Tips

Tax Year End

The tax year ends on the 5th April

Employer Annual Returns

May 19th is the deadline for filing of Employer annual returns (P35, P14 etc).

P60 Forms

May 31st – last date for giving form P60 to each employee working for you at 5 April

P11D Forms

July 6th – P11D’s to be filed with HMRC and distributed to employees

NI Payments

July 19th – Class 1a NI payments due

Capital Gains Tax

Capital gains for individuals are taxed at 18% up to the basic rate limit, and 28% above the basic rate limit. Entrepreneurs Relief allows gains up to £10 million in a lifetime to be taxed at 10%. Certain rules and restrictions apply. Please contact us for more information on how this may apply to you.

Taxable Car Benefit

Taxable car benefit is calculated on a percentage of the list price, which for the most part will vary according to the level of the carbon dioxide (CO2) emissions, measured in grams per kilometre (g/km).

Self-Employment NIC

If you are self-employed, you must inform by 5 October after the end of the tax year for which you need a tax return. The current rate for Class 2 NI is £2.80 per week (from 6 April 2015).

Work Expenses

New guidance is available from HMRC in respect of expenses for use of home for work. See the official documentation from HMRC.gov

VAT Threshold

From 1st April 2017, businesses with an annual turnover on excess of £ 85,000 must register with HMRC to pay VAT.