Shocks in the 2016/17 PAYE Codes
As previously mentioned in various articles, the dreaded dividend tax comes into effect from 6 April 2016. This means that any dividends received in excess of £5,000 will be taxable under the new rules.
Under self assessment, this “extra” tax will be payable by 31 January 2018. However, H M Revenue and Customs don’t want to wait two years to receive that tax so they are now amending 2016/17 PAYE codes with an estimate of the tax you may owe on 31 January 2018.
Therefore, please forward any 2016/17 PAYE codes you receive to a member of the robinson+co Tax Team so they can ensure that you are being taxed correctly during 2016/17.
The robinson+co Tax Team can be contacted on 01900 603623, 01946 692423 or 019467 25808.