Tax deadlines and tackling late payment
This year's January deadlines have passed, and the next big date on your tax calendar is 5 April, the end of the current tax year. In a week when the
Financial Times reported late tax returns netted £87m in fines for HMRC last year, it's clear late payment can leave you seriously out of pocket.
At Aben we thought it'd be helpful to let you know what to do if you miss a tax deadline, and provide dates for the remaining tax deadlines in 2016.
What to do if you miss a tax deadline?
First, what's the best action to take if you miss a tax or related HMRC deadline? In an ideal world it won't get that far, because you will have marked all the relevant deadlines in your diary and either you or your staff are primed to act in a timely fashion. But this isn't an ideal world, and sometimes deadlines fall by the wayside, especially when you're busy.
The best advice is to contact HMRC as soon as you realise your mistake, so you can offer to resolve matters as soon as humanly possible. You need to establish the right department at HMRC and find the contact details. And you should have the relevant details, numbers, paperwork and records in front of you when you call, so you can answer questions.
As you can imagine, handing over the responsibility for tax and related matters to a team of experts means your tax records are always up to date and ready for examination. Payments are made on time, questions are raised far enough in advance and the answers made ready for HMRC in a format they can easily work with. Better still, bookkeepers know the lingo, know how the system works and van navigate their way around its daunting intricacies quickly, with confidence. So you don't have to!
If you've chosen to go it alone and handle tax internally, whether you're a self-employed sole trader, limited company or chain of businesses, here's a list of important dates for the remainder of 2016. If you find you're getting overwhelmed at any stage, get us on the case before you miss something vital, and potentially get a nasty fine.
2016 UK tax deadlines for self assessment
- 5 April 2016 - End of the current tax year
- 31 July 2016 – Second payment on account of 2015/16 and 2014/15 tax due with HMRC
- 5 October 2016 - Deadline for registering for self-assessment for the 2015/16 and 2014/15 tax years
- 31 October 2016 - Deadline for filing Paper Income Tax Returns and also for submitting a tax return if you want HMRC to work out how much you owe
2016 UK tax dates for businesses
- Corporation Tax is due nine months and one day after the end of the financial year
- CIS returns should be with HMRC by the 19th of every month
- If your VAT Accounting Quarter period ends on 28 February, your online VAT return is due on 7 April
- If your VAT Accounting Quarter period ends 31st March, your online return is due on 7 May
- If your VAT Accounting Quarter period ends 30th April, your online return due 7 June
- If your Accounting Quarter period ends 31 May, the online return is due 7 July
- Under RTI you must file details of payments to employees on or before the date it's made
- PAYE and NI must reach HMRC by the 19 of the month following the tax month the salary was paid in if it's a cheque payment, and the 22 electronically
- 19 April 2016 – Final annual RTI submissions due with HMNRC, including end of year questions
- 31 May 2016 – Employees get their P60
- 31 May 2016 - P11d forms due with HMRC
- 19 July 2016 – The deadline for Class 1 A postal payments
- 22 July 2016 – The deadline for electronic Class 1 A payments
Are you ready for the next tax deadline?
If you are someone who keeps falling behind on the record keeping and form filling then we'd be pleased to help keep your tax affairs in order. To find out more about Aben Bookkeeping services in Brighton, Lewes and the surrounding area contact Karen Moore on 01273 661913