This month's Tax Talk newsletter includes articles covering - AWS
This month’s Tax Talk newsletter includes articles covering: tax planning opportunities for 2016-17, the benefit of repaying an employer for company car private fuel, a list of the current advisory car fuel rates and a reminder of CGT planning options for 201617.
• •
Spring Budget...last knockings As we heard from Philip Hammond prior to Christmas we now know that this Spring’s Budget Speech (set for Wednesday 8 March 2017) will be the last ever with future tax changes being announced in the Autumn. As usual we will be arranging events and on-line updates to ensure our clients are best advised on any tax mitigation opportunities arising from the changes announced.
£11,000 personal allowance) you will pay income tax on any excess at 40%. If your taxable income exceeds £150,000 you will pay income tax on any excess at 45%. And if your income is between £100,000 and £122,000 you will pay income tax at a marginal rate of up to 60%. This is due to the gradual loss of your personal allowance in this income band.
You could, for instance, consider: • • • •
Increasing pension contributions Salary sacrifice opportunities before the rules change April 2017 Gift aid donations Transferring income producing assets into joint ownership with your spouse Deferring bonus payments until after 5 April 2017, especially if your income for 2017-18 is planned to drop as compared to 2016-17.
Those in Kent will be interested in our Budget Breakfast set for Thursday 9 March, bookings for which will open shortly at http:// www.krestonreeves.com/news-and-events/type/events.
•
Further details will be announced in our February newsletter.
Apart from these strategies, there are other quite legitimate planning opportunities you may be able to employ in order to minimise your exposure to the higher rates. The key is to take a hard look at the numbers before 5 April 2017.
Three months to go... All UK taxpayers may benefit from pausing, taking a deep breath, and considering their planning options as we approach the rundown to yet another tax year end. Individuals The prime areas for consideration are when income levels are threatening to break through into the higher rates of income tax. For 2016-17, these are: •
If your taxable income exceeds £32,000 (after deducting your
Businesses For businesses with March 2017 year ends, it’s all about timing and an in-depth look at trading results for the first three quarters BEFORE the end of the tax year. Items that could be considered are:
•
•
•
The timing of capital acquisitions to maximise use and impact of tax allowances. For example, would it be more beneficial to delay the purchase of new plant until after March 2017, and claim against profits for 2017-18, when profitability is expected to increase, as compared to 2016-17? Deferring or bringing forward expenditure – this could include tax allowable refurbishments, maintenance to equipment and similar costs. If your business is a company, consider retaining profits rather than extracting reserves as dividends in excess of the annual tax free allowance of £5,000. In this way you could retain cash in your business after paying 20% corporation tax, rather than creating an additional dividend tax charge (for dividends drawn in excess of £5,000) of between 7.5% (basic rate), 32.5% (higher rate), and 38.1% (additional rate).
If you would like to discuss your tax planning options please speak to your usual Kreston Reeves adviser here or on +44 (0)33 0124 1399. Partnerships - the importance of getting it right... Two recent cases highlight how documentation and action are both very important in deciding whether someone is a partner and whether assets are partnership assets – which can have important tax consequences, and also non-tax implications. The case of Ham was, in the words of the Judge, “a distressing farming partnership dispute” between a son and his parents. The argument was over whether land owned by the parents and left on the balance sheet after the son joined the partnership, but subsequently removed, was a partnership asset – or really an asset of the parents individually. An important point coming out of this case is that the partnership accounts are not proof of what the position is, but merely evidence – in the same way that other indicators are. For example, even the parents’ wills were considered. At the end of the day, it was the intention of the parties that was the deciding factor - the accounts, for example, could be wrong or just not understood. It was decided here that the land was not a partnership asset. In Ashton, a “partner” who had been preparing his tax returns for several years on the basis of being a partner claimed he was really an employee. Admittedly, partnership documentation was poor - there was no signed or even specific partnership agreement involving the “partner” and he did not see the partnership accounts. He argued that he carried on his activity after apparently being made a partner in the same way that he did when an employee - he was not involved in partnership decisions and his income was calculated in a way that was not entirely consistent with being self employed. There were a number of factors considered, which alone were not conclusive but overall it was decided that the “partner” was in reality an employee. These cases demonstrate how vital it is that documentation stacks up, things that should be done are done, and that the actions of and relationships between the partners are clearly and demonstrably understood. Failures in these areas can lead to unintended tax consequences – as well as breakdown in personal
