Thursday 5 January 2012

Tax event due on January 19

The following Tax Events are due on 19 January 2012:
PAYE quarterly payments are due for small employers for the pay periods 6th October 2011 to 5th January 2012
What this means for you?
This deadline is relevant to small employers and contractors only. As a small employer with income tax, national insurance and student loan deductions of less than £1,500 a month you are required to make payment to HMRC of the income tax, national insurance and student loan deductions on a quarterly basis.
Where the payment is made electronically the deadline for receipt of cleared payment is 20th January 2012. Penalties may apply if payment is made late.
PAYE, Student loan and CIS deductions are due for the month to 5th January 2012
What this means for you?
This deadline is relevant to employers who have made PAYE deductions from their employees salaries and to contractors who have paid subcontractors under the CIS. The contractors monthly return showing details of payments made to subcontractors must also be filed even if this is a nil return.
Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.
Where the payment is made electronically the deadline for receipt of cleared payment is 20th January 2012. Penalties may apply if payment is made late.

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