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January 2018

Tax Diary

1 February 2018 - Due date for corporation tax payable for the year ended 30 April 2016.  

Does your employer still pay for your private fuel?

As we are approaching the end of yet another tax year, it is worth repeating our suggestion that highlights 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 2017-18.

CGT Opportunities?

This is also an appropriate time of the year to consider your capital gains tax position if you have already disposed (or are considering a disposal) of an asset subject to CGT before 6 April 2018.

Sole Trader or Incorporated?

From April 2018, the £5,000 tax-free dividend allowance is reducing from £5,000 to £2,000.

GDPR: five month countdown begins – Have you reviewed the five key areas?

On 25 May 2018, all organisations within the UK and around the globe will be required to abide by the new incoming EU General Data Protection Regulations (GDPR).

Have you submitted your tax return?

The countdown has begun for this years’ online tax return, a crucial time for around 11 million taxpayers who are self employed or  receive other income that requires the submission of a tax return, which is normally rental income, or interest and dividend income that is liable to income tax.  Because of changes made to the taxation of dividends with effect from 6 April 2017, any one who receives more than £5,000 of dividends in a year is likely to have an income tax liability, even if they are only basic rate taxpayers.  In the past only higher rate taxpayers have had to pay any tax on their dividend income.

Quiz night raises over £4,000 for Children's Charity

Southampton based chartered accountants Moore organised a charity quiz night at The New Forest Hotel, Ashurst and raised over £4,000 for the local Honeypot Children’s Charity.  

Credit and debit card surcharges to be banned next week

A new law will come into force from 13th January 2018, banning businesses from charging any fees for credit or debit card payments.