or business relationships. It can be tempting to short cut matters, especially when family partnerships are concerned - but this can become a false economy when HMRC comes knocking on the door. If you are concerned that your partnership “evidence” may not be up to scratch, please get in touch with your usual Kreston Reeves adviser here or Nigel Moon here or on +44 (0)33 0124 1399. National minimum/living wage...sure you’re compliant? Recent figures indicated that one out of every twenty HMRC employer compliance visits identified breaches in minimum wage compliance…with this estimated to rise to one in ten visits as thresholds rise faster than earnings (for instance the national living wage is likely to reach £9 by 2020). With HMRC now looking to levy 200% penalties on any identified wage underpayments (up to a maximum of £20,000) now would be a good time to ensure that you are 100% compliant with this legislation. In practice it can be less easy than you might think to remain onside! Please speak with your usual Kreston Reeves adviser here or call Margaret Schofield on +44 (0)33 0124 1399 if you have any doubts. Is your employer still paying for your private fuel? It is worth repeating an article we first published March 2016 that highlighted the cash benefit to company car drivers and their employers, of reimbursing the cost of fuel provided for private motoring. The rates have been updated for 2016-17. Since the tax on private fuel provided with company cars is so high, many employers now have an arrangement whereby they no longer pay for private fuel. In this case, the employee must reimburse the employer for private fuel included in petrol bills paid by the employer. Otherwise, the employee may face a tax charge. Consider the following example: If your private mileage is currently 560 miles a month, and you drive a 1900cc diesel engine car, the rate per mile to cover fuel charges, as quoted in the latest rates published by HMRC, is 11p per mile. Accordingly, you should repay £61.60 a month to your employer. Based on the above example, if the vehicle’s list price when new was £25,000, and the car benefit charge rate was 26% (based on a 130g/km CO2 rating) the benefit in kind charge for the year would be £6,500. With no repayment of private fuel, there would also be a £5,772 car fuel charge. Both these amounts would be added to your taxable income for the year. If you were a higher rate tax payer the car fuel charge would cost you £2,308.80 a year in additional tax (£5,772 x 40%). This amounts to £192.40 per month.
If your actual private mileage proved, on average, to be 560 miles a month, you would therefore save £130.80 per month (£192.40 £61.60). Employers will also benefit as they will no longer be subject to a national insurance charge (NIC) on the amount of the car fuel benefit. In the above example, it would reduce NIC costs by £796.54 (£5,772 x 13.8%). It is worth crunching the numbers. Obviously, the lower your private mileage, the more likely a repayment system will save you money, but you will need to take action before the 5 April 2017. Please speak with your usual Kreston Reeves adviser here or on +44 (0)33 0124 1399, to discuss this further. Car fuel advisory rates from 1 December 2016 From 1 December 2016, the advisory fuel rates have changed to: • • •
1400cc or less: petrol 11p per mile, LPG 7p per mile 1401-2000cc: petrol 14p per mile, LPG 9p per mile Over 2000cc: petrol 21p per mile, LPG 13p per mile
Diesel rates: • • •
1600cc or less: 9p per mile 1601-2000cc: 11p per mile Over 2000cc: 13p per mile
These rates can be used from 1 December 2016 to calculate the petrol content of mileage rates paid to employees, or as a basis to repay private petrol provided by employers for the use of a company car (see previous article). If you have any queries, please contact your usual Kreston Reeves adviser here. A tale not just for Christmas... Although the festive season may now seem a distant memory, we should still be reminded by Dickens’ A Christmas Carol of the uncertain implications of a fellow partner or shareholder of a business dying. As you will remember, Jacob Marley died leaving Ebenezer Scrooge with the business, but what of Jacob’s family? Did Ebenezer leave them penniless? That answer is left to Mr Dickens but is still a very important question for business owners today. It is important that all parties know what happens following death – in the case of a partnership this should be set out in the partnership agreement and in the case of a company there could well be a shareholders’ agreement. Care must be taken with such documents, however, to ensure that adverse tax consequences are not accidentally triggered – for example the loss of business property relief if a binding contract for sale is created. The deceased partner or shareholder might be a significant force in the business who’s expertise would now need to be bought
