The income tax 2014-15 year end is fast approaching. Make sure you make all the claims and elections you are entitled to before it is too late.
Personal tax
The final date for 2010/11 claims that that have a four year time limit.
These include claims for:
- personal allowances;
- remittance basis (for non-UK domiciled individuals);
- terminal loss relief (for the self-employed traders that have ceased trading);
- the carry forward of trading losses (for partners or the self-employed); and
- the carry forward of capital losses.
National Insurance contributions
The deadline for claiming exemption from class 4 NIC for 2015/16 where the same earnings are subject to class 1 contributions. For example: trainers/lecturers that invoice the training college as self-employed but receive payment after National Insurance has been deducted.
The deadline to reclaim 2013/14 National Insurance paid mistakenly on earnings which should have categorised as self-employed.
Pensions
The deadline for making a personal pension contribution to qualify for deduction against 2015/16 income. The lifetime limit will reduce on 6th April 2016.
If you need help with any claim or election then contact Clearways Accountants via the contact form below or call 01737 339058.