Have You Thought About Your Upcoming Tax Bill?

With time quickly flashing by we find ourselves in February already, a forward thought of the month may relate to the financial year ending in March for the purposes of government financial statements. The question is, have you given this more than a thought and put a plan in place for you to tackle it?

While your Diary/Calendar may be ‘chock-a-block’ with events, birthdays and holidays, it’s worth remembering and noting down the key dates ahead in 2018 for any tax related deadlines:

 

PAYE Key Tax Dates:

6 April 2018

First day of the new tax year 2018/19.

5 April 2018

Deadline for claiming your PAYE tax refund for the 2013/14 tax year.

31 May 2018

Copies of 2017/18 P60 documents issued to employees.

6 July 2018

Copies of 2017/18 P11d documents issued to employees.

6 July 2018

Last date for agreeing payment settlements agreements for 2016/17 if applicable.

6 April 2019

End of tax year 2018/19

 

Self-Assessed Key Tax Dates:

31 January 2018

Deadline for 1st payment on account for 2017/18 tax year.

5 April 2018

Deadline for claiming tax overpaid for the 2013/14 tax year under self-assessment.

6 April 2018

First day of the new tax year 2018/19.

6 April 2018

Time to gather detailed documents for your 2017/18 tax return and if you’re self-employed or have income from property in the year ended 5 April 2016.

31 May 2018

Last date to give employees a form P60 for 2017/18.

31 July 2018

Deadline for 2nd payment on account for tax year ending 5 April 2018.

5 October 2018

Deadline to register with the HMRC if you became self-employed or started receiving income from property. You should submit a form CWF1 for self-employment or form SA1 for non-self-employed income to HMRC.

31 October 2018 (midnight)

Deadline for paper self-assessment returns for 2018/19 tax year.

30 December 2018

Deadline for online submission of self-assessment tax returns for year ending 5 April 2017 for HMRC to collect tax through PAYE tax codes where they owe less than £3,000.

31 January 2019 (midnight)

Deadline for online self-assessment tax returns for 2017/18 tax year.

31 January 2019 (midnight)

Deadline for paying tax bill for tax year ending 5 April 2017/18.

5 April 2019

End of tax year 2018/19.

 

With all these dates in mind, it’s time to dig out all the bits of paper that you need, such as P60/P45/P11D, PAYE coding notices and tax certificates for investments. For self-employed income, you need your bank statements, sales invoices and so on – fail to prepare, prepare to fail as they say…

Bare in mind that if you’ve never filed a tax return before, you will need to register first – which can take up to 20 working days. However, it may be quicker to set up a personal tax account and use that for your returns.

A payment can clear on the same day if you pay by debit card, but will sometimes take a day to go through. If you pay by BACS or direct debit it can take three days, or five days if this is the first time you have paid by direct debit.

Paying any kind of bill may seem a little mundane, but the best advice is to get it over and done with and eradicate the worry or even worse, any further punishment.

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If you would like to get in touch and find out more information on alternative funding, please call the team on 01371 870 815 or email info@auroracapital.co.uk– we’re more than happy to help!