This month's Tax Talk newsletter includes an ... AWS
This month’s Tax Talk newsletter includes an invitation to all our readers to the final event in our annual Finance Focus event series in addition to informative articles on gift aid payments, the disclosure of offshore assets and not so trivial benefits, to name a few. Our next Tax Talk newsletter will be published on Thursday 3 November 2016. Please join us at our final Finance Focus event of 2016 Please join us at our final Finance Focus event of this year. We have received great feedback from the events we have already held across Kent, Sussex and London. We continue to host these flagship events annually for the benefit of company directors, financial controllers and others eager to keep abreast of recent business, tax and wealth developments. Topics covered in this complimentary event will include: • • • • • • •
Financial reporting update Corporate tax update and planning opportunities Valuing your business Brexit – VAT and Duty issues M&A and funding Planning for Income at Retirement Tax update and planning ideas
Date and location: • Tuesday 18 October – Mercure Maidstone hotel, Kent 8:30am registration, close 12:25pm approx. To book your place please contact Rachel Pritchard at [email protected] or on +44 (0)330 124 1399. Alternatively please use our online booking form here.
Gift aid - make sure it works for you as well as the charity! From time to time we remind clients about the benefits of charitable giving under gift aid – but this time, we also want to highlight the effect of some recent tax changes that actually could be costing some people extra tax… Gift aid is great as long as the donor pays sufficient tax to cover the tax relief they are treated as having deducted from the payment to the charity. For example, a payment under gift aid of £80 is equivalent to you making a donation of £100 and keeping back £20 income tax. The charity receives £80 in cash and, because it is exempt from income tax, it can claim back the £20 deducted so it receives £100. Thus, the charity receives £100 but this has only cost you £80. This gets even better if you are a higher rate tax payer – you can claim further tax relief of £20, £25 or - in certain cases - £40 so the donation costs you even less! The amount the charity receives remains the same - so no doubt it helps that higher rate tax payers might feel able to give a bit more … If you don’t pay tax, or enough tax to cover the deduction, then you have to pay it back to HMRC – so the donation of £100 the charity receives costs you £100. If you are one of these people, you need to be aware that you may not be able to sign the gift aid declaration that the charity will encourage you to sign. It is not enough to be a tax payer – you must pay enough tax. Some recent changes to the tax on bank and building society interest and dividends have made the position worse for some people.
Basic rate tax payers can receive £1,000 of interest without this being taxable. Certain people will also be entitled to receive a further £5,000 of interest tax free making a total of £6,000. Also, every individual is entitled to receive £5,000 of dividends without paying tax on them. Couple these changes with bank and building society interest now being paid without tax deducted, and dividends no longer having a tax credit, and all of a sudden there are people who used to pay tax who no longer do so, or pay much less tax. As a result, there will be a lot more people who can’t sign gift aid declarations and owe HMRC money that they don’t know about – and they may have to withdraw gift aid declarations previously given. With couples, it may be worth looking to see if the right person is donating under gift aid – either to avoid this trap, or perhaps to receive more tax relief if one of you is a higher rate tax payer. If you would like to know more about the tax advantages of gift aid, or the above trap, please speak with your usual Kreston Reeves contact here or Nigel Moon here or on +44 (0)330 124 1399. FInal final final...offshore disclosure opportunity HMRC have unveiled the new Worldwide Disclosure Facility (WDF) giving taxpayers a last chance to come forward and settle tax on their offshore assets. The new facility is open to anyone who wishes to disclose a UK tax liability that relates wholly or partly to an offshore issue. The first step in the process is to advise HMRC that you wish to make a disclosure and once this is acknowledged the full disclosure must be made within 90 days. The benefit of using this facility is the lower level of penalties charged. HMRC have confirmed that after 30 September 2018, new and tougher sanctions will be introduced for undeclared offshore income and gains. One option being considered by HMRC is to impose a minimum 100% penalty which is significantly higher than the current minimums. If you have any concerns regarding undeclared overseas income or gains please speak to your usual Kreston Reeves contact here or alternatively contact our Tax Investigations Partner Nick Alder here or on +44 (0)330 124 1399. Trivial...but potentially valuable Since April 2016 employers have been able to utilise a new exemption from tax for certain benefits provided to their employees. In brief, no tax/NIC is now due on a benefit if certain conditions are met:
• •
•
