It’s early June – we’re into the new tax year. Most people won’t have started thinking about their personal tax return yet. But, there are some real advantages to getting it done early.
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Income Tax
Erase and rewind.
After a dizzying few weeks in British politics, which have seen an almost complete reversal of the measures announced in the September mini budget, as summarised in our previous article, we thought it might be helpful to set out what remains of the economic measures announced in September, and how they might affect you.
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Wasn’t expecting that.
On Friday, the Chancellor of the Exchequer delivered the government’s so-called ‘Mini Budget’, outlining cuts to income tax, reversal of the NIC increases, and scrapping of the planned increase in corporation tax, to name a few. Those which may be of particular interest to many are as follows:
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Take your time, hurry up
This year it could be more important than ever to know what liabilities you may face in January, with many businesses and individuals facing cash flow issues due to Covid.
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Save cash by filing your tax return early
When you calculate the tax you owe through self-assessment, HMRC ask you to make ‘Payments on Account’ (‘POAs’) towards your liability for the following tax year. By default, these are set at the same level as the previous tax year’s liability.
The first of these payments is due on 31 January in the tax year to which it relates, and the second is due on 31 July following the end of the tax year. For example, POAs for the 2018/19 tax year (6 April 2018 to 5 April 2019) are due on 31 January 2019 and 31 July 2019 and calculated based on the level of your tax liability for the previous tax year, 2017/18.
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Reduce your liability for 31 July 2018
We are fast approaching 31 July, which marks the date when the second payment on account for those taxed through self-assessment becomes due.
Continue ReadingSet a reminder..your tax return is due by 31 January.
With the summer behind us, and the arrival of autumn's shorter days, we've started thinking and planning ahead.
Christmas is on the horizon and so also, inevitably, is the 31 January midnight deadline for filing your online Self Assessment tax return for the tax year ending 5 April 2017.
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