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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10% corporation tax

Oct 25, 2016

The UK already has plans in place to reduce corporation tax to 17%. Many small businesses will be intrigued by widespread publicity today that discloses…

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Business rates revalued

Oct 20, 2016

From 30 September 2016, anyone in England and Wales that pays business rates go online to check their new draft rateable value. From this they can estimate what their business rates will be from April…

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Dividend tax reminder

Oct 18, 2016

From 6 April 2016, any dividends you receive up to £5,000 are tax-free. Dividends received in excess of this amount will be taxed as follows. If they form part of your:

·         Basic rate…

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Companies House filing deadlines and penalties

Oct 14, 2016

A reminder that you will have to pay penalties if you don’t file your accounts with Companies House by the appropriate filing deadline. Generally speaking, accounts will need to be filed nine months…

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