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).
May 31st – last date for giving form P60 to each employee working for you at 5 April
July 6th – P11D’s to be filed with HMRC and distributed to employees
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).
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).
New guidance is available from HMRC in respect of expenses for use of home for work. See the official documentation from HMRC.gov
From 1st April 2017, businesses with an annual turnover on excess of £ 85,000 must register with HMRC to pay VAT.