Have you met all those important deadlines? Is there a deadline looming for you or your business that you need to keep on top of? Here we round up the latest deadlines that you may need to be aware of.
This latest update on what deadlines are currently due for personal and business taxpayers plus some other non-tax-related deadlines to consider.
Self Assesment tax deadlines
Obviously, 31 January 2013 has come and gone but if you somehow missed it then you should have filed your self-assessment tax return and paid the tax due for the tax year ending 05 April 2012. If you’ve not done it yet then you can still do it now but will most likely incur a penalty and interest charges. Unfortunately not filing the return at all is not an option!
Other tax-related deadlines –
The current corporation tax year ends on 31 March 2013 with many companies financial year ending at the same time. Now is a good time to make sure you have everything in order rather than panicing next month. After all, the end of March is only a few weeks away!
Small businesses need to be thinking about dividend payments and tax planning. If you are an owner managed limited company then you will most likely pay yourself by way of dividends instead of PAYE salary. If so now is the time to assess the current profit available for distribution from the business. Then consider your personal tax situation and decide if you should take more dividend now or wait until the new tax year starts in April. It is important to consider whether additional dividend payments would place you into a higher tax bracket. If so should you delay the dividend until the new tax year to avoid going into the next tax bracket or perhaps maximise the available allowance up to the next tax bracket?
Pensions contributions? If your business contributes to your pension then this money is not taxed at all up to the current £50,000 contribution limit. If you have not yet got around to contributing to a pension this year then now is the time to do it to reduce the businesses profit and therefore reduce your corporation tax bill.
For those of you with more than £50,000 available to put in your pension this year you may be able to take advantage of the current ”Carry Forward” of annual allowance. This allows the last 3 years unused allowances to be used this year. Just make sure you fully understand the rules before exceeding this year’s limit.
Personal ISA allowances! If you have not used them by 05 April 2013 then they are gone forever for that year. If you have spare cash now is the time to check how much ISA allowance you have available.
Other non-tax deadlines to consider –
Staff Holidays – Do you employ staff and run your business holiday year to the end of March? If so have staff taken their entitlement or at least booked it? What’s your company policy if staff don’t use their full annual holiday entitlement in time? Do they expect to be paid in lieu or carry the time over to the next year? If you don’t have a policy on this then now is the time to create one!
Annual Returns at Companies House for Limited Companies and LLP’s. The Returns can be due at any time and in most cases are due on the anniversary of the incorporation date. If you don’t know when your Return is due to go to Companies House website and search for your company or LLP name. If yours is due and you need help filing the Return then we offer an Annual Return filing service, contact us for details.
School holidays – is your business affected by schools being closed for holidays? Many parents that would normally be your customers and maybe taking time off to look after their children. If you notice a downturn during school holidays then you will no doubt be aware that half term is approaching in mid-February and the Easter end of term will be at the end of March. Dates will vary from one region to another so check with the relevant local authority for exact dates.
As you will no doubt appreciate, any information in the above article is not to be considered as specific advice for you personally. This article has been written as a general overview of possible deadlines and tax savings applicable to the general public. Please seek legal or financial advice from an appropriately qualified professional to assess your own personal or business circumstances before acting on any information contained in this article.