February/March Deadlines

1st March 2024

Please find below our diary of main tax events for February/March 2024. Any questions do not hesitate to get in touch with us.

 

Date What is due
01-Feb Corporation tax payment for year to 30/04/23 (unless quarterly instalments apply).


19-Feb PAYE & NIC deductions, and CIS return and tax, for month to 5/02/24.


01-Mar Corporation tax payment for year to 31/05/23 (unless quarterly instalments apply).


19-Mar PAYE & NIC deductions, and CIS return and tax, for month to 5/03/24.

 

 

 

January/February Deadlines

8th January 2024

Please find below our diary of main tax events for January/February 2024. Any questions do not hesitate to get in touch with us.

 

Date What is due
01-Jan Corporation tax payment for year to 31/03/23 (unless quarterly instalments apply).


19-Jan PAYE & NIC deductions, and CIS return and tax, for month to 5/01/24 .


01-Feb Corporation tax payment for year to 28/02/23 (unless quarterly instalments apply).


19-Feb PAYE & NIC deductions, and CIS return and tax, for month to 5/02/24.

 

 

31-Jan SELF ASSESSMENT TAX RETURN DEADLINE!

31-Jan Balancing payments due for 22/23 tax year and 1st payment on account for 23/24.

December/January Deadlines

7th December 2023

Please find below our diary of main tax events for December/January 2024. Any questions do not hesitate to get in touch with us.

 

Date What is due
01-Dec Corporation tax payment for year to 28/02/23 (unless quarterly instalments apply).


19-Dec PAYE & NIC deductions, and CIS return and tax, for month to 5/12/23 .


01-Jan Corporation tax payment for year to 31/03/23 (unless quarterly instalments apply).


19-Jan PAYE & NIC deductions, and CIS return and tax, for month to 5/01/24.

November/December Deadlines

3rd November 2023

Please find below our diary of main tax events for November/December 2023. Any questions do not hesitate to get in touch with us.

 

Date What is due
01-Nov Corporation tax payment for year to 31/01/23 (unless quarterly instalments apply).


19-Nov PAYE & NIC deductions, and CIS return and tax, for month to 5/11/23 .


01-Dec Corporation tax payment for year to 28/02/23 (unless quarterly instalments apply).


19-Dec PAYE & NIC deductions, and CIS return and tax, for month to 5/12/23.

October/November Deadlines

2nd October 2023

Please find below our diary of main tax events for October/November 2023. Any questions do not hesitate to get in touch with us.

 

Date What is due
01-Oct Corporation tax payment for year to 31/12/22 (unless quarterly instalments apply)


19-Oct PAYE & NIC deductions, and CIS return and tax, for month to 5/10/23


01-Nov Corporation tax payment for year to 31/01/23 (unless quarterly instalments apply)


19-Nov PAYE & NIC deductions, and CIS return and tax, for month to 5/11/23

Income tax on inherited pension funds

6th September 2023
Currently, where an individual pension holder dies before age 75, drawdown pensions paid to a successor can generally be received free from income tax. Where the pension holder dies over the age of 75, then the amounts drawn by the successor are taxed at their marginal income tax rate. Note also that the current tax rules provide that the value of the fund passes free of inheritance tax to the successor and thus forms an important part of estate planning. Policy documents published in July 2023 include draft legislation to abolish the pension lifetime allowance and associated income tax charge. These were previously announced as part of Budget Day measures to lure workers aged over 50 back into work and are generally welcomed. However, the policy documents regarding changes to the taxation of pensions also included a suggestion that certain beneficiaries of pensions of members who died under age 75 may become subject to income tax as part of future tax changes, possibly from 2024/25. This would align with the tax position for beneficiaries of pensions where the member dies over age 75.

