Frequently Asked Questions

Q. How long do I need to keep my records before I can destroy them?  

A. You must keep all records for at least six years. After this time they can be destroyed. We recommend that they are shredded for security.

Q. What is the limit for VAT? When do I need to register?  

A. The registration limit for VAT is currently £64,000 turnover in any one year.

Q. How much am I allowed to earn before I pay Tax and National Insurance?  

A. You are allowed to earn £100 per week before you start to pay Income Tax.

Q. When does my Tax Return have to be filed with the Inland Revenue?  

A. The deadline for the submission of Tax Returns is 31 st January in the following year, e.g. for the year ending 5 April 2007 your Tax Return must be sent to the Inland Revenue by 31 January 2008 .

If you wish the Inland Revenue to calculate your Tax payable your Tax Return must be submitted by 30 September after the year end, e.g. for the year ending 5 April 2007 your Tax Return must be sent to the Inland Revenue by 30 September 2007 for them to calculate your Tax payable.

Q. Why do I have to pay more Tax than my friend when he earns exactly the same as me?  

A. Everybody has different circumstances that need to be taken into consideration when calculating our tax position. Your friend may or may not have other income or reliefs that you do not know about. Everyone is different, so everyone’s tax will be different.

 Q. Is it better to lease a car or buy it?  

A. Again, this will depend on your personal situation. If you need an answer to this question it is best to telephone the office and talk to whoever normally deals with you in the office.

IMPORTANT DATES

Annual Events

Monthly Events

DateReturn

Monthly on 19th Payment of payroll taxes (under certain circumstances - quarterly)

Quarterly Events