shutterstock_617027924

The time is nigh……

The 2016 personal tax deadline is upon us once more. Though the traditional deadline of 31 October has passed the “Online Filing” extended deadline is now the line in the sand for the vast majority of us in the personal tax world. The original “Online Filing” date of 14 November has in fact been extended to 16 November to take account of disruptions and delays caused by Storm Ophelia. Though not necessarily welcomed with open arms by practitioners, this further extension (or stay of execution!) does mean that there is an extra 48 hours to get every last piece of information together.

We would advise everyone to consider the following:

• Make sure you include all sources of income and allowable deductions – in particular consider rental expenses, interest costs and whether your PRTB obligations need to be updated.
• If you work from home (at least part of the time) are some of your domestic expenses related to your trade?
• Have you scope to make a pension payment to reduce your personal tax liability? A tax efficient pension payment can be made right up to the filing deadline and still included on your 2016 tax return.
• Do not forget to claim the earned income credit (new for 2016) if this is relevant to you.
• File on time! Tax is a fact of life but surcharges for late filing can (and should be) avoided in all circumstances.

Finally, we would also remind everyone that the payment date for Capital Gains Tax on any gains made on disposals from (1 January 2017 to 30 November 2017) is 15 December 2017. You should ensure that any payment is made on time to avoid the risk of any interest charges. You should also review your assets to consider whether you should crystallise any losses to mitigate the gain – if so, this should be done prior to 30 November if possible or at the very least prior to 31 December 2017.

No comments yet.

Leave a Reply