Tax event due about last-minute tax planning

The following Tax Events are due on 31 March 2013:
Last minute planning for tax year 2012/13
What this means for you?
The final deadline of 5th April 2013 is relevant to individuals who have not considered year end tax planning issues.
These issues include:

• utilising your annual capital gains tax exemption
• utilising your annual inheritance tax exemption for gifts
• utilising your annual Individual Savings Account investment limit
• making additional pension contributions for 2012/13.

Please do get in touch if you would like any further advice on these or any other issues.

Tax events due on March 19

The following Tax Events are due on 19 March 2013:
PAYE, Student loan and CIS deductions are due for the month to 5th March 2013
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 by today even if 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 22nd March 2013. Penalties may apply if payment is made late.

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Visit our website now - it's packed full of free resources to help you grow your business and become more profitable.

Tax event due on March 2

The following Tax Events are due on 02 March 2013:
5% late payment penalty on any 2011/12 outstanding tax due on 31st January 2013 still remaining unpaid
What this means for you?
This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax and Class 4 NI liabilities and any capital gains tax.
The balance of any outstanding income tax, class 4 NI and capital gains tax for the year ended 5th April 2012 was due for payment by 31st January 2013.
Where the payment is made late interest will be charged.
On 2 March 2013 a late payment penalty of 5% will be added to the outstanding liability.
If we have already dealt with this matter on your behalf you need take no action.

http://www.clayshawbutler.com
Visit our website now - it's packed full of free resources to help you grow your business and become more profitable.

Tax event due on February 19

The following Tax Event is due on 19 February 2013:
PAYE, Student loan and CIS deductions are due for the month to 5th February 2013
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 by today even if 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 22nd February 2013. Penalties may apply if payment is made late.

Deadline for P46 car form

The following Tax Events are due on 02 February 2013:
Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5th January 2013
What this means for you?
This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where a car is first provided or an additional car is provided, or an employee ceases to have the use of a car without replacement. The completion of the form enables HMRC to amend the individuals coding notice to reflect the change in benefit.
Where one car is merely replaced with another, this can be notified online.

Tax event due on February 1

The following Tax Events are due on 01 February 2013:
Additional penalty for failing to submit your 2010/11 self assessment return. Additional 5% late payment penalty on any 2010/11 outstanding tax due on 31st January 2012 still remaining unpaid.
What this means for you?
This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Class 4 NI and any capital gains tax liabilities.
If your 2010/11 self assessment return is still outstanding further penalties are now due. This return was due for submission to HMRC by 31 January 2012. Where the return is more than 12 months late a further penalty is charged of £300 or 5% of the tax outstanding, whichever is the higher. In serious cases you may be asked to pay up to 100% of the tax due instead.
The balance of any outstanding income tax, Class 4 NI and capital gains tax for the year ended 5th April 2011 was due for payment by 31st January 2012. Where any of the liability is still outstanding a 5% late payment penalty will be added to the outstanding liability. Interest is also charged on any late payments.
If we have already dealt with your self assessment return on your behalf you need take no action.

Tax events due on January 19

The following Tax Events are due on 19 January 2013:
PAYE quarterly payments are due for small employers for the pay periods 6th October 2012 to 5th January 2013
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 22nd January 2013. Penalties may apply if payment is made late.
PAYE, Student loan and CIS deductions are due for the month to 5th January 2013
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 by today even if 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 22nd January 2013. Penalties may apply if payment is made late.

Tax event due on December 30

The following Tax Events are due on 30 December 2012:
Online filing deadline for submitting 2011/12 self assessment return if you require HMRC to collect any underpaid tax by making an adjustment to your 2013/14 tax code
What this means for you?
This deadline is relevant for those individuals who complete a self assessment tax return online and who are employees. Where you have an underpayment of up to £3,000 only, you may request that HMRC collect any tax outstanding by making an adjustment to your tax code for the year 2013/14.
If we have already dealt with this matter on your behalf you need take no action.

Tax events due on December 19

The following Tax Events are due on 19 December 2012:
PAYE, Student loan and CIS deductions are due for the month to 5th December 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 by today even if 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 Friday 21st December 2012 unless you are able to arrange a 'Faster Payment' to clear on or by 22nd December. Penalties may apply if payment is made late.

Tax events due on November 19

The following Tax Events are due on 19 November 2012:
PAYE, Student loan and CIS deductions are due for the month to 5th November 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 by today even if 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 22nd November 2012. Penalties may apply if payment is made late.

News on tax events due in November

The following Tax Events are due on 02 November 2012:

Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5th October 2012
What this means for you?
This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where a car is first provided or an additional car is provided, or an employee ceases to have the use of a car without replacement. The completion of the form enables HMRC to amend the individual's coding notice to reflect the change in benefit.
Where one car is merely replaced with another, this may be reported online.

