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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