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2015/16 Self Assessment – key points to consider

August 16, 2018

Marriage Allowance – Transfer of personal allowance

Marriage Allowance lets the lowest earner transfer £1,060 of their personal allowance to their husband, wife or civil partner. This could reduce your tax by up to £212. You can claim married couple’s allowance if all the following apply:

If you have any further queries on the above or are unsure if you will be eligible, please contact someone from our tax team who will be able to advise you further.

High Income Child Benefit Charge

Special rules apply to Child Benefit where the income of either the claimant or their partner exceeds £50,000. If you are in receipt of child benefit please could you supply the following:

Student Loan

If you have a student loan, it is possible that repayments will be generated via the self assessment system. Therefore, if you have an outstanding student loan please let us know the appropriate outstanding balance.

New Dividend Taxation

Please note that the legislation on how dividend income is taxed is changing from April 2016. The current notional tax credit of 10% will be abolished. This will be replaced by a tiered tax charge and will include a £5,000 dividend allowance. Any dividend income that exceeds the dividend allowance will be taxed as follows:-

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