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Welcome to our January Newswire...

Our aim is to keep you up to date with ideas and information that will help you gain the best possible advantages in working with us. This newswire will be sent regularly to help achieve this aim, and we hope you enjoy reading them.

We operate a responsible email policy at Fish Partnership, so if you do not wish to receive further copies of this newswire, click here to unsubscribe.

Buy-to-let market faces tough new rules

Last year’s Autumn Statement saw the introduction of a number of new measures, which could have a significant effect on the booming buy-to-let property market.

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Businesses aren’t prepared for the National Living Wage

From 1 April this year every business will need to pay employees over the age of 25 the new statutory National Living Wage (NLW) of £7.20 per hour.

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Late payment terms remain miserable for small businesses

Efforts to eliminate the problem of late payments in the small to medium-sized enterprise (SME) sector is not working, according to a new study by invoice specialists Tungsten Network.

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BIKs review means tax exemption

The Government is set to implement a statutory tax exemption from income tax and National Insurance Contributions for low-value benefits in kind (BIK). As part of the Finance Bill 2016, it will be set at a £50 limit from 6 April this year.

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Getting digital with online Personal Tax Accounts

Many UK taxpayers are now able to manage their tax affairs following the launch of Personal Tax Accounts. More than a million customers completing their self-assessment have been provided with an online Personal Tax Account (PTA) that provides a clear view of the tax paid...

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Government to raise auto-enrolment upper limit

From April 2016, the Department for Work and Pensions (DWP) is raising the qualifying earnings upper limit for auto-enrolment from its 2015/16 value of £42,385 to £43,000 in 2016/17. The lower limit qualifying earnings band will remain at £5,824 and the earnings trigger will be frozen at £10,000 for 2016/17.

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Key Dates

19 January 2016 – Quarterly payment PAYE Tax and NIC for year ended 1 January 2016. Deadline for postal payments remittance of PAYE, NICs and CIS to HMRC.

22 January 2016 – Quarterly payment PAYE Tax and NIC for year ended 1 January 2016. Deadline for electronic remittance of PAYE, NICs and CIS to HMRC for month ended 5 January 2015.

31 January 2016 – Deadline for paying Self Assessment balancing payment and capital gains Tax for tax year ended 5 April 2015. Deadline for 1st payment on Self Assessment account for 2015/16.

Corporation Tax payments are due nine months and one day following your financial year end. For example, if year end is 31 December 2015, any Corporation Tax owed must be paid by 1 October 2016

Payments of PAYE and NI must reach HMRC by the 19th of the month following the tax month in which the salary payment was made if paying by cheque, or by the 22nd of the month if paying electronically. Please note that if the 19th or 22nd falls on a weekend or bank holiday, payment must reach HMRC on the last working day before the weekend or holiday.