HMRC Latest Updates

Claim capital allowances

Annual investment allowance You can deduct the full value of an item that qualifies for annual investment allowance (AIA) from your profits before tax. If you sell the item after claiming AIA you may need to pay tax. What you can claim on You can claim AIA on most plant and machinery up to the AIA amount. For more information, please visit this page.

Self-employed National Insurance rates

You usually pay 2 types of National Insurance if you’re self-employed: Class 2 if your profits are £5,965 or more a year Class 4 if your profits are £8,060 or more a year For more information, visit this page

Tax on dividends

You may get a dividend payment if you own shares in a company. From 6 April 2016, you won’t pay tax on the first £5,000 of dividends that you get in the tax year. This is from 6 April to 5 April the following year. Above this allowance the tax you pay depends on which Income Tax band you’re in. Add your income from dividends to your other taxable income when working this out. You may pay tax at more than one rate. For more information, visit this page.

PAYE and payroll for employers

You don’t need to register for PAYE if none of your employees are paid £112 or more a week, get expenses and benefits, have another job or get a pension. However, you must keep payroll records. For more information, visit this page.

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