Not cash or a voucher exchangeable for cash The cost of the benefit doesn’t exceed £50 (though any employee can be a multiple beneficiary during the course of a given year) There’s no contractual entitlement with no benefit being provided in recognition of particular services performed…or to be performed
So a £49 M&S voucher on an employee’s birthday plus a £50 bottle of wine at Christmas and a £48 bouquet of flowers on a wedding anniversary etc. will all be tax and NIC exempt and (potentially at least) an employer could provide similar tax free benefits every week of the year. That said there’s an annual cap of £300 per individual for directors, shareholders or employed family members. Speak with your usual Kreston Reeves adviser here or call Margaret Schofield on +44 (0)330 124 1399 for further information on this new opportunity. Who bought a new Lamborghini? With the introduction of the new pension reforms in April 2015 allowing savers to withdraw their total pension pot in one go, detractors warned of the risk of pensions being plundered to buy, amongst other things, expensive supercars. However, the Association of British Insurers has recently confirmed that the vast majority of savers appear to be taking a ‘sensible approach’ with only a small minority risking withdrawing cash at a rate that may see their money run out within a decade or less. With recent interest rate cuts prompting further slashes to annuity rates, more flexible retirement options and the opportunity to pass on pension pots to surviving family members free of inheritance tax, it is not surprising that annuity purchases are falling as savers take advantage of the new opportunities the recent reforms have delivered. It is therefore, now even more important to take professional advice when looking at pension benefits. If you would like to discuss your pension options or other financial planning matters, please contact Tim Maakestad, Partner, and Director of Kreston Reeves Financial Planning here or on +44 (0)330 124 1399. Football agent loses tax appeal In a recent tax case, Jerome Anderson v HMRC, the First-Tier Tribunal denied a football agent relief for trading losses. The judges’ arguments centred on the issue of whether he was carrying on a trade, and if he was, was it on a commercial basis with a view to making profits? There is already legislation in place that restricts any relief for trading losses if the trade is not commercial. The facts of the case were as follows:
•
•
•
• • •
Mr Anderson (Mr A) worked successfully as a football agent for many years, representing a number of big name players such as Dennis Bergkamp and Thierry Henry. In January 2009 Mr A paid £3 million to Bafana, a soccer academy in South Africa, through a scheme marketed by a Jersey company. In return for the money paid he was able to choose three players from the academy, securing an interest for him in any future transfer fees. Bafana went into administration in 2011 and Mr A received no significant income. Mr A claimed trading losses of £3 million in his 2008/09 tax return. HMRC disallowed the losses.
Despite Mr A’s arguments that his activities under the Bafana scheme constituted a trade, and that he was more than a passive investor, the court agreed that the losses should be disallowed. Evidence pointed to a scheme to avoid tax rather than a genuine commercial undertaking. If you have invested in a tax scheme and are now concerned that you may have to repay substantial amounts of tax to HMRC please contact Nick Alder, Tax Investigations Partner for advice here or on +44 (0)330 124 1399.
If you are in any doubt that a proposed vehicle purchase is eligible for a VAT reclaim please contact us for advice. Reclaiming the VAT when the recovery position is in doubt is not recommended as HMRC will almost certainly check this when they visit or otherwise authorise a return prior to repayment. If you have questions about VAT generally or specific matters, please contact your usual Kreston Reeves adviser or our Director of VAT and Duty Rupert Moyle here or on +44 (0)330 124 1399. Tax and your home If you use your home for business purposes, rent out parts of your home whilst you are still in residence or if you rent out your home while you are resident elsewhere, you may need to consider the tax consequences. This article covers some of the tax issues that you may need to consider: Use of home for business purposes
Claiming back pre-registration VAT
If the amount of space you use is limited to say one room, and if there is a duality of use (for example you may have a home office in the corner of a spare bedroom or your office may double as a hobbies room), then you should be able to charge your business a nominal amount to cover the “running costs” of the space occupied. Your claim will need to be restricted on a time basis to disallow the private use proportion.
Generally speaking, the purchase of any vehicle where there is any element of private use means any reclaim of VAT may be restricted. HMRC’s website offers the following guidance:
Claims that fit into this category should cause you no personal tax issues as long as they are based on a realistic apportionment of actual costs and are discounted for private use.
•
It will also be unlikely that you will suffer any charge to capital gains tax when you sell your home.
