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 you have not heard of MTD, HMRC intend to require businesses with income over a de…
Month: November 2016
Annual Investment Allowance (AIA)
From 1 January 2016, the AIA was increased to an annual limit of £200,000. Unlike previous changes, this is a permanent increase. The AIA allows businesses to write off 100% of expenditure in qualifying assets and equipment, up to the appropriate limit, against their tax…
Tax Diary November/December 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 your tax electronically the due date is 22 November…
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…