in, at least in the short term, to enable the business to continue successfully. Can the business afford this? Also, it is important to ensure there are funds available to pay out the estate of a deceased partner or perhaps acquire shares inherited by someone who has no interest in the business to avoid them being sold to a third party. This is where appropriate life insurance for your fellow partners/ shareholders comes in to play. The correct level of cover, held in a trust, coupled with a well drafted partnership or shareholders’ agreement will help secure the future of your business and your family whatever the ‘ghosts’ of the future bring. For more information on the benefits of this insurance, please contact Terry Burgum at Kreston Reeves Financial Planning here or on +44 (0)33 0124 1399. Capital Gains Tax (CGT) 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 pay no CGT. This exemption cannot be transferred to a future tax year or carried back to a previous tax year if it is not utilised. Many will also remember that it is no longer feasible to sell shares before 6 April 2017 in order to crystallise a CGT loss or a gain that is covered by the above exemption, if those shares, or part of them, are reacquired within 30 days of the disposal. However, it is still possible to reacquire holdings, within the 30 days period, if you use an ISA or self-invested personal pension (SIPP) to make the buy-back. Transfers of chargeable assets for CGT purposes are exempt between spouses and civil partners. Also, the annual exemption is available to both parties. This combination means that couples may be able to share the gain on a disposal of assets and reduce their overall CGT charge. This strategy, of transferring partial ownership to a spouse, can also reduce an overall CGT charge if the transferring partner/ spouse is due to pay CGT at the higher 20% or 28% rate (as their gains fall to be taxed in the higher rate tax band) and the receiving partner/spouse would only be liable to pay CGT at the lower 10% or 18% (as their share of a transferred gain would fall into their free basic rate band).
The 10% and 20% rates apply from April 2016, but do not apply to disposals of residential property or carried interest – for these latter items, disposals are taxed at 18% or 28%, dependant on where the gains sit in the basic or higher rates bands.
February 2017 is payable by today.
Kreston Reeves – winners of ‘Accountancy Firm of the Year’ award at the M&A awards 2013.
And don’t forget, CGT is assessed and payable as part of your self assessment. Any tax payable for 2016-17 will be due for payment 31 January 2018. On the same day you will also have to pay any other underpayment of income tax for 2016-17 and your first payment on account for 2017-18.
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 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
If you own assets that are subject to CGT on disposal, and you, and possibly your spouse, are struggling to fully utilise your CGT annual exemption - or you would like to discuss ways to minimise any CGT payable - please contact your usual Kreston Reeves adviser here or on +44 (0)33 0124 1399 to discuss your options.
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 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
Tax diary January/February 2017
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.
1 January 2017 - Due date for corporation tax payable for the year ended 31 March 2016.
A member of Kreston International | A global network of independent accounting firms. 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
14 January 2017 - 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.
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 2TU. Kreston Reeves Corporate Finance LLP is authorised and regulated by the Financial Conduct
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 the month ended 5 January 2017. 19 January 2017 - CIS tax deducted for the month ended 5 January 2017 is payable by today. 31 January 2017 – Last day to file 2015-16 self assessment tax returns online. 31 January 2017 – Balance of self assessment tax owing for 2015-16 due to be settled on or before today. Also due is any first payment on account for 2016-17. 1 February 2017 - Due date for corporation tax payable for the year ended 30 April 2016. 14 February 2017 - 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 February 2017 - PAYE and NIC deductions due for month ended 5 February 2017. (If you pay your tax electronically the due date is 22 February 2017) 19 February 2017 - Filing deadline for the CIS300 monthly return for the month ended 5 February 2017. 19 February 2017 - CIS tax deducted for the month ended 5
Authority.
