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Bird & Co Accountants Newsletter – January 2017

Bird & Co Accountants Newsletter – January 2017

By In Business, News On December 31, 2016


Bird & Co Accountants Newsletter – January 2017

 

Taxation

Written by Pete Bird for the Yaxley , Stanground and Hampton Gazette’s January 2017

 

keeping-records-2How long do I have 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 Tax

If you are not in business

One year from the 31 January following the end of the tax year. For 2016-17, you would need to keep your records until 31 January 2019.

If you are in business – which includes rental income

Five years from the 31 January following the end of the tax year. For 2016-17, you would need to keep your business and other tax records until 31 January 2023.

A company subject to Corporation Tax

Six years from the end of an accounting period. For the year ending 31 January 2017 you would need to keep records until 31 January 2023.

VAT

You should keep records for at least six years.

PAYE

You should keep payroll records for three years after the end of a tax year. For 2016-17 this would be until 5 April 2020.

These deadlines can be extended if for example:

  • You file your self-assessment tax return late
  • A return is subject to an enquiry or compliance check
  • Records relate to a transaction spanning more than one year
  • An asset is bought which is expected to have a life beyond the time limit

 

Dates to Remember:

1 January 2017 – Due date for Corporation tax for companies with an accounting period ended 31 March 2016.

7 January 2017 – Due date for for filing and payment of VAT for the period ended 30 November 2016, unless you submit a paper return then the date is 31 December.

31 January 2017 – Latest date for filing your 2016 online self-assessment tax return if you wish to avoid a late filing penalty and payment of tax for 2015/2016 and first payment on account for 2016/2017.

Monthly Dates:

19th of the Month:

Due date for postal payments of PAYE, NIC and CIS deductions and on-line filing deadline for CIS monthly return
to HMRC.

22nd of the Month:

Due date for electronic payments of PAYE, NIC and CIS deductions to HMRC.

 

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