Tax


Payments on account for 2008/2009 now due!

The second instalment for the 2008/2009 tax liabiliy is due for payment by 31st July 2009. You should have recently received a payslip from HMRC along with an addressed envelope to send your payment however if you haven’t then your cheque should be made payable to HM Revenue & Customs and posted to:

HM Revenue & Customs, Accounts Office, Bradford, BD98 1YY.

Please remember to write your 10 digit unique tax reference number on the reverse of your cheque.

 

New tax year, new tax rates

The new tax rate bandwidths are as follows:

  • Basic Rate (currently 20%) on all taxable income from £1 to £37400
  • Higher rate (currently 40%) on all taxable income over £37400
  • The income tax personal allowance has increased from £6035 to £6475 for 2009/2010.

Please note employee & employer national insurance is payable on income over £5715.

 

Employers, have you updated your employees tax codes?

As from 6th April 2009 all L suffix tax codes should be increased by 44 points to 647L.