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Wed, 8 Jul 2015

New for 2016:

 

  • From 6 April 2016 there will be no dispensations – any already in place will no longer apply. The expenses/benefits should be paid at the flat rates supplied by HMRC.

 

  • From 6 April 2016 the amount you can earn (gross) before repaying any student loan will rise from £17,335 to £21,000 per year.

 

  • From 6 April 2016 the employment allowance will rise from £2,000 to £3,000 but will not be available to companies where the only employees are directors or ‘connected’ companies.

 

  • For 16/17 the basis of charging tax on dividends changes – this may impact on dividend decisions in 15/16.

 

  • From April next year a ‘National Living Wage’ will be introduced for people over the age of 25. The rate of pay will be £7.20 an hour, with the figure rising to £9 by 2020.