Summer holidays kick off this week for many of us… make sure your tax deadlines are attended to before you go.
Making Tax Digital – first returns now dueFor many of our clients, the first VAT returns under the new Making Tax Digital (MTD) regime are due for filing by 7 August 2019. Are you ready to meet the new filing requirements in advance of this date? Many businesses have now acquired the necessary software – but it is also essential that you register with HMRC for MTD in advance of the filing deadline. The process for registering does not take long.
Our advice is to register your business as soon as possible. HMRCs systems are known to struggle at times of high volume. Best to get in early and be ready to go when your VAT analysis is complete. Speak to Claire McElduff on 028 8772 4697 if you need any assistance. |
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Self Assessment Tax – Payments due 31 July Half way through the summer season – and another tax bill. Don’t we all love the timings of our tax payments. If you are a Self-Assessment Tax payer and your tax liability was over £1,000 for the 2017/2018 year, you will be required to make your second Payment on Account for the 2018/2019 year by the end of July.The amount of tax to be paid in July is equal to half of what the total prior year 2017/2018 tax liability was, i.e. 50% of this is due in January 2019 and 50% in July 2019. Any balance owing in respect of the 2018/2019 year will become payable once you submit your 2018/2019 tax return prior to the 31 January 2020 deadline. Have you reason to believe that your taxable income for the 2018/2019 year is less than the previous year? Maybe you have bought equipment or carried out significant repairs work or incurred some other form of one off cost? Or perhaps your profits are just not as high this year? If this is the case, we may be able to look at reducing your July 2019 Payment on Account. Contact Jolene Mallaghan on 028 8772 4697 for assistance with preparing your 2018/19 tax return and reducing your Payment on Account. |
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Tax Credits – renewals must be filed by 31 July Tax Credit Renewal Declarations must be submitted to HMRC by 31 July 2019. To avoid your tax credits being cancelled or to avoid an overpayment situation, you must ensure that your form is submitted before the deadline. If you need any assistance with this process, contact Danielle McLernon on 028 8772 4697. |
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