I have decided that every Friday my blog will be focussed around useful tips and things you should be aware of that have been brought to my attention throughout the week.
1. A reminder just of the importance of keeping your tax records for at least six years, so you can support every figure entered on the tax return.
2. If you are employed or receive a pension always check your PAYE code. The new PAYE code does not reflect any underpayments of tax. Thus any balancing payment that occurs this year that you may want put through your tax code you will need to write to HMRC before the end of December
3. As mentioned in an earlier blog consider your company's capital expenditure making use of the Annual Investment Allowance before it rapidly decreases.
4. Consider investing in a company that qualifies for EIS relief and obtain 30% tax relief.
5. If you are an employer - Be aware there are big changes to the treatment of National Insurance Contributions around 2017. This will mean your payroll software has to be upgraded and changed. Consider looking into this.
I hope you have found these tips useful and look out for next week's tips next Friday.
One last thought, think of your tax advisor over the next few weeks. If you have a tax return to fill out get it into them before the New Year so they can also have a Xmas break!
Have a great weekend
Mitch the Tax Man
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