November 2016 Tax Tips & News | Wright Vigar

November 2016 Tax Tips & News

 In News

Welcome to November’s Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

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Restriction of tax relief on finance costs for individual landlords

NMW increases take effect


Self-assessment and disclosure

November Questions and Answers

Q. I have recently set up my own business after having been employed for many years. Although I am hopeful that I will eventually make a profit, I anticipate that I am likely to make a small loss in each of my first three years of trading. What is the best way for me to utilise these losses for tax purposes?

Q. My wife and I are both directors of a company and we are soon to relocate to another part of the country to set up a new branch. The existing branch will continue to be run by the two other company directors. Will we both be entitled to the £8,000 relocation expense exemption?

Q. I use the Flat Rate Scheme for VAT purposes. Can I claim back the VAT I have recently paid on some new equipment I have bought for the business?

November Key Tax Dates

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