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Tax Diary May/June 2017

21 Apr, 2017

1 May 2017 - Due date for Corporation Tax due for the year ended 31 July 2016.

19 May 2017 - PAYE and NIC deductions due for month ended 5 May 2017. (If you pay your tax electronically the due date is 22 May 2017)

19 May 2017 - Filing deadline for the CIS300 monthly return for the month ended 5 May 2017.

19 May 2017 - CIS tax deducted for the month ended 5 May 2017 is payable by today.

31 May 2017 - Ensure all employees have been given their P60s for the 2016-17 tax year.

State Pension age review

20 Apr, 2017

In March 2016, John Cridland CBE, the former Director General of the Confederation of British Industry (CBI) was appointed by the government to lead an independent review of the State Pension age.

The State Pension age for both men and women is set to increase to 67 by April 2028. The review was tasked with looking beyond the existing timetable. The results of the review have now been published in an 130 page report. The Pensions Act 2014 introduced a review of State Pension age to be conducted at least once every 6 years. This is the first of these reviews.

Tax codes for employees

20 Apr, 2017

The P9X form is used to notify employers of the tax codes to use for employees. The form shows the tax codes to use from 6 April 2017. The basic personal allowance for the tax year starting 6 April 2017 is £11,500 and the tax code for emergency use is 1150L. The basic rate limit is £33,500 except for those defined as Scottish taxpayers who have a lower basic rate limit of £31,500.

EU VAT refund scheme

20 Apr, 2017

The VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The amount refundable depends on the other country's rules for claiming input tax. It is important to note that VAT incurred in foreign countries can never by reclaimed on a domestic UK VAT return.

Prime Minister calls for snap election

20 Apr, 2017

In a shock announcement following the Easter weekend the Prime Minister Theresa May declared plans to call a snap election on 8 June. The announcement marked a seismic shift from her earlier declarations that there would be no new elections until 2020.

Her dramatic speech on the steps of Downing Street made it clear that she felt she had little choice but to hold an election to build a greater mandate to steer the UK through the Brexit negotiations.

Welsh land transaction tax

12 Apr, 2017

The new land transaction tax (LTT) which will replace the UK stamp duty land tax (SDLT) in Wales will be launched on 1 April 2018. The LTT marks the first new Welsh tax in almost 800 years and has moved a step closer following the passing of the Bill by the National Assembly for Wales. The Bill is expected to receive Royal Assent (when the Bill becomes an Act) in May 2017.

Working Tax Credit

12 Apr, 2017

The Working Tax Credit (WTC) assists taxpayers on low incomes by providing top-up payments including to those who do not have children. There are extra amounts available for qualifying childcare expenses and working households in which someone has a disability. The basic amount of WTC for 2017-18 remains unchanged at £1,960 a year.

Employer P11D, P11D(b) and P9D deadline

12 Apr, 2017

Employers are reminded that the deadline for submitting the 2016-17 forms P11D, P11D(b) and P9D is 6 July 2017. P11D forms are used to provide information to HMRC on certain benefits and expenses that employees and directors receive during the tax year such as company cars, loans and private medical insurance.

Repayment of student loans

12 Apr, 2017

Student loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying and it is HMRC’s responsibility to collect repayments where the borrower is working in the UK. The Student Loans Company (SLC) is directly responsible for collecting the loans of borrowers outside the UK tax system.

Rent-a-room scheme

12 Apr, 2017

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room. The limit increased to £7,500 from 6 April 2016 and remains at the same level for the current tax year 2017-18. HMRC’s rent-a-room scheme guidance has been updated for 2017-18.

Legislating for the UK’s withdrawal from the EU

06 Apr, 2017

Following the UK Prime Minister, Theresa May, giving notice under Article 50 of the Treaty of the European Union of the UK’s intention to leave the EU, the government has published a White Paper on “Legislating for the United Kingdom’s withdrawal from the European Union”. This confirms that a new Great Repeal Bill will:

Adding new employees to the payroll

06 Apr, 2017

Employers that take on a new employee need to work out which tax code and starter declaration to use in their payroll software. Incorrect tax codes can lead to the new employee paying more tax than is due.

The necessary information can be collected by asking the new employee to complete HMRC's new starter checklist and / or from the employee’s P45. This information must be held in the employer's payroll records for the current year and the 3 following tax years. Once the information has been collated, HMRC’s online tool can be used to work out the employee’s tax code.

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