Important Accounting Dates

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Whether you’re starting out or have been running a business for years, it’s always helpful to have these accounting dates in your diary to ensure you’re ahead.

Limited Company

When you become a client of Heelan Associates we will not only remind you of these dates with plenty of notice before you need to do anything, but also handle most of the paperwork for you.P60 Proof of each employee’s tax paid on your salary in the tax year (6 April to 5 April). If you or your employees have more than one job, they will need a P60 for each job.

For financial year 2017/18  to be issued by 31 May 2018.

P11d

If your business issues your employees benefits in kind, such as a company car or interest free loans. Contact us if you’d like to find out more about what qualifies as a benefit in kind.

For financial year 2017/18 to be issued by 6 July 2018.

Corporation Tax

(Taxable profits of up to £1.5 million)
Your Corporation Tax payment will be due 9 months and 1 day after the end of your accounting period. (Your accounting period will usually be the same as your financial year). An important thing to note is that when you set-up (or we set up) your Limited Company you may have two accounting periods for the first year of trading.

(Taxable profits of more than £1.5 million)

Your Corporation Tax will need to be paid in instalments. Contact us and the team will be happy to discuss how we can help you manage these instalments.

Self Assessment

If you’re self employed, a limited company director or limited company contractor, below are the key dates you need to be aware of for your personal tax payments. If you’re a Limited Company client of Heelan Associates we will handle your personal tax alongside your business tax affairs – one less thing on that to do list!
Are you a self employed contractor under the Construction Industry Scheme (CIS)? Read our CIS explained post covering how self-assessment applies to you.

Payment on Account

If you’re self employed, a limited company director or a limited company contractor, you will need to make two payments on account each year. The exceptions to this are if your income is less than £1000, or if 80% of your tax liability has already been paid (ie if you have a job where the tax is deducted at source).
Each payment is for 50% of your previous year’s tax bill, and needs to be paid by 31st January and 31st July. Payments due in 2018 will be for financial year 2016/2017.

Paper Tax Returns

Must be completed by 31st October 2018. If you’re a Heelan Associates client we handle everything for you and complete your returns online. We are also working towards the HMRC’s ‘Making Tax Digital’ initiative well in advance, so you’ll be set up and ready to go.

Paying Tax Through PAYE

If you have some income that’s already taxed through PAYE and if your Self Assessment Tax Bill is below £3,000, the tax owed for 2017-18 can be collected through PAYE via your tax code. The deadline for this is 31st December 2018.

Have questions about any of the above? Contact the team who will be happy to cover in more detail.

Tel: 02392 240040

Email: info@heelanassociates.co.uk