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Personal Finance

Deadline for 'paper' self assessment tax returns

For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2015/16 return is 31 October 2016. Returns submitted after that date must be submitted electronically or they will incur a minimum penalty of £100. The penalty applies even when there is no tax to pay or the tax is paid on time.

Lifetime ISA

Following consultation the government has issued further details of the new Lifetime ISA account which is expected to be available from April 2017.

Personal allowances and tax bands

For those born after 5 April 1938 the personal allowance is currently £10,600. Those born before 6 April 1938 have a slightly higher allowance. Legislation has already been enacted to increase the personal allowance to £11,000 in 2016/17. From 2016/17 onwards one personal allowance will apply regardless of age.

Current tax regime on Buy to Lets

Buy-to-let property owners will need to familiarise themselves with the updated tax rules.

Autumn Statement 2015

On Wednesday 25 November George Osborne presented the first Autumn Statement of this Parliament. So what exactly did the Chancellor say and, more importantly, what did it actually mean?

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