Website: www.krestonreeves.com Email: [email protected] Kreston Reeves Tax Talk newsletter January 2017 © Kreston Reeves
• •
Spring Budget...last knockings As we heard from Philip Hammond prior to Christmas we now know that this Spring’s Budget Speech (set for Wednesday 8 March 2017) will be the last ever with future tax changes being announced in the Autumn. As usual we will be arranging events and on-line updates to ensure our clients are best advised on any tax mitigation opportunities arising from the changes announced.
£11,000 personal allowance) you will pay income tax on any excess at 40%. If your taxable income exceeds £150,000 you will pay income tax on any excess at 45%. And if your income is between £100,000 and £122,000 you will pay income tax at a marginal rate of up to 60%. This is due to the gradual loss of your personal allowance in this income band.
You could, for instance, consider: • • • •
Increasing pension contributions Salary sacrifice opportunities before the rules change April 2017 Gift aid donations Transferring income producing assets into joint ownership with your spouse Deferring bonus payments until after 5 April 2017, especially if your income for 2017-18 is planned to drop as compared to 2016-17.
Those in Kent will be interested in our Budget Breakfast set for Thursday 9 March, bookings for which will open shortly at http:// www.krestonreeves.com/news-and-events/type/events.
•
Further details will be announced in our February newsletter.
Apart from these strategies, there are other quite legitimate planning opportunities you may be able to employ in order to minimise your exposure to the higher rates. The key is to take a hard look at the numbers before 5 April 2017.
Three months to go... All UK taxpayers may benefit from pausing, taking a deep breath, and considering their planning options as we approach the rundown to yet another tax year end. Individuals The prime areas for consideration are when income levels are threatening to break through into the higher rates of income tax. For 2016-17, these are: •
If your taxable income exceeds £32,000 (after deducting your
Businesses For businesses with March 2017 year ends, it’s all about timing and an in-depth look at trading results for the first three quarters BEFORE the end of the tax year. Items that could be considered are:
•
•
•
The timing of capital acquisitions to maximise use and impact of tax allowances. For example, would it be more beneficial to delay the purchase of new plant until after March 2017, and claim against profits for 2017-18, when profitability is expected to increase, as compared to 2016-17? Deferring or bringing forward expenditure – this could include tax allowable refurbishments, maintenance to equipment and similar costs. If your business is a company, consider retaining profits rather than extracting reserves as dividends in excess of the annual tax free allowance of £5,000. In this way you could retain cash in your business after paying 20% corporation tax, rather than creating an additional dividend tax charge (for dividends drawn in excess of £5,000) of between 7.5% (basic rate), 32.5% (higher rate), and 38.1% (additional rate).
If you would like to discuss your tax planning options please speak to your usual Kreston Reeves adviser here or on +44 (0)33 0124 1399. Partnerships - the importance of getting it right... Two recent cases highlight how documentation and action are both very important in deciding whether someone is a partner and whether assets are partnership assets – which can have important tax consequences, and also non-tax implications. The case of Ham was, in the words of the Judge, “a distressing farming partnership dispute” between a son and his parents. The argument was over whether land owned by the parents and left on the balance sheet after the son joined the partnership, but subsequently removed, was a partnership asset – or really an asset of the parents individually. An important point coming out of this case is that the partnership accounts are not proof of what the position is, but merely evidence – in the same way that other indicators are. For example, even the parents’ wills were considered. At the end of the day, it was the intention of the parties that was the deciding factor - the accounts, for example, could be wrong or just not understood. It was decided here that the land was not a partnership asset. In Ashton, a “partner” who had been preparing his tax returns for several years on the basis of being a partner claimed he was really an employee. Admittedly, partnership documentation was poor - there was no signed or even specific partnership agreement involving the “partner” and he did not see the partnership accounts. He argued that he carried on his activity after apparently being made a partner in the same way that he did when an employee - he was not involved in partnership decisions and his income was calculated in a way that was not entirely consistent with being self employed. There were a number of factors considered, which alone were not conclusive but overall it was decided that the “partner” was in reality an employee. These cases demonstrate how vital it is that documentation stacks up, things that should be done are done, and that the actions of and relationships between the partners are clearly and demonstrably understood. Failures in these areas can lead to unintended tax consequences – as well as breakdown in personal
