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.

We're getting in the Olympic spirit!

Getting in the Olympic spirit here at Clay Shaw Butler.
Remembering the day the Torch came to Carmarthen.
See our pic from Lammas Street HQ -

Check out the website . . .

Check out the Resource Centre on the Clay Shaw Butler website. Work out your tax and mortgage etc.
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The 'home' page of the Clay Shaw Butler website has been given a tweak with new words and a pic - http://www.clayshawbutler.com/index.htm

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.

Deadline for share incentives

The following Tax Events are due on 06 July 2012:
Deadline for employers to report share incentives (Form 42) for 2011/12
What this means for you?
This deadline is relevant for companies who have either received a notice to complete a form 42 or who have reportable events for the tax year 2011/12.
Deadline for forms P11D, P9D and P11D(b) for 2011/12 to be submitted to HMRC and copies to be issued to employees concerned
What this means for you?
This deadline is relevant to employers. Details of benefits and expenses provided to employees must be reported to HMRC on the relevant forms P11D. The P11D(b) form is used to calculate the employer only class 1A NI liability.

Our column is in the Carmarthen Journal today

The latest Clay Shaw Butler (accountants and consultants)@clayshawbutler 'Looking After Business' column in the Carmarthen Journal today.