Tax events due on October 31

The following Tax Events are due on 31 October 2012:

Deadline for submission of 2011/12 self assessment returns if you require HMRC to compute your tax liability and/or if tax underpaid is to be collected by adjustment to your 2013/14 PAYE code
What this means for you?
This deadline is only relevant for those individuals who complete a 'paper' self assessment tax return and who are employees. Where you have an underpayment of up to £3,000 only, you may request that HMRC collect any tax outstanding by making an adjustment to your tax code for the year 2013/14.
Please note that where your return is submitted online then the filing deadline for 'coding out' is 30 December 2012.
If we have already dealt with this matter on your behalf you need take no action.

Deadline for submitting 'paper' 2011/12 self assessment returns
What this means for you?
This deadline is relevant to individuals who need to complete a self assessment tax return for 2011/12 and wish to file the return in a 'paper' form. Self assessment returns submitted after this date must be submitted electronically.
Please note that this deadline is not relevant if we are going to submit an online return for you or you are going to deal with the completion of an online return yourself. The deadline for submission of online returns is 31 January 2013.
If we have already dealt with this matter on your behalf you need take no action.

Tax events due on October 19

The following Tax Events are due on 19 October 2012:

PAYE quarterly payments are due for small employers for the pay periods 6th July 2012 to 5th October 2012.
What this means for you?
This deadline is relevant to small employers 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 22nd October 2012. Penalties may apply if payment is made late.

PAYE, Student loan and CIS deductions are due for the month to 5th October 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 by today even if 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 22nd October 2012. Penalties may apply if payment is made late.

Tax and NI due under a 2011/12 PAYE Settlement Agreement
What this means for you?
This deadline is relevant for employers who have entered into a PAYE settlement agreement to pay tax and national insurance in respect of benefits in kind for their employees for the year ended 5th April 2012.
Where the payment is made electronically the deadline for cleared receipt of cleared payment is 22nd October 2012.

Tax events due on October 5

The following Tax Events are due on 05 October 2012:
Deadline for notifying HMRC of new sources of taxable income or gains for 2011/12 if no tax return has been issued
What this means for you?
This deadline is relevant to individuals who have not received a self assessment tax return for the year ended 5th April 2012 but who believe they have received income or capital gains which will result in a tax liability. Individuals must notify HMRC of their liability so that a self assessment return can be issued in good time for the submission deadline of 31st January 2013.
If we have already dealt with this matter on your behalf you need take no action.

Tax events due on September 19

The following Tax Events due on 19 September 2012:
PAYE, Student loan and CIS deductions are due for month to 5th September 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 by today even if 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 Friday 21st September 2012 unless you are able to arrange a 'Faster Payment' to clear on or by 22nd September. Penalties may apply if payment is made late.

New tutorial from HMRC

HMRC have produced a 'Starting your own Business' e-learning tutorial.
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Tax Event due on August 2

The following Tax Events are due on 02 August 2012:
Deadline for submitting P46 (car) for employees whose car/fuel benefits changed during the quarter to 5th July 2012
What this means for you?
This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where a car is first provided or an additional car is provided, or an employee ceases to have the use of a car without replacement. The completion of the form enables HMRC to amend the individual's coding notice to reflect the change in benefit.
Where one car is merely replaced with another, this may be notified online.

Tax events due on August 1

The following Tax Events are due on 01 August 2012:
Additional penalty for failing to submit your 2010/11 self assessment return
What this means for you?
This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Class 4 NI and any capital gains tax liabilities. The 2010/11 return was due for submission to HMRC by 31 January 2012. Where the return is more than six months late a further penalty is charged of £300 or 5% of the tax outstanding, whichever is the higher.
If we have already dealt with this matter on your behalf you need take no action.
Second 5% late payment penalty on any 2010/11 outstanding tax due on 31st January 2012 still remaining unpaid
What this means for you?
This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Class 4 NI and any capital gains tax liabilities.
The balance of any outstanding income tax, Class 4 NI and capital gains tax for the year ended 5th April 2011 was due for payment by 31st January 2012. Where any of the liability is still outstanding a 5% late payment penalty will be added to the outstanding liability. Interest is also charged on any late payments.
If we have already dealt with this matter on your behalf you need take no action.

Tax Event due on 31 July

The following Tax Events are due on 31 July 2012:
Second payment on account 2011/12 due
What this means for you?
This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Class 4 NI and any capital gains tax liabilities.

Tax events due on July 19

The following Tax Events are due on 19 July 2012:
PAYE quarterly payments are due for small employers for the pay periods 6th April 2012 to 5th July 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 Friday 20th July 2012 unless you are able to arrange a 'Faster Payment' to clear on or by 22nd July. Penalties may apply if payment is made late.
PAYE Student loan and CIS deductions due for the month to 5th July 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 by today even if 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 Friday 20th July 2012 unless you are able to arrange a 'Faster Payment' to clear on or by 22nd July. Penalties may apply if payment is made late.
Class 1A NIC due for 2011/12
What this means for you?
This deadline is relevant for employers who have provided their employees with benefits for 2011/12. These benefits should have been reported by the 6th July and the amount of the Class 1A employer only NI liability due calculated on the form P11D(b). Where payment is made electronically the deadline for receipt of cleared payment is Friday 20th July unless you are able to arrange a 'Faster Payment' to clear on or by 22nd July.