or business relationships. It can be tempting to short cut matters, especially when family partnerships are concerned - but this can become a false economy when HMRC comes knocking on the door. If you are concerned that your partnership “evidence” may not be up to scratch, please get in touch with your usual Kreston Reeves adviser here or Nigel Moon here or on +44 (0)33 0124 1399. National minimum/living wage...sure you’re compliant? Recent figures indicated that one out of every twenty HMRC employer compliance visits identified breaches in minimum wage compliance…with this estimated to rise to one in ten visits as thresholds rise faster than earnings (for instance the national living wage is likely to reach £9 by 2020). With HMRC now looking to levy 200% penalties on any identified wage underpayments (up to a maximum of £20,000) now would be a good time to ensure that you are 100% compliant with this legislation. In practice it can be less easy than you might think to remain onside! Please speak with your usual Kreston Reeves adviser here or call Margaret Schofield on +44 (0)33 0124 1399 if you have any doubts. Is your employer still paying for your private fuel? It is worth repeating an article we first published March 2016 that highlighted the cash benefit to company car drivers and their employers, of reimbursing the cost of fuel provided for private motoring. The rates have been updated for 2016-17. Since the tax on private fuel provided with company cars is so high, many employers now have an arrangement whereby they no longer pay for private fuel. In this case, the employee must reimburse the employer for private fuel included in petrol bills paid by the employer. Otherwise, the employee may face a tax charge. Consider the following example: If your private mileage is currently 560 miles a month, and you drive a 1900cc diesel engine car, the rate per mile to cover fuel charges, as quoted in the latest rates published by HMRC, is 11p per mile. Accordingly, you should repay £61.60 a month to your employer. Based on the above example, if the vehicle’s list price when new was £25,000, and the car benefit charge rate was 26% (based on a 130g/km CO2 rating) the benefit in kind charge for the year would be £6,500. With no repayment of private fuel, there would also be a £5,772 car fuel charge. Both these amounts would be added to your taxable income for the year. If you were a higher rate tax payer the car fuel charge would cost you £2,308.80 a year in additional tax (£5,772 x 40%). This amounts to £192.40 per month.
If your actual private mileage proved, on average, to be 560 miles a month, you would therefore save £130.80 per month (£192.40 £61.60). Employers will also benefit as they will no longer be subject to a national insurance charge (NIC) on the amount of the car fuel benefit. In the above example, it would reduce NIC costs by £796.54 (£5,772 x 13.8%). It is worth crunching the numbers. Obviously, the lower your private mileage, the more likely a repayment system will save you money, but you will need to take action before the 5 April 2017. Please speak with your usual Kreston Reeves adviser here or on +44 (0)33 0124 1399, to discuss this further. Car fuel advisory rates from 1 December 2016 From 1 December 2016, the advisory fuel rates have changed to: • • •
1400cc or less: petrol 11p per mile, LPG 7p per mile 1401-2000cc: petrol 14p per mile, LPG 9p per mile Over 2000cc: petrol 21p per mile, LPG 13p per mile
Diesel rates: • • •
1600cc or less: 9p per mile 1601-2000cc: 11p per mile Over 2000cc: 13p per mile
These rates can be used from 1 December 2016 to calculate the petrol content of mileage rates paid to employees, or as a basis to repay private petrol provided by employers for the use of a company car (see previous article). If you have any queries, please contact your usual Kreston Reeves adviser here. A tale not just for Christmas... Although the festive season may now seem a distant memory, we should still be reminded by Dickens’ A Christmas Carol of the uncertain implications of a fellow partner or shareholder of a business dying. As you will remember, Jacob Marley died leaving Ebenezer Scrooge with the business, but what of Jacob’s family? Did Ebenezer leave them penniless? That answer is left to Mr Dickens but is still a very important question for business owners today. It is important that all parties know what happens following death – in the case of a partnership this should be set out in the partnership agreement and in the case of a company there could well be a shareholders’ agreement. Care must be taken with such documents, however, to ensure that adverse tax consequences are not accidentally triggered – for example the loss of business property relief if a binding contract for sale is created. The deceased partner or shareholder might be a significant force in the business who’s expertise would now need to be bought
