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hey, guys !!
im very cinfused when i have to “guess” the due date of, the tax payments i.e corp rax, vat returs, ect pay dates.can anywone give me a break down of all the dates i should know in order to gain those small helpfull marks 🙂
regads
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presume you mean UK dates?
Income tax is the 31st Jan, but for the self employed it is 31st Jan and 31st July.
Corp tax is 9 months and 1 day after the comany’s year end.
VAT is usually quoted as 1 month after the period/quarter end, but now that we have online filing it can be 1 month and 7 days, and if you pay by direct debit it is taken 1 month and 10 days after
salary can be whatever the company likes, but PAYE and NIC must be paid by the 22nd of the month after the