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For people born after 6 April 1948, the personal tax allowance for 2014/15 is £10,000. This will increase to £10,500 from 6 April 2015.
For people born on 5 April 1948 or before, the personal tax allowance for 2014/15 is £10,660.
From April 2015, spouses and civil partners will be able to transfer 10% of their personal allowance to each other, which means £1,050 in 2015/16.
To be eligible to make or receive the transfer, neither party must be liable to tax at the higher or additional rate.
So what happens if I file my annual return late?
Companies House will remind you that it is a criminal offence not to deliver the annual return on time and that the company and its directors could be prosecuted. This could mean the directors have a criminal record and also a £5,000 fine for each document not filed on time.
Companies House will not impose a penalty (unlike the late filing of accounts). Companies House will send increasingly threatening letters warning of removing the company from the register.read more
The deadline extension applies to taxpayers who did the following between midnight on 21 January and midnight on 31 January 2014:
Enrolled for the Self Assessment online service, or
Requested a replacement user ID or password
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