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Tax Calendar

Limited Company Contractors should be aware of some key tax and statutory filing deadlines.

Although your accountant will typically ensure that all paperwork is submitted to the correct authorities on time, you as Company Director are ultimately responsible to ensure that this is done.

Alongside various fixed tax deadlines for income tax and NIC, you will also need to comply with further deadlines for VAT and Corporation Tax - details of which can be found later in the article.

Tax Deadlines - Income Tax, PAYE, Self Assessment

19th May - File Employers’ Annual Return - Forms P14 and P35

31st May - Provide P60 to all company employees

6th July - P11D, P11D(b) and P9D sent to HMRC

19th July - Class 1A NIC for previous tax year to be sent to HMRC.

31st July - Second self-assessment payment on account

31st October - Deadline to submit paper self-assessment tax return

31st January - Deadline for online self-assessment return and payment of all income tax liabilities (including first payment on account).

Company-Specific Deadlines

VAT
If your company is registered to pay VAT, you should settle any outstanding tax liabilities with HMRC each quarter. You get extra time to pay if you use online filing.

Corporation Tax
Any amount owed should be paid to HMRC nine months and one day after the end of your company accounting period. The current ‘small companies’ tax rate’ which applies to IT contractor companies is 21%.

Companies House
Every Limited Company in the UK has to return their Annual Return (Form 363) each year to Companies House. Alongside the Annual Return, you must also keep Companies House updated with any changes to company personnel, the share structure, and other matters.

Budget Announcements

5th April 2010 - Basic personal allowance for income tax to be reduced. This is to be in two stages for those with gross incomes above £100,000 and £140,000

6th April 2010 - Annual allowance increases from £245,000 to £255,000 - the lifetime allowance increases to £1,750,000. These allowance limits are to apply to 5 April 2016

6th April 2010 - 50% rate of tax applies to income over £150,000. Personal allowances restricted for those with income over £100,000. Dividend rate is now 42.5%. Trust rate increases from 40% to 50%.

6th April 2010 - Inheritance tax increases to £350,000, married couples and civil partners have an effective allowance of £700,000

6th April 2010 - ISA allowance increases to £10,200 for all taxpayers 18 and over. The cash ISA limit included in this limit is £5,100.

1st Sept 2010 - Fuel duty to increase in real terms by 1 pence per litre

ICS Accounting Limited is an Accountancy Company with many years experience, you can find out more about the services that they offer by clicking here http://www.icsaccounting.co.uk or email them (JavaScript must be enabled to view this email address) to contact one of their advisors directly.

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