sam@samandcoaccountants.co.uk
National Minimum Wage (from 1 April 2016)
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 |
For more information please visit www.gov.uk
by 
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.
by 
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:
For more information please visit www.gov.uk
by
Visit the following link from gov.uk to check if you need to fill in a self assessment tax return https://www.gov.uk/check-if-you-need-a-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 Sam@samandcoaccountants.co.uk
by 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.
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 |
Read More https://www.gov.uk/national-minimum-wage-rates
by The rates of Income Tax you pay depend on how much taxable income
you have above your Personal Allowance.
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 your taxable income’s over £31,865 above your Personal Allowance, you pay:
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.
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 |
Read more on Gov.uk
by The price of fuel at the pumps has fallen to a three-year low, according to AA figures.
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.
by
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 phishing@hmrc.gsi.gov.uk then delete it. Should you required any further Information please do not hesitate to contact us.
by
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.
by