•
•
You may be able to reclaim all the VAT on a new car if you use it only for business The car must not be available for private use, and you must be able to show that it isn’t, e.g. it’s specified in your employee’s contract Private use includes travelling between home and work, unless it’s a temporary place of work
Due to the private use restriction, it is usual that no VAT can be recovered on the purchase of a car. However, you may be able to claim all the VAT on a new car if it’s mainly used: • • •
As a taxi For driving instruction For self-drive hire
If you are buying a commercial vehicle, you can usually reclaim the VAT e.g. a van, a lorry or a tractor. You can only reclaim the VAT if you use the vehicle in a business. If they’re used only for business, you can also reclaim VAT on: • • • •
Motorcycles Motorhomes and motor caravans Vans with rear seats (combi vans) Car-derived vans
Renting a room From 6 April 2016, you can let out a room or rooms in your house as furnished accommodation (not an office) and as long as the annual rents received do not exceed £7,500 per year (prior to 6 April 2016 the annual limit was £4,250) you will have no income tax to pay. If the rent is more than the limit, then only the excess is taxable. The “normal” basis (rents less allowable costs) can be claimed if this produces a better result. If two persons are entitled to share the rental income, the above annual tax-free limits are halved. Longer term lets when you are not in residence If you let out your home, for example if you work abroad for a period of time, you will be subject to income tax on your rental profits.
When you subsequently sell your home there may also be capital gains tax considerations. When you sell, a proportion of any gain that relates to the period (or periods) of letting may be taxable.
Kreston Reeves – winners of ‘Accountancy Firm of the Year’ award at the M&A awards 2013. Shortlisted in the ‘Business and Financial Services’ category at the London Loves Excellence Awards 2013. Kreston Reeves achieved the “One to Watch” standard 2013 from Best Companies, the name behind The Sunday Times ‘Best Companies to Work For’ list. Shortlisted as ‘Mid Tier firm
However, provided the property was your home at some time, you can claim reliefs, including principal private residence relief for the time it was your main residence, plus the last 18 months of ownership. Also, there may be some “lettings relief” relating to periods your home was let as above.
of the Year’ at British Accountancy Awards 2012. Winner of the ‘Developing People for Business Success’ award at the Gatwick Diamond Business Awards 2012. Kreston Reeves have made every effort to ensure accuracy at the time of publication. Information may be subject to legislative changes. Recipients should note that information may not reflect individual circumstances and should, therefore, not act on any information without seeking professional advice. We cannot accept any liability for actions taken or not taken as a result of the information given in this
Homeowners’ private residence relief (for CGT purposes) is worth protecting. If you are considering any financial transaction concerning your home that you are concerned may have Income Tax of CGT implications, please contact your usual Kreston Reeves adviser here or Jo White here or on +44 (0)330 124 1399.
factsheet. Kreston Reeves LLP (the Firm) is a Limited Liability Partnership registered in England and Wales with registered number OC328775. Registered office: 37 St Margaret’s Street, Canterbury CT1 2TU. Registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk for the UK and www.cro.ie/auditors for Ireland, under reference number C001541365. A member of Kreston International | A global network of independent accounting firms.
Tax diary October / November 2016
Kreston Reeves Financial Planning Limited, is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales with registered number 03852054. Registered office: 37
1 October 2016 - Due date for corporation tax payable for the year ended 31 December 2015.
St Margaret’s Street, Canterbury CT1 2TU. Kreston Reeves Corporate Finance LLP is a Limited Liability Partnership registered in England and Wales with registered number OC306454. Registered office: 37 St Margaret’s Street, Canterbury CT1
14 October 2016 - Due date for corporation tax for companies required to pay their tax by instalments with a year end of 31 March, 30 June, 30 September or 31 December. 19 October 2016 - PAYE and NIC deductions due for month ended 5 October 2016. (If you pay your tax electronically the due date is 22 October 2016.) 19 October 2016 - Filing deadline for the CIS300 monthly return for the month ended 5 October 2016. 19 October 2016 - CIS tax deducted for the month ended 5 October 2016 is payable by today. 31 October 2016 – Latest date you can file a paper version of your 2016 Self Assessment tax return. 1 November 2016 - Due date for corporation tax payable for the year ended 31 January 2016. 14 November 2016 - Due date for corporation tax for companies required to pay their tax by instalments with a year end of 31 January, 30 April, 31 July, or 31 October 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 2016.) 19 November 2016 - Filing deadline for the CIS300 monthly return for the month ended 5 November 2016. 19 November 2016 - CIS tax deducted for the month ended 5 November 2016 is payable by today.
