Important Tax Deadlines for 2017/18
Important Tax Deadlines We have listed below the key tax deadlines for individuals, self-employed and businesses: The tax year runs from the 6th April – 5th April. Date Information Required 31 July 2018 The second payment on account must be paid to HMRC for tax year 2017/18 05 October 2018 The deadline to let HMRC know that you need to do a self-assessment tax return for tax year 2017/18 31st October 2018 The deadline for submitting paper copies of your tax return for 2017/18 to HMRC and also the deadline for submission if you want HMRC to calculate how much tax you owe 30 December 2018 The deadline for submitting a tax return if you want HMRC to adjust your 2018/19 PAYE code to recover any underpaid tax. The maximum you can repay via your PAYE code is £3000 31 January 2019 Deadline for on line self-assessment submissions. The balance of any outstanding tax and national insurance for 2017/18 must be paid to HMRC. The first on account payment for tax year 2018/19 must be made 5 April 2019 Last Day of Tax Year Limited Companies Taxable profits of up to £1.5 million You must pay your Corporation Tax 9 months and 1 day after the end of your accounting period. Your accounting period is usually your financial year, but you may have 2 accounting periods in the year you set up your company. Taxable profits of over £1.5 million If your taxable profits of more than £1.5 million, you must pay your Corporation Tax in installments. If you need help managing any of your tax deadlines please get in...
HMRC Cease to Accept Credit Cards
HMRC cease to accept payments via credit cards In a surprisingly timed announcement, HMRC said that they would cease to accept credit card payments for tax bills from 13 January 2018. Those who previously paid their self assessment by this means will now have to select an alternative means of payment. It’s a painful change which will most impact those who were hoping to reduce the suffering of their tax bill by paying by plastic. Self Assessment tax payments In 2016, more than 800,000 of us paid our self assessment bill by credit card. Allowing us to benefit from the period of extra grace this gave us to dig up the cash and for some, being able to spread the cost over several months by only paying off the minimum charge. Only personal credit cards are covered by the ban. Debit card payments are still possible, although they confer none of the benefits of credit cards. Those with corporate and business credit cards can also still pay. Why the change? It’s not entirely unexpected. New legislation around credit card surcharges which came into effect in the summer has caused the knock-on effect that’s led to this ban. Organisations can no longer charge a fee to those paying with credit cards, but they must still pay the processing fees for credit card payments. HMRC would have been in a difficult position of charging back the processing fees to the public purse. Alternative payment methods are: debit cards, direct debits, online (BACs) or telephone banking services provided by banks. It’s a double blow to the self-employed who used to pay via Transcash –...Your Finance Team Ltd
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