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Monthly Archives: 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 … Continue reading

Posted in Business

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 … Continue reading

Posted in Business

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 … Continue reading

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How long do you need to keep tax records

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 … Continue reading

Posted in Business

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 … Continue reading

Posted in Business