How To Overcome The Pressure On Tax Deadlines?

Small Businesses Information and Non-recurringschedules

14:11 30 March 2013

In April the tax calendar and dates you need to know vary if you are self-employed, run a corporation, or a small business with employees. This article is geared towards the small business owner.

 

We will discuss the most important tax deadline dates and what you need to do. You should also be aware that there are monthly recurring dates for PAYES and NIC’s. 

 

Everyone knows that April is tax season, in fact, 5thApril is the end of the financial year.  This is when you should start preparing and double checking employees’ tax records for proper codes.

 

The 22ndAprilis the absolute last day you can make any PAYE or Class 1 payments that are overdue for all electronic payments. If you are trying to pay through paper or other means you need to make the payments according to the tax calendar by 19thApril at the latest.

 

The Summer Months:

 

• May is when the last day for the Employer Annual Return is due for the calendar year of 2012.  

 

• July is a busy month for tax purposes for businesses:

 

           1.   5 July is the last day to make an agreement for PAYE.

 

          2.   6 July has many important events you should complete including the expenses and benefits annual return. It is also the last day for share related items to be submitted.

 

           3.   22 July is the last day for any late Class 1A NIC payments for the previous year.

 

           4.   31st is the last day for the second Self-Assessment payment from between 2011 and 2012.

 

The October deadlines for payment of PAYE settlements and the Self-Assessment paper form is the 22nd and 31st respectively. The 5th of November you should expect the letter stating electronic and online obligations. Lastly, January is when you have to file your Self-Assessment tax return, but the full detailed tax calendar is available online.