HMRC raises interest rates again as base rate increases

4th August 2023
HMRC interest rates are linked to the Bank of England base rate. Late payment interest is set at base rate plus 2.5%. Repayment interest is set at base rate minus 1%, with a lower limit – or ‘minimum floor’ – of 0.5%. The latest increased the Bank of England base rate from 4.5% to 5% means that interest on late paid tax will increase to 7.5% for most taxes and the rate of repayment interest will increase to 4% if you overpay. These changes came into effect on 11 July 2023. For those companies required to pay their corporation tax by quarterly instalment payments the rate increased to 6% from 3 July 2023. If you are late with your self-assessment payment on account for 2022/23 that was due on 31 July 2023 then you should pay as soon as possible to avoid incurring further interest charges. Note that there is a 5% surcharge added to any tax still outstanding at 28 August 2023 unless you have agreed a payment plan with HMRC

National Insurance contributions deadline extended

2nd July 2023
With all of the changes to personal pensions in the Spring Budget, maximising the State Pension entitlement should not be overlooked. The full rate of new State Pension increased to £203.85 per week (£10,600 pa) from 6 April 2023; a 10.1% increase over the 2022/23 rate as a result of the “triple lock” being restored. At least 10 qualifying years are required to get a UK State Pension, with full State Pension entitlement at 35 qualifying years. Individuals should log into their Government Gateway account to check their contribution record as they may be entitled to credit for missing years, for example if they were on maternity leave or a carer. They can also check how many more qualifying years they need for a full State Pension, and if necessary, make national insurance (NI) contributions for missing years. Normally it is only possible to make voluntary NI contributions for the past 6 tax years, to top up any missing or partial years. The Government announced an extended deadline to allow taxpayers to make NI contribution in respect of missing years going back to April 2006. This opportunity was originally scheduled to end on 5 April 2023 and was then extended to 31 July 2023. The deadline has now been extended to 5 April 2025. Class 3 voluntary NI contributions made before 5 April 2025 will be at the Class 3 voluntary NI rates for the 2022/23 tax year of £15.85 per week, or £824.20 for each full year.

Self employed grants extended

4th March 2021

The government confirmed that the fourth SEISS grant will be worth 80% of three months’ average trading profits, paid out in a single instalment and capped at £7,500 in total.

 

The grant will cover the period February to April, and can be claimed from late April. Self-employed individuals must have filed a 2019-20 self assessment tax return to be eligible for the fourth grant.

 

This means that over 600,000 individuals may be newly eligible for SEISS, including many new to self-employment in 2019-20. All other eligibility criteria will remain the same as the third grant. Further details will be published in due course.

 

There will also be a fifth and final SEISS grant covering May to September. The value of the grant will be determined by a turnover test, to ensure that support is targeted at those who need it the most as the economy reopens.

 

People whose turnover has fallen by 30% or more will continue to receive the full grant worth 80% of three months’ average trading profits, capped at £7,500. People whose turnover has fallen by less than 30% will receive a 30% grant, capped at £2,850. The final grant can be claimed from late July. Further details will be published in due course.

 

Joanne Harris, technical commercial manager at Nixon Williams said: ‘Sole traders have been eagerly anticipating this budget for news on the fourth SEISS grant and will be pleased that the Chancellor has extended the scheme in line with the CJRS. In addition to the confirmation of a 4th grant the Chancellor also confirmed a 5th and final grant that will take us to September.

 

‘The government has also opened these grants to the recently self-employed as it now has information from the 2019/20 tax returns. Whilst this is great news for this previously excluded group there are still many left behind, including directors of small limited companies.

 

‘There was an opportunity in this budget to go further and consider the needs of freelancers and contractors with a limited company set-up, who have essentially been overlooked in terms of appropriate government support so far. The proposal on the table for a Directors Income Support Scheme (DISS) was credible and could have helped millions more people, but the government appears to have ignored this completely.’

 

Since it was launched in 2020, the Self-Employment Income Support Scheme (SEISS) has helped around 2.7 million self-employed people across the UK.