2TU. Kreston Reeves Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority.
Website: www.krestonreeves.com Email: [email protected] Kreston Reeves Tax Talk newsletter October 2016 © Kreston Reeves
Financial reporting update Corporate tax update and planning opportunities Valuing your business Brexit – VAT and Duty issues M&A and funding Planning for Income at Retirement Tax update and planning ideas
Date and location: • Tuesday 18 October – Mercure Maidstone hotel, Kent 8:30am registration, close 12:25pm approx. To book your place please contact Rachel Pritchard at [email protected] or on +44 (0)330 124 1399. Alternatively please use our online booking form here.
Gift aid - make sure it works for you as well as the charity! From time to time we remind clients about the benefits of charitable giving under gift aid – but this time, we also want to highlight the effect of some recent tax changes that actually could be costing some people extra tax… Gift aid is great as long as the donor pays sufficient tax to cover the tax relief they are treated as having deducted from the payment to the charity. For example, a payment under gift aid of £80 is equivalent to you making a donation of £100 and keeping back £20 income tax. The charity receives £80 in cash and, because it is exempt from income tax, it can claim back the £20 deducted so it receives £100. Thus, the charity receives £100 but this has only cost you £80. This gets even better if you are a higher rate tax payer – you can claim further tax relief of £20, £25 or - in certain cases - £40 so the donation costs you even less! The amount the charity receives remains the same - so no doubt it helps that higher rate tax payers might feel able to give a bit more … If you don’t pay tax, or enough tax to cover the deduction, then you have to pay it back to HMRC – so the donation of £100 the charity receives costs you £100. If you are one of these people, you need to be aware that you may not be able to sign the gift aid declaration that the charity will encourage you to sign. It is not enough to be a tax payer – you must pay enough tax. Some recent changes to the tax on bank and building society interest and dividends have made the position worse for some people.
Basic rate tax payers can receive £1,000 of interest without this being taxable. Certain people will also be entitled to receive a further £5,000 of interest tax free making a total of £6,000. Also, every individual is entitled to receive £5,000 of dividends without paying tax on them. Couple these changes with bank and building society interest now being paid without tax deducted, and dividends no longer having a tax credit, and all of a sudden there are people who used to pay tax who no longer do so, or pay much less tax. As a result, there will be a lot more people who can’t sign gift aid declarations and owe HMRC money that they don’t know about – and they may have to withdraw gift aid declarations previously given. With couples, it may be worth looking to see if the right person is donating under gift aid – either to avoid this trap, or perhaps to receive more tax relief if one of you is a higher rate tax payer. If you would like to know more about the tax advantages of gift aid, or the above trap, please speak with your usual Kreston Reeves contact here or Nigel Moon here or on +44 (0)330 124 1399. FInal final final...offshore disclosure opportunity HMRC have unveiled the new Worldwide Disclosure Facility (WDF) giving taxpayers a last chance to come forward and settle tax on their offshore assets. The new facility is open to anyone who wishes to disclose a UK tax liability that relates wholly or partly to an offshore issue. The first step in the process is to advise HMRC that you wish to make a disclosure and once this is acknowledged the full disclosure must be made within 90 days. The benefit of using this facility is the lower level of penalties charged. HMRC have confirmed that after 30 September 2018, new and tougher sanctions will be introduced for undeclared offshore income and gains. One option being considered by HMRC is to impose a minimum 100% penalty which is significantly higher than the current minimums. If you have any concerns regarding undeclared overseas income or gains please speak to your usual Kreston Reeves contact here or alternatively contact our Tax Investigations Partner Nick Alder here or on +44 (0)330 124 1399. Trivial...but potentially valuable Since April 2016 employers have been able to utilise a new exemption from tax for certain benefits provided to their employees. In brief, no tax/NIC is now due on a benefit if certain conditions are met:
• •
•
Not cash or a voucher exchangeable for cash The cost of the benefit doesn’t exceed £50 (though any employee can be a multiple beneficiary during the course of a given year) There’s no contractual entitlement with no benefit being provided in recognition of particular services performed…or to be performed
