It’s coming up to July, one of those big tax-paying months. So Harnett Accountants in West London thought it would be a good idea to remind you of what is due and what could go wrong if you accidently miss those all important payments.
– If you are self-employed you need to pay your income tax and class 4 NIC on-account payments for 2011/12 by 31 July.
– A company with a 30 September 2011 year end must pay its corporation tax by 1 July 2012.
– Employers must pay class 1A NICs on benefits by 19 July.
– Quarterly payments of PAYE are due by the same date. Monthly payments of PAYE and CIS deductions are due by 19th of every month, or by 22nd if paying electronically.
In the current economic climate the Taxman is keener than ever to chase every penny of tax owed. If you or your company are even a day late you will start to receive aggressively worded letters and, if not reacted to promptly ,telephone calls and possible personal visits from debt collectors in toe. The situation can escalate quite quickly into bailiffs being authorised to seize your goods, or a court judgement being enforce.
Our Accountants in Kensington advice that if you or your company know you will not be able to pay your tax on time to contact the Tax Office Business Payment Support Line (0845 302 1435) and try and negotiate a reasonable payment plan. The longer you leave this the harder this will be, so as soon as you receive a demanding letter, don’t ignore it!
Remember, Harnett Accountants in West London offer a free 1 hour, no obligation consultation. Alternatively you can follow us on our Facebook, Twitter or our Google+ page or keep looking out for our daily blogs
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