Tax rates, thresholds & allowances for small business owners 2016/2017

2016/17 Tax rates and allowances for business owners

To clarify the various tax rates, thresholds and allowances that self employed workers, business owners and company directors need to be aware of for tax calculations, here is ByteStart’s summary of the main tax rates, tax bands, and tax allowances for the tax year from 6 April 2016 to 5 April 2017.

These are the rates and thresholds that you will need to use for completing self assessment tax returns for 2016/17.

The deadline for filing a paper tax return for the 2016/17 tax year is 30 October 2017. If you are completing your self assessment online, you have until 31 January to submit your return.

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Capital Allowances – A review of the various schemes available for businesses

When you buy certain new equipment, invest in buildings or research and development, you can deduct a proportion of the cost from your taxable profits and reduce your business tax bill, through Capital Allowances.

Capital Allowances take the place of commercial depreciation, which is not allowed for tax. Using them effectively can be a huge boost to your business, especially if you need to invest to fund growth.

Here’s a look at the main elements of the various capital allowances schemes and how your business can qualify to take advantage of them. (more…)

Annual Investment Allowance limit reduction from April 2012 – what should businesses do?

Businesses can currently write off 100% of the cost of acquiring qualifying assets against their taxable profits, up to an annual limit of £100,000. Assets that can be written off in this way include commercial vehicles, plant, computers and other equipment – cars do not qualify.

George Osborne’s Emergency Budget of 22nd June 2010 gave notice that the Annual Investment Allowance (AIA) annual limit is to be significantly reduced from £100,000 to £25,000 from April 2012.
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