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…
Month: November 2016
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…
When is a hobby a trade
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 on eBay or setting up stalls at their local…
Good news for Sunderland
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 news for the UK. Nissan is at the heart of this country’s strong automotive industry and…