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 your tax electronically the due date is 22 November…
Day: 3 November 2016
Limits on certain claims for tax relief
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 main reliefs subject to this limit are: trade loss…
How long do you need to keep tax records
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 Capital Gains Tax 1. If you are…
Deferring taxable gains until future sales
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 relief you can claim is…