in, at least in the short term, to enable the business to continue successfully. Can the business afford this? Also, it is important to ensure there are funds available to pay out the estate of a deceased partner or perhaps acquire shares inherited by someone who has no interest in the business to avoid them being sold to a third party. This is where appropriate life insurance for your fellow partners/ shareholders comes in to play. The correct level of cover, held in a trust, coupled with a well drafted partnership or shareholders’ agreement will help secure the future of your business and your family whatever the ‘ghosts’ of the future bring. For more information on the benefits of this insurance, please contact Terry Burgum at Kreston Reeves Financial Planning here or on +44 (0)33 0124 1399. Capital Gains Tax (CGT) 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 pay no CGT. This exemption cannot be transferred to a future tax year or carried back to a previous tax year if it is not utilised. Many will also remember that it is no longer feasible to sell shares before 6 April 2017 in order to crystallise a CGT loss or a gain that is covered by the above exemption, if those shares, or part of them, are reacquired within 30 days of the disposal. However, it is still possible to reacquire holdings, within the 30 days period, if you use an ISA or self-invested personal pension (SIPP) to make the buy-back. Transfers of chargeable assets for CGT purposes are exempt between spouses and civil partners. Also, the annual exemption is available to both parties. This combination means that couples may be able to share the gain on a disposal of assets and reduce their overall CGT charge. This strategy, of transferring partial ownership to a spouse, can also reduce an overall CGT charge if the transferring partner/ spouse is due to pay CGT at the higher 20% or 28% rate (as their gains fall to be taxed in the higher rate tax band) and the receiving partner/spouse would only be liable to pay CGT at the lower 10% or 18% (as their share of a transferred gain would fall into their free basic rate band).
The 10% and 20% rates apply from April 2016, but do not apply to disposals of residential property or carried interest – for these latter items, disposals are taxed at 18% or 28%, dependant on where the gains sit in the basic or higher rates bands.
February 2017 is payable by today.
Kreston Reeves – winners of ‘Accountancy Firm of the Year’ award at the M&A awards 2013.
And don’t forget, CGT is assessed and payable as part of your self assessment. Any tax payable for 2016-17 will be due for payment 31 January 2018. On the same day you will also have to pay any other underpayment of income tax for 2016-17 and your first payment on account for 2017-18.
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 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
If you own assets that are subject to CGT on disposal, and you, and possibly your spouse, are struggling to fully utilise your CGT annual exemption - or you would like to discuss ways to minimise any CGT payable - please contact your usual Kreston Reeves adviser here or on +44 (0)33 0124 1399 to discuss your options.
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 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
Tax diary January/February 2017
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.
1 January 2017 - Due date for corporation tax payable for the year ended 31 March 2016.
A member of Kreston International | A global network of independent accounting firms. 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
14 January 2017 - 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.
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 2TU. Kreston Reeves Corporate Finance LLP is authorised and regulated by the Financial Conduct
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 the month ended 5 January 2017. 19 January 2017 - CIS tax deducted for the month ended 5 January 2017 is payable by today. 31 January 2017 – Last day to file 2015-16 self assessment tax returns online. 31 January 2017 – Balance of self assessment tax owing for 2015-16 due to be settled on or before today. Also due is any first payment on account for 2016-17. 1 February 2017 - Due date for corporation tax payable for the year ended 30 April 2016. 14 February 2017 - 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 February 2017 - PAYE and NIC deductions due for month ended 5 February 2017. (If you pay your tax electronically the due date is 22 February 2017) 19 February 2017 - Filing deadline for the CIS300 monthly return for the month ended 5 February 2017. 19 February 2017 - CIS tax deducted for the month ended 5
Authority.
Website: www.krestonreeves.com Email: [email protected] Kreston Reeves Tax Talk newsletter January 2017 © Kreston Reeves
