JANUARY
31st Deadline for tax return submissions. Balance of tax due under self assessment for previous year. First payment on account due under self assessment for the current year.
Tax Tip - Before making any payments on account under self assessment let us know if your income has gone down in the current tax year - you may be able to reduce your payments.
FEBRUARY
1st £100 penalty imposed where tax return has not been submitted.
28th Last day to pay any balance of income tax and capital gains tax due under self assessment for the previous tax year or 5% surcharge will be due.
MARCH
31st End of financial year for corporation tax.
Tax Tip - It is time to consider using your capital gains tax exemption before the end of the year if you haven’t already. Need advice on how best to do this? Give us a call.
APRIL
5th End of tax year.
5th Last day to maximise ISA contributions.
Tax Tip - Consider opening an ISA for the new tax year.
MAY
19th Deadline for PAYE and construction industry end of year forms (forms P35 etc).
31st Deadline for giving P60s to employees.
JUNE
Tax Tip - Not sure if you qualify for Child Tax Credit? If you have not claimed tax credits for the previous tax year then claims can only be backdated three months. The earlier you make the claim the better.
JULY
6th Deadline for P11Ds, P11D(b)s and P9Ds. Application deadline for PAYE Settlement Agreements.
19th Class 1A NIC due for previous year.
31st Second payment on account due under self assessment. Second £100 penalty imposed where the tax return due on the previous 31 January has not been submitted. Last day to pay any balance of self assessment tax due for the previous tax year or further 5% surcharge will be charged.
Tax Tip - Get your tax return information ready now. As a result you may also be able to reduce your second payment on account.
AUGUST
Tax Tip - Concerned about inheritance tax (IHT)? Make the most of your £3,000 annual allowance by making regular gifts. Annual gifts of £3,000 could result in significant IHT savings over time. In addition you could consider making regular gifts out of income which are not chargeable to IHT. There are several other exemptions to think about - talk to us and don’t miss out.
SEPTEMBER
30th Paper self assessment return due in if you want HMRC to calculate the tax.
Tax Tip - Are you an employee or director and think that you have underpaid less than £2,000 tax in the previous tax year? Submission of your return before the end of September will give you the option of paying it through next year’s tax code - effectively an interest-free loan! The deadline is extended for returns submitted electronically or on the internet to 29 December 2006.
OCTOBER
5th Deadline for notifying HMRC of new sources of income if no tax return has been issued for previous tax year.
19th Tax and NIC (Class 1B) due on PAYE Settlement Agreements for previous year.
Tax Tip - Not had a tax return but have a new source of income on which you will have to pay tax for the previous tax year? HMRC need to be advised so that a return can be issued and interest and penalties avoided.
NOVEMBER
Tax Tip - Review your pension contributions - you still have time to make an additional contribution and potentially reduce any payment on account due next January. We can review this for you.
DECEMBER
Tax Tip - If you’re feeling charitable at this time of year, consider making a contribution to charity under the Gift Aid scheme and benefit from tax relief. Higher rate taxpayers may be able to claim the benefit of their higher rate tax relief sooner by carrying back the donation to the previous year. |
