Making tax digital - nothing to worry about

Nov 16, 2016

Readers will be relieved to note that their professional advisors and other interested organisations, have recently lobbied HMRC to temper their agenda for making tax digital (MTD).

In case…

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Annual Investment Allowance (AIA)

Nov 04, 2016

From 1 January 2016, the AIA was increased to an annual limit of £200,000. Unlike previous changes, this is a permanent increase.

The…

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When is a hobby a trade

Nov 03, 2016

We have received enquiries from a number of clients, concerned that HMRC is going to try and tax them for the small amounts of cash that they make from pursuing hobbies. For example, buying and selling…

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Deferring taxable gains until future sales

Nov 03, 2016

It may be possible to delay paying Capital Gains Tax (CGT) if you sell a business asset that is subject to a charge to CGT, but you use all or part of the proceeds to buy new business assets. The…

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How long do you need to keep tax records

Nov 03, 2016

The length of time you need to keep tax records depends on the types of income you earn and the types of tax you are paying. A list of time limits is set out below:

Income Tax and…

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Limits on certain claims for tax relief

Nov 03, 2016

From 6 April 2013, the total amount of certain Income Tax reliefs that can be used to reduce your total taxable income is limited to £50,000, or 25% of your adjusted total income, if higher.

The…

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Tax Diary November/December 2016

Nov 03, 2016

1 November 2016 - Due date for Corporation Tax due for the year ended 31 January 2016.

 

19 November 2016 - PAYE and NIC deductions due for month ended 5 November 2016. (If you pay…

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Good news for Sunderland

Nov 01, 2016

Prime Minister Teresa May was full of praise for the announcement from Nissan, and its continuing investment in their Sunderland plant, earlier this week. She said:

This is fantastic…

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Why is 30 December an important filing date

Oct 27, 2016

If you are obliged to file a self-assessment tax return for 2015-16, and if you have underpaid tax for this year, and if some of your income (including…

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