Tax year end dead­line looms

The Oban Times - - OUTDOORS -

THE self-as­sess­ment an­nual tax re­turn dead­line has now passed and, while most self-em­ployed in­di­vid­u­als and ac­coun­tants are re­cov­er­ing, an­other dead­line is loom­ing.

The tax year ends on April 5, 2017, and there is still time for some tax plan­ning for in­di­vid­u­als and com­pa­nies.

The UK tax sys­tem has seen sub­stan­tial changes in re­cent years so it is a good idea to re­view your busi­ness or tax af­fairs an­nu­ally, to pro­vide you with po­ten­tial sav­ings and en­sure com­pli­ance with HMRC.

The cap­i­tal al­lowance regime has seen the largest changes with re­duc­tions to the An­nual In­vest­ment Al­lowance (AIA). Each re­vi­sion of the Fi­nance Act af­fects other ar­eas of tax­a­tion such as pen­sions and the col­lec­tion of taxes.

The most sig­nif­i­cant change is the re­moval of the 10 per cent tax credit on div­i­dends re­ceived. This is ef­fec­tive from April 6, 2016, and will in­cur ad­di­tional tax li­a­bil­i­ties for a to­tal div­i­dend in­come greater than £5,000.

R A Cle­ment As­so­ciates can pro­vide tax plan­ning for in­di­vid­u­als or com­pa­nies. Ini­tial con­sul­ta­tions with ac­coun­tants are free and may iden­tify po­ten­tial tax sav­ings for this fi­nan­cial year so long as it can be ef­fected be­fore the tax year end.

R A Cle­ment As­so­ciates can as­sist with many ar­eas of tax­a­tion in­clud­ing cap­i­tal ex­pen­di­ture and the cap­i­tal al­lowance regime, pen­sion con­tri­bu­tions, the busi­ness struc­ture and tax plan­ning for the fam­ily busi­ness.

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