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Self-Assessment Deadlines
Personal tax returns for 2023/24 are due by 31 January 2025,
and the balance of your tax for 2023/24 is due on the same
date. You may also be required to make a payment on account
for 2024/25 at the same time.
Penalties are due for late submission, starting with an
inital penalty of £100 and increasing for continuing non-submission.
We will be pleased to look at your tax position and advise you whether you should submit a return, and whether any payments or repayments are due
MTD - Making Tax Digital
MTD for VAT is now live. VAT returns are required to be
submitted online, using digital links from the underlying
VAT records. In many cases, this will mean submitting
returns directly from bookkeeping software, but there are
alternative approaches which also satisfy the requirements.
The second stage of MTD, MTD for Income Tax Self-Assessment,
has been delayed again and is now due to be mandated
from April 2026. This will affect all self-employed
individuals and private landlords with gross income of more
than £50,000 from those sources.
We will be pleased to look at your accounting requirements and to help you
adapt to the new system.
Pension auto-enrolment
Most employers are now required to provide workers with a workplace
pension scheme by law, and to enrol workers in the scheme
automatically. This is
called ‘automatic enrolment’. We will be pleased to advise
on the implementation and operation of a scheme.
The minimum contribution level is now 8% of qualifying
salary, of which at least 3% must be paid by the employer.
RTI - PAYE in real time
Most employers are now legally required to
report PAYE in real time. This means that information about
all PAYE payments needs to be submitted to HMRC online each
time a payment is made as part of the payroll process,
rather than at the end of the year as previously.
There are penalties for late submissions and for late payment
of PAYE/NI. The introduction of these penalties was
delayed for small employers, but all employers may now incur penalties, if they do not have
systems in place to ensure that all returns and payments are
made on time.
We will be pleased to look at your company's payroll requirements and to help you
adapt to the new system.
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