Some updates on key tax dates for you all!
- Submit your online self assessment tax return to HMRC for the year ended 5 April 2012.
- Pay the balance of any income tax and National Insurance (NI) due for the year ended 5 April 2012.
- The deadline for amending any 2010/11 tax return for claims relating to previous tax years.
- Pay any capital gains tax payable on the disposal of assets during the tax year ending 5 April 2012. Any gain may need to be shown in your self assessment tax return.
You will be charged an automatic 5% surcharge if you have not made your balancing income tax payment by this date.
- The first day of the new tax year.
- You will be sent your 2012/13 self assessment tax return (SA100) Form or Notice to Complete a Tax Return (SA316) by HMRC.
- If you employ staff, any outstanding Pay As You Earn (PAYE) and Class 1 NI Contributions payments for the 2012/13 tax year must have reached HMRC. Interest will be charged on any payments received after this date.
Income tax returns submitted after this date will incur an additional penalty of £10 per day for up to a maximum of 90 days (£900).
- Last date for providing form P60 (showing how much employees have been paid and how much tax and NI has been deducted) to each employee who has been working for you up to 5 April 2013.
- Last date for Forms P9D (record of earnings, expenses and benefits of employees receiving less than £8,500 per year) to reach HMRC.
- Last date for Forms P11D (record of earnings, expenses and benefits of employees receiving more than £8,500 per annum and all directors) to reach HMRC.
- Last date for the return of Form P11D(b) (employer’s declaration) relating to Class 1A NI Contributions.
- Last date for payment of any Class 1A NI Contributions to reach HMRC. Interest will be charged on payments received after this date. (If you make payments electronically you have an extra three days to pay – by the 22nd of the month.)
- Class 3 NI Voluntary Contributions can be paid to make a tax year count for NI purposes when it might not otherwise do so.
- If you still have not sent HMRC your self assessment tax return that was due on 31 January, you will be charged a further penalty of £300 or 5% of the tax due, whichever is the highest.
- You will be charged a second automatic 5% penalty if you have failed to provide the balancing payment in the first income tax instalment that was due on 31 January.
- The second payment on account of your current year’s income tax is due by this date. Check that it corresponds with your expected final liability for the year ending 5 April 2013.
- If you haven’t been sent a self assessment tax return by this date, you must notify HMRC about any income you have received that has not been taxed, or any capital gains tax liabilities you may have had in the year ending 5 April 2013. HMRC will then request further details or send you a tax self assessment form if it considers it necessary.
- You must submit your paper self assessment tax return for the tax year 2012/13 by this date to avoid an automatic penalty of £100 and to have HMRC calculate your tax for you.
- If you are submitting a paper tax return by this date, HMRC will collect any outstanding amounts of less than £3,000 via your PAYE tax code (if you have one), which spreads the payments over a year – or you can choose to pay in one lump sum if preferred.
- If you complete your self assessment tax return online, or your tax agent uses the Electronic Lodgement Service, this is the day when your online self-assessment form for 2012/13 must be submitted so that unpaid tax under £3,000 can be collected via your PAYE tax code, if you have one and want this to happen.
Changes to PAYE reporting rules
From April 2013 all employers must report PAYE information to HMRC using a new system (Real Time Information, RTI). Information about all PAYE payments made to employees will need to be reported online to HMRC when salary payments are made rather than at the end of the tax year.
For further information on the changes go to www.hmrc.gov.uk/rti/index.htm.