So a £49 M&S voucher on an employee’s birthday plus a £50 bottle of wine at Christmas and a £48 bouquet of flowers on a wedding anniversary etc. will all be tax and NIC exempt and (potentially at least) an employer could provide similar tax free benefits every week of the year. That said there’s an annual cap of £300 per individual for directors, shareholders or employed family members. Speak with your usual Kreston Reeves adviser here or call Margaret Schofield on +44 (0)330 124 1399 for further information on this new opportunity. Who bought a new Lamborghini? With the introduction of the new pension reforms in April 2015 allowing savers to withdraw their total pension pot in one go, detractors warned of the risk of pensions being plundered to buy, amongst other things, expensive supercars. However, the Association of British Insurers has recently confirmed that the vast majority of savers appear to be taking a ‘sensible approach’ with only a small minority risking withdrawing cash at a rate that may see their money run out within a decade or less. With recent interest rate cuts prompting further slashes to annuity rates, more flexible retirement options and the opportunity to pass on pension pots to surviving family members free of inheritance tax, it is not surprising that annuity purchases are falling as savers take advantage of the new opportunities the recent reforms have delivered. It is therefore, now even more important to take professional advice when looking at pension benefits. If you would like to discuss your pension options or other financial planning matters, please contact Tim Maakestad, Partner, and Director of Kreston Reeves Financial Planning here or on +44 (0)330 124 1399. Football agent loses tax appeal In a recent tax case, Jerome Anderson v HMRC, the First-Tier Tribunal denied a football agent relief for trading losses. The judges’ arguments centred on the issue of whether he was carrying on a trade, and if he was, was it on a commercial basis with a view to making profits? There is already legislation in place that restricts any relief for trading losses if the trade is not commercial. The facts of the case were as follows:
•
•
•
• • •
Mr Anderson (Mr A) worked successfully as a football agent for many years, representing a number of big name players such as Dennis Bergkamp and Thierry Henry. In January 2009 Mr A paid £3 million to Bafana, a soccer academy in South Africa, through a scheme marketed by a Jersey company. In return for the money paid he was able to choose three players from the academy, securing an interest for him in any future transfer fees. Bafana went into administration in 2011 and Mr A received no significant income. Mr A claimed trading losses of £3 million in his 2008/09 tax return. HMRC disallowed the losses.
Despite Mr A’s arguments that his activities under the Bafana scheme constituted a trade, and that he was more than a passive investor, the court agreed that the losses should be disallowed. Evidence pointed to a scheme to avoid tax rather than a genuine commercial undertaking. If you have invested in a tax scheme and are now concerned that you may have to repay substantial amounts of tax to HMRC please contact Nick Alder, Tax Investigations Partner for advice here or on +44 (0)330 124 1399.
If you are in any doubt that a proposed vehicle purchase is eligible for a VAT reclaim please contact us for advice. Reclaiming the VAT when the recovery position is in doubt is not recommended as HMRC will almost certainly check this when they visit or otherwise authorise a return prior to repayment. If you have questions about VAT generally or specific matters, please contact your usual Kreston Reeves adviser or our Director of VAT and Duty Rupert Moyle here or on +44 (0)330 124 1399. Tax and your home If you use your home for business purposes, rent out parts of your home whilst you are still in residence or if you rent out your home while you are resident elsewhere, you may need to consider the tax consequences. This article covers some of the tax issues that you may need to consider: Use of home for business purposes
Claiming back pre-registration VAT
If the amount of space you use is limited to say one room, and if there is a duality of use (for example you may have a home office in the corner of a spare bedroom or your office may double as a hobbies room), then you should be able to charge your business a nominal amount to cover the “running costs” of the space occupied. Your claim will need to be restricted on a time basis to disallow the private use proportion.
Generally speaking, the purchase of any vehicle where there is any element of private use means any reclaim of VAT may be restricted. HMRC’s website offers the following guidance:
Claims that fit into this category should cause you no personal tax issues as long as they are based on a realistic apportionment of actual costs and are discounted for private use.
•
It will also be unlikely that you will suffer any charge to capital gains tax when you sell your home.
