Tax Matters:

Tax MattersTax Matters: Key Factors to account for…

Please note that comment here is for discussion and interest purposes only and is not advice, nor is it necessarily timely appropriate nor relevant to an individual’s business’s or trust’s particular circumstances or current situation.

As with everything – it is important to seek and take timely appropriate and relevant independent advice from a qualified professional before making any decision for action, inaction or transaction.

Key Factors

Deadlines for Submitting Tax Returns:

Individual Partnership and Trust Self Assessment Tax Returns must be submitted or files with Her Majesty’s Revenue and Customs (HMRC – formerly Inland Revenue and HM Customs and Excise) as follows:

Paper Forms: 31st October after the end of the Tax Year (5th April) in question

Online Forms: 31st January following the end of the Tax Year in question

Note: Disposals of assets giving rise to relevant chargeable events should be reported by 31st December following the end of the Tax Year in question

Compulsory online filing for companies was introduced from 1 April 2011 for accounting periods ending after 31 March 2010 – smaller companies may be able to use HMRC’s online filing software, but generally, commercial software is required in order to file online. For more details or a discussion about tax, business strategic planning and business investment matters, please get in touch…

Please Note: Non-Resident Company tax returns (SA700) or self-administered pension schemes returns (SA 970) are not available online..

Certain individuals eg Members of Parliament will be unable to file online..

Deadlines for Payment of Relevant Tax: Payments must be made to HMRC

Balancing amounts and Payments on Account by 31st January following the end of the Tax Year in question

Payments On Account by the 31st July following the 31st January filing deadline

Balancing amounts for the last tax year and Payments on Account for the current/next tax year by 31st January following the 31st July..

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This page last updated :  31st January 2014