Business Accountant

Home » Uncategorized » What is the optimum salary for 2016/17?

What is the optimum salary for 2016/17?

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 7,594 other followers

Archives

Categories

Steve J Bicknell

small business displayed on calculator

There have been several tax changes in the Budget:

  1. Changes to Personal Allowances –
    The Personal Allowance is the amount of income you can earn before you start paying Income Tax. This is currently £10,600 – it will already rise to £11,000 in 2016, and will now increase further to £11,500 in April 2017.

    The point at which you pay the higher rate of Income Tax will increase from £42,385 to £43,000 in 2016 and to £45,000 in April 2017.

  2. Employment Allowance – The employment allowance is £3,000 but there is a restriction on it being used by single person companies.
  3. Dividend Tax -From April 2016 you’ll pay tax on any dividends you receive over £5,000 at the following rates:
    • 7.5% on dividend income within the basic rate band
    • 32.5% on dividend income within the higher rate band
    • 38.1% on dividend income within the additional rate band

    This simpler system…

View original post 242 more words


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow Business Accountant on WordPress.com

Enter your email address to follow this blog and receive notifications of new posts by email.

%d bloggers like this: