Harland Accountants’ managing director David Harland reminds us of a few things that the tax man won’t forget
You may not want to think about it but it’s that time when the old tax year ends and as night follows day a new one begins. No sooner have you sorted out all the trials and tribulations of the last 12 months then it starts all over again, but it’s worth taking note as this coming year may need some extra attention.
To keep in touch with the key dates for changes and how they will affect you, we have produced a handy cut-out and-keep guide, which will be worth pinning up in the office. Just remember you may forget, but the taxman certainly will not.
1st January 2010 – VAT rate returned to 17.5% from previous 15% rate
Depending on your business VAT registration maybe advantageous or even compulsory
but it is best to check with an accountant what the situation is and more importantly whether you are paying the right amount.
1st April 2010 – VAT to be filed online for any company with turnover greater than £100k
If you don’t have a facility to file online, see an expert who has.
1st April 2010 – Corporation tax remains same as previous year for small companies at 21%, with the main company rate also remaining at 28%
Traditionally these rates tend to go up so good news for the moment: don’t tell me there’s an election coming up…
6th April 2010 – Personal tax rate for individuals earning over £100k set to be 50%
The Chancellor is now clawing back the huge cost of the bank ‘bale out’ and you need to consider whether any advance planning would mitigate against this tax increase or whether expenditure should be advanced or delayed. Also check your pension policy.
19th May 2010 – PAYE P35 and P14 filing deadlines
HMRC must have received payment for all PAYE liabilities for the year ending 5th April 2010 by 19th April 2010 or interest will be charged.
5th July 2010 – Last day for submission of P11d Benefit in Kind forms
19th July 2010 – Last day for payment of P11d Benefit in Kind contributions
It is important that these are filed correctly and you fully declare any benefits in kind such as medical or dental care, so if in any doubt, again see an accountant.
30th September 2010 – All paper tax returns must be filed
All returns will be submitted online sooner or later, so it is best to start doing
31st January 2011 – Self Assessment deadline, all electronic tax returns must be filed
Again, if you don’t have a facility to file online, it is best to see an expert who has.
There’s a lot to think about this coming year and who knows we may have a change of Government to give us even more to tax our thoughts.
For peace of mind now is the time to see an accountant or tax advisor to make the next 12 months as trouble free as possible.
Tel: 01726 74573