At MAS Associates, we guide our clients through a full range of services including, PAYE & NIC, VAT, Capital Gains Tax, Inheritance Tax and Stamp Duty Land Tax.
Our expertise, experience, analysis and thorough research allow us to optimise financial opportunities to be found in existing as well as recently altered tax laws. We are knowledgeable and up to date on the tax laws and can make sense of your receipts, bills and notices. See links below for full details.
If you send a paper tax return it must reach HMRC by midnight on 31st October. So, for the tax year ending on 5th April the deadline for paper returns is midnight on 31st October. There are very few exceptions. As an example, the deadline may be later if HMRC sends you a notice, telling you to complete a tax return, after 31st July. In this case the notice will tell you the deadline – it is usually three months from the date of the notice.
Your online tax return must reach HMRC by midnight on 31st January following the end of the tax year. So, for the 5th April 2023 tax year, the deadline for online returns is midnight on 31st January 2024. There are very few exceptions. As an example, the deadline may be later if HMRC sends you a notice, telling you to complete a tax return after 31st October. In this case the notice will tell you the deadline – it is usually three months from the date of the notice. There’s also an earlier deadline of 30th December if you want HMRC to collect any tax you owe through your tax code. You can ask for this if you owe less than £3,000. Please show this clearly on your tax return. HMRC will try to collect the tax due through your code, but they can’t always do so.
Any tax due is normally payable by the 31st January following the end of the tax year, where the tax charge exceeds £1,000.00, payment on account towards the following tax year may also be required.
Payments on account, if due are payable on the 31st January and 31st July following submission of the previous year’s tax return, and based on the amount due on that return. For example, if £2,500 Tax is due for the submitted return, payments on account of £1,250 would be due by both the following 31st January and 31st July.
Companies must file a Corporation Tax Return (CT600) within 12 months of the end of the accounting period for which the return is made.
For corporation tax purposes an accounting period cannot exceed 12 months. If the company’s accounts are for a longer period, two CT600’s will be required.
If your company or organisation has taxable profits of up to £1.5 million, you must pay your Corporation Tax by the normal due date, which is nine months and one day after the end of your Corporation Tax accounting period. For example, if your company’s accounting period ends on 31st May, your Corporation Tax payment is due on or before 1st March the following year.
If your company’s profits for an accounting period are at an annual rate of more than £1.5 million, you must normally pay your Corporation Tax for that period in installments.
Tax months end on the 5th of each month.
For example the Tax month for June runs from 6th June to 5th July. Payments due are as follows:
Employers tax and Class 1 NIC (1)
17 days after the tax month end
14 days after the tax month end
Class 1A NIC
22 July following the tax year end
19 July following the tax year end
PAYE Settlement and Class 1B
22 October following the tax year end
19 October following the tax year end
VAT Returns are not normally annual returns, so there is no fixed date in the year for them to be filed, they are filed for a ‘VAT period’ unless the trader is registered under the ‘Annual Accounting Scheme’
VAT periods are usually of 3 months’ duration (referred to as a quarter) or 1 month, depending on the VAT scheme the trader is registered under.
VAT returns must be filed electronically and any VAT due, paid by 7 days after the end of the month following the end of the VAT period.
For Example: VAT quarter ending 30th June, should be filed and paid by 7th August.
Depending on whether registered under a monthly or quarterly VAT scheme, estimated VAT is payable at the end of each month (months 4 to 12) or quarter (months 4,7 and 10).
Two months after the end of the annual accounting period the VAT Return and balancing payment for the accounting period must be filed and any VAT due must be paid.
Each tax year nearly everyone who is liable to Capital Gains Tax gets an annual tax-free allowance – known as the ‘Annual Exempt Amount’. You only pay Capital Gains Tax if your overall gains for the tax year (after deducting any losses and applying any reliefs) are above this amount.
Tax-free allowances for Capital Gains Tax
The annual tax-free allowance (known as the Annual Exempt Amount) allows you to make a certain amount of gains each year before you have to pay tax.
Nearly everyone who is liable to Capital Gains Tax gets this tax-free allowance.
There’s one Annual Exempt Amount for:
You can use your Annual Exempt Amount against the gains charged at the highest rates to minimise the tax you owe.
Where residential property is sold and is subject to Capital Gains Tax charge, a return must be made to HMRC and any tax due paid within 60 days of sale.
Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who has died.
There is normally no inheritance tax to pay if either:
The value of your estate is below the threshold.
You leave everything above the threshold with your spouse, civil partner, a charity or a community amateur sports club.
You may still need to report the estate’s value even if it’s below the threshold.
If you give away your home to your children (including adopted, foster or stepchildren) or grandchildren your threshold can increase.
If you’re married or in a civil partnership and your estate is worth less than your threshold, any unused threshold can be added to your Partner’s threshold when you die.
Stamp Duty Land Tax (SDLT) is charged on land and property transactions in the UK. The tax is charged at different rates and has different thresholds for different types of property and different values of transaction.
The tax rate and payment threshold can vary according to whether the property is in residential or non-residential use, and whether it is a freehold or leasehold. SDLT relief is available for certain kinds of property or transaction.
How long you need to keep your tax records
As a general rule, you should keep your tax records for a minimum of six years, however if you are:
If you need to keep records for other reasons, for example, the Companies Act requires limited companies to keep specific records and you also use those records for tax purposes, you need to be aware that there may be different time limits for retaining them. Be careful not to destroy any records you also use for tax purposes too soon.
The records you need to keep will depend on the size and complexity of your business and the different taxes that you have to pay, collect or charge. The following are the most commonly required records and documents.
You should retain all records of income and expenses that relate to the business.
If you are a contractor
Details of all payments made to all subcontractors for work done and materials subcontractors have purchased, for example, subcontractor invoices.
If you are a subcontractor
Details of all payment and deduction statements, for example, copies of invoices issued and payment statements received.
All PAYE records, for example: