15 May

Individual Personal Tax Allowance Increase

As Director's of your limited company who pay yourself monthly the minimum salary (currently £452.92 per month), you may have heard in the news this week that the personal allowance limit has been increased from £5435 to £6035, an extra £600. This is to be applied from 06/04/08, so please ensure that you now increase your monthly payments from £452.92 to £502.92.

If you have already paid yourself any amounts of £452.92, please make sure you pay yourself the difference as it is backdated to the start of this financial year - it is £50.00 per month, and you should have only paid this to yourself once.

If Mazuma operates your payroll do not worry as we will calculate this for you and make any amendments ready for your next payroll.

For any further information please click here.

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