Tax Returns 2015/16
The deadline for submitting your Tax Return has now passed. Any outstanding tax was due by 31 January, so if you have not already done so, pay any outstanding tax now. You can use this link here to find out how to pay.
If you pay after 31st January you will be charged interest.
If you have not yet submitted your return you will receive a late filing penalty of £100, even if you do not owe any tax. These penalties increase, so be sure to contact us immediately to complete and submit your return. In certain cases HMRC will consider a reasonable excuse and waive the penalty, but the deadline for paying any tax remains at 31st January.
Further late filing penalties will be incurred after 3, 6 and 12 months.
Phishing and Scam E-mails
HMRC are again warning of bogus e-mails. Remember that HMRC will only ever notify you of a refund by post, and they will never ask you to disclose personal information.
Suspicious HMRC text messages can be forwarded to 60599. Text messages will be charged at your network rate.
Suspicious HMRC emails can be forwarded to HMRC’s phishing team email@example.com.
And always go through GOV.UK to get through to HMRC’s online services rather than using search engines.
Ways to Save in 2017
The Child Trust Fund and Junior ISA yearly allowance is increasing to £4128 in 2017-2018.
The Help to Buy ISA offers a 25% bonus of up to £3000 on savings towards buying your first home.
Lifetime ISA allows you to save up to £4000 each year and get a 25% government bonus on what you save. You can then put this towards your first home, or you could also use this to save for your retirement and from your 60th Birthday you can take out all the savings for any purpose.
Cash ISAs offer a low risk way to save and the interest is completely tax-free.
Stocks and Shares ISA supports long-term investment with higher returns. However, for high earners with surplus funds to invest, pensions offer very good tax advantages at present.
1st – Corporation tax due for companies with year end accounting date of 30 April 2016
7th – Due date for VAT Return and payments for December period ends (electronic payments)
19th – Pay any PAYE/NI due for the month ended January
21st – EC Sales list deadline for on-line monthly return filing
30th – Filing date for submission of corporation tax returns for year ends of 29 February 2016
30th – Companies House filing date for year ends of 31 May 2016.