National Minimum Wage (from 1 April 2016)

National Minimum Wage (from 1 April 2016)samandco

The rates below apply from 1 April 2016 and are likely to change again on 1 October 2016.

Category of worker Hourly rate
Aged 25 and above (national living wage rate) £7.20
Aged 21 to 24 inclusive £6.70
Aged 18 to 20 inclusive £5.30
Aged under 18 (but above compulsory school leaving age) £3.87
Apprentices aged under 19 £3.30
Apprentices aged 19 and over, but in the first year of their apprenticeship £3.30



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Tax on dividends changed (From April 2016)


Tax on dividends from April 2016


In the previous tax year (2015/16) you could earn up £31,785 (gross dividends) on top of the £10,600 personal allowance – a total of £42,385 – and pay no income tax at all. However from 6 April 2016, you only won’t pay tax on the first £5,000 of dividends that you get in the tax year. This is from 6 April 2016 to 5 April 2017 the following year.

Tax band Tax rate on dividends over £5,000
Basic rate (and non-taxpayers) 7.5%
Higher rate 32.5%
Additional rate 38.1%

You don’t pay tax on dividends from shares in an ISA.


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Ten of the most terrible excuses for missing the 31 January tax return deadline

accountants in greater Manchester

Ten of the most terrible excuses for missing the 31 January tax return deadline have been revealed today by HM Revenue and Customs (HMRC).

The excuses were all used in unsuccessful appeals againstHMRC penalties for late filing and payment. Here’s the full list:

  1. My pet dog ate my tax return…and all the reminders.
  2. I was up a mountain in Wales, and couldn’t find a postbox or get an internet signal.
  3. I fell in with the wrong crowd.
  4. I’ve been travelling the world, trying to escape from a foreign intelligence agency.
  5. Barack Obama is in charge of my finances.
  6. I’ve been busy looking after a flock of escaped parrots and some fox cubs.
  7. A work colleague borrowed my tax return, to photocopy it, and didn’t give it back.
  8. I live in a camper van in a supermarket car park.
  9. My girlfriend’s pregnant.
  10. I was in Australia.

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Check if you need to fill in a Self Assessment tax return


Visit the following link from to check if you need to fill in a self assessment tax return . Answer the questions according to the year you want to check. The tax year runs from 6 April to 5 April the following year. Get in touch if you need any help. You can call us on 01612262800 – 07903623772, or email us at

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National Minimum Wage has Risen to £6.50 from 1st of October

The National Minimum Wage rate per hour depends on your age and whether you’re an apprentice – you must be at least school leaving age to get it.

Year 21 and over 18 to 20 Under 18 Apprentice*
2014 (current rate) £6.50 £5.13 £3.79 £2.73
2013 £6.31 £5.03 £3.72 £2.68
2012 £6.19 £4.98 £3.68 £2.65
2011 £6.08 £4.98 £3.68 £2.60
2010 £5.93 £4.92 £3.64 £2.50

*This rate is for apprentices aged 16 to 18 and those aged 19 or over who are in their first year. All other apprentices are entitled to the National Minimum Wage for their age.

The rates are usually updated every October, so the current rates apply from October 2014.

Previous years

The age groups were different before 2010 and there were no National Minimum Wage rates for apprentices.

Year 22 and over 18 to 21 Under 18
2009 £5.80 £4.83 £3.57
2008 £5.73 £4.77 £3.53
2007 £5.52 £4.60 £3.40
2006 £5.35 £4.45 £3.30
2005 £5.05 £4.25 £3.00


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Income Tax rates and allowances

Income Tax rates

The rates of Income Tax you pay depend on how much taxable income
you have above your Personal Allowance.

2014 to 2015 tax year

The current tax year is from 6 April 2014 to 5 April 2015.

Tax rate Taxable income above your Personal Allowance
Basic rate 20% £0 to £31,865
Higher rate 40% £31,866 to £150,000
Additional rate 45% Over £150,000

ExampleYou earn £35,000 of taxable income and your Personal Allowance is £10,000. You pay basic rate tax at 20% on £25,000 (£35,000 minus £10,000).

If you pay higher or additional rates

If your taxable income’s over £31,865 above your Personal Allowance, you pay:

  • 20% basic rate tax on the first £31,865
  • 40% higher rate tax on taxable income between £31,865 and £150,000
  • 45% additional rate tax on taxable income over £150,000

Income Tax on savings interest

Savings interest is automatically taxed at 20%. If you’re on a low income, you may be able to get the interest tax-free or get half of the tax repaid.

Income Tax rates: 2013 to 2014 tax year

The previous tax year was from 6 April 2013 to 5 April 2014.

Tax rate Taxable income above your Personal Allowance
Basic rate 20% £0 to £32,010
Higher rate 40% £32,011 to £150,000
Additional rate 45% Over £150,000


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Income Tax allowances for the 2 tax years from 2013 to 2015

Income Tax allowances

2013 to 2014

2014 to 2015

Personal Allowance (1)



Personal Allowance for people born after 5 April 1948 (1)



Income limit for Personal Allowance



Personal Allowance for people aged 65-74 (1)(2)



Personal Allowance for people born between 6 April 1938 and 5 April 1948 (1) (2)



Personal Allowance for people aged 75 and over (1)(2)



Personal Allowance for people before 6 April 1938 (1) (2)



Maximum amount of Married Couple’s Allowance (born before 6th April 1935) (2) (3)



Income limit for age-related allowances



Income limit for the allowances for those born before 6 April 1948



Minimum amount of Married Couple’s Allowance



Blind Person’s Allowance



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UK petrol prices at three-year low – but still pricier than in Europe

The price of fuel at the pumps has fallen to a three-year low, according to AA figures.samandco

As of yesterday, the UK average petrol price was 129.12p a litre – the lowest since February 23 2011 – while the average diesel price was 133.55p a litre, the lowest since February 6 2011. AA public affairs head Paul Watters said: “Asda triggered something of a supermarket price war on Tuesday, which was enough to send average UK pump prices to their lowest for more than three years. ”

A year ago, petrol (137.33p) and diesel (141.62p) were more than 8p a litre more expensive. For a typical 55-litre fuel tank, drivers are £4.40 better off.”

But he added that the UK was still lagging behind most of Europe when it came to falls in prices.

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Unsolicited Emails


Be suspicious of unsolicited emails, even if they look like they’re from a trusted source. HMRC will never send notifications of a tax rebate, or ask you to disclose personal or payment information by email. If you have any doubt that an email you receive from HMRC is genuine, please do not follow any links, disclose any personal details or respond to it. Please forward it to HMRC at then delete it. Should you required any further Information please do not hesitate  to contact us.

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Putting your tax affairs in order



Check whether you need to complete a tax return. Make sure you register with HMRC and fill in your return accurately, and send it on time. Correct any mistakes by telling HMRC about any tax that you think you owe, amending a previously incorrect return or owning up to fraud.

Remember you can always receive professional advice from Sam & Co Accountants about your tax concerns.

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