•
•
You may be able to reclaim all the VAT on a new car if you use it only for business The car must not be available for private use, and you must be able to show that it isn’t, e.g. it’s specified in your employee’s contract Private use includes travelling between home and work, unless it’s a temporary place of work
Due to the private use restriction, it is usual that no VAT can be recovered on the purchase of a car. However, you may be able to claim all the VAT on a new car if it’s mainly used: • • •
As a taxi For driving instruction For self-drive hire
If you are buying a commercial vehicle, you can usually reclaim the VAT e.g. a van, a lorry or a tractor. You can only reclaim the VAT if you use the vehicle in a business. If they’re used only for business, you can also reclaim VAT on: • • • •
Motorcycles Motorhomes and motor caravans Vans with rear seats (combi vans) Car-derived vans
Renting a room From 6 April 2016, you can let out a room or rooms in your house as furnished accommodation (not an office) and as long as the annual rents received do not exceed £7,500 per year (prior to 6 April 2016 the annual limit was £4,250) you will have no income tax to pay. If the rent is more than the limit, then only the excess is taxable. The “normal” basis (rents less allowable costs) can be claimed if this produces a better result. If two persons are entitled to share the rental income, the above annual tax-free limits are halved. Longer term lets when you are not in residence If you let out your home, for example if you work abroad for a period of time, you will be subject to income tax on your rental profits.
When you subsequently sell your home there may also be capital gains tax considerations. When you sell, a proportion of any gain that relates to the period (or periods) of letting may be taxable.
Kreston Reeves – winners of ‘Accountancy Firm of the Year’ award at the M&A awards 2013. Shortlisted in the ‘Business and Financial Services’ category at the London Loves Excellence Awards 2013. Kreston Reeves achieved the “One to Watch” standard 2013 from Best Companies, the name behind The Sunday Times ‘Best Companies to Work For’ list. Shortlisted as ‘Mid Tier firm
However, provided the property was your home at some time, you can claim reliefs, including principal private residence relief for the time it was your main residence, plus the last 18 months of ownership. Also, there may be some “lettings relief” relating to periods your home was let as above.
of the Year’ at British Accountancy Awards 2012. Winner of the ‘Developing People for Business Success’ award at the Gatwick Diamond Business Awards 2012. Kreston Reeves have made every effort to ensure accuracy at the time of publication. Information may be subject to legislative changes. Recipients should note that information may not reflect individual circumstances and should, therefore, not act on any information without seeking professional advice. We cannot accept any liability for actions taken or not taken as a result of the information given in this
Homeowners’ private residence relief (for CGT purposes) is worth protecting. If you are considering any financial transaction concerning your home that you are concerned may have Income Tax of CGT implications, please contact your usual Kreston Reeves adviser here or Jo White here or on +44 (0)330 124 1399.
factsheet. Kreston Reeves LLP (the Firm) is a Limited Liability Partnership registered in England and Wales with registered number OC328775. Registered office: 37 St Margaret’s Street, Canterbury CT1 2TU. Registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk for the UK and www.cro.ie/auditors for Ireland, under reference number C001541365. A member of Kreston International | A global network of independent accounting firms.
Tax diary October / November 2016
Kreston Reeves Financial Planning Limited, is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales with registered number 03852054. Registered office: 37
1 October 2016 - Due date for corporation tax payable for the year ended 31 December 2015.
St Margaret’s Street, Canterbury CT1 2TU. Kreston Reeves Corporate Finance LLP is a Limited Liability Partnership registered in England and Wales with registered number OC306454. Registered office: 37 St Margaret’s Street, Canterbury CT1
14 October 2016 - Due date for corporation tax for companies required to pay their tax by instalments with a year end of 31 March, 30 June, 30 September or 31 December. 19 October 2016 - PAYE and NIC deductions due for month ended 5 October 2016. (If you pay your tax electronically the due date is 22 October 2016.) 19 October 2016 - Filing deadline for the CIS300 monthly return for the month ended 5 October 2016. 19 October 2016 - CIS tax deducted for the month ended 5 October 2016 is payable by today. 31 October 2016 – Latest date you can file a paper version of your 2016 Self Assessment tax return. 1 November 2016 - Due date for corporation tax payable for the year ended 31 January 2016. 14 November 2016 - Due date for corporation tax for companies required to pay their tax by instalments with a year end of 31 January, 30 April, 31 July, or 31 October 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 2016.) 19 November 2016 - Filing deadline for the CIS300 monthly return for the month ended 5 November 2016. 19 November 2016 - CIS tax deducted for the month ended 5 November 2016 is payable by today.
2TU. Kreston Reeves Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority.
Website: www.krestonreeves.com Email: [email protected] Kreston Reeves Tax Talk newsletter October 2016 © Kreston Reeves
