Monthly Archives: January 2017

Tax planning options 2016-17

There are just two months left before the end of the 2016-17 tax year. Those tax payers who have income from business or property sources, and have not yet considered their tax planning options for 2016-17, should do so as soon as possible.

Most tax planning options expire at the end of the tax year. You...

Read more

Gifts and Inheritance Tax reliefs and exemptions

There’s usually no Inheritance Tax to pay on small gifts you make out of your normal income, such as Christmas or birthday presents. These are known as ‘exempted gifts’.

There’s also no Inheritance Tax to pay on gifts between spouses or civil partners. You can give them as much as you like during your lifetime -...

Read more

New Lifetime ISA available from April 2017

The Lifetime ISA will be available for young adults from April 2017 as the Savings (Government Contributions) Bill receives Royal Assent. The Help to Save scheme to help people on low incomes will be available from 2018.

The Lifetime ISA, available from 6 April 2017, can be accessed to put towards a first home or once...

Read more

Reminders of significant tax changes from April 2017

The first thing you can count on, is that taxation is here to stay. The second thing you can count on is that the tax rules will continue to change to meet the changing needs of our government to recover funds from the economy and restart the cycle of public expenditure that maintain services and...

Read more

Affected by severe weather or flooding

It is unfortunate that HMRC have designated the 31 January as the filing deadline for self-assessment purposes as we are more likely to be adversely affected by extreme weather events at this time of the year.

There are not many businesses that can continue to trade if their premises, equipment or stock have been affected by...

Read more

When do you need to register for self-assessment

We are fast approaching the end of the 2015-16 tax return filing period – returns for this year should be filed electronically by 31 January 2017.

If you are not registered for self-assessment you may be wondering if you should consider registering for 2016-17. We have listed below HMRC’s list of who should be submitting a...

Read more

More funding available to rural businesses

£120 million of funding is to be made available to support farmers, grow businesses, and generate thousands of jobs in rural communities. This announcement was made by the Environment Secretary, Andrea Leadsom, earlier this month at the Oxford Farming Conference. Funding to be released will include further support for the following types of project:

  • Rural and...
Read more

Tax return deadline at the end of this month

If you are required to file a tax return for 2015-16, and have not yet done so, you have until 31 January 2017 to complete the online filing process before automatic fines and possible penalties will be applied.

Readers may be amused by the following excuses made by tax payers who have previously filed late returns.

These...

Read more

Tax Diary January/February 2017

1 January 2017 - Due date for corporation tax due for the year ended 31 March 2016.

19 January 2017 - PAYE and NIC deductions due for month ended 5 January 2017. (If you pay your tax electronically the due date is 22 January 2017)

19 January 2017 - Filing deadline for the CIS300 monthly return for...

Read more

Capital gains tax planning 2016-17

This is also an appropriate time of the year to consider your CGT position if you have already disposed of (or are considering a disposal) of an asset subject to CGT during 2016-17.

Most of our readers will be aware that they can make chargeable gains of up to £11,100 in the tax year 2016-17 and...

Read more