Tax year end deadline looms
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.