businesses in England that occupy a single property with a rateable value of \u00a312,000 or less from 1 April 2017.<\/p>\n Auto-enrolment staging dates<\/strong><\/p>\n Employers will continue the process of auto-enrolment in 2017.<\/p>\n Personal allowance<\/strong><\/p>\n The personal allowance and the higher rate threshold will rise to \u00a311,500 and \u00a345,000 respectively from 6 April. The higher rate threshold in Scotland will be \u00a343,430.<\/p>\n ISA annual limit<\/strong><\/p>\n The ISA annual allowance limit will increase from \u00a315,240 to \u00a320,000 from 6 April 2017.<\/p>\n Money purchase allowance <\/strong><\/p>\n The money purchase allowance will be reduced from \u00a310,000 to \u00a34,000 from April 2017.<\/p>\n Domicile<\/strong><\/p>\n From 6 April 2017, any person resident in the UK for more than 15 of the past 20 years will be deemed \u00a0UK domiciled for tax purposes.<\/p>\n Talk to us about how these tax changes may affect you and your business.<\/em><\/p>\n Changes to the VAT flat rate scheme could have significant effects on the tax liability of small businesses that currently make use of the scheme. <\/strong><\/p>\n The flat rate scheme simplifies the process of calculating how much VAT a business needs to pay or claim back from HMRC.<\/p>\n It introduces a fixed rate of VAT and businesses are allowed to keep the difference between what they charge customers and what they pay HMRC.<\/p>\n Currently there are different rates for different professions.<\/p>\n From April 2017, businesses with very low cost bases will be classed as \u201climited cost traders\u201d if they spend:<\/p>\n1.\u00a0\u00a0\u00a0\u00a0 Information you need<\/h2>\n
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2.\u00a0\u00a0\u00a0\u00a0 Completing the form<\/h2>\n
3.\u00a0\u00a0\u00a0\u00a0 Your tax bill<\/h2>\n
4.\u00a0\u00a0\u00a0\u00a0 Payment<\/h2>\n
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5.\u00a0\u00a0\u00a0\u00a0 Penalties<\/h2>\n
Tax and finance changes for 2017<\/h1>\n
VAT flat rate scheme changes<\/h1>\n
What is changing?<\/h2>\n