Here are some details on the various tax deadlines which are coming up in the next month, be sure if you have a business to prepare yourself for these deadlines to ensure you don’t get penalised. Being prepared is half the battle to running a successful business.
Tax Due Deadlines
31 July 2018 – Deadline for payment of second instalment self-assessment for 2017-18.
1 August 2018 – Due date for corporation tax due for the year ended 31 October 2017.
19 August 2018 – PAYE and NIC deductions due for month ended 5 August 2018. (If you pay your tax electronically the due date is 22 August 2018)
19 August 2018 – Filing deadline for the CIS300 monthly return for the month ended 5 August 2018.
19 August 2018 – CIS tax deducted for the month ended 5 August 2018 is payable by today.
Making Tax Digital Launches April 2019
Finally here is a reminder that from April 2019, HMRC’s much trumpeted Making Tax Digital (MTD) scheme will apply to certain businesses.
The April 2019 launch will only apply to VAT registered traders. More specifically, Making Tax Digital will apply to businesses who have a turnover above the VAT threshold – the smallest businesses will not be required to use the system, although they can choose to do so voluntarily if they so wish to.
From April 2019, businesses above the VAT threshold will be mandated to keep their records digitally and provide quarterly updates to HMRC for their VAT.
Contacting WHR Solicitors
If you have any queries about any of the above information, or you just want some expert advice on any financial aspect of running your business, just give our offices a call here in Armagh on 028 3752 2909. That is all for today, we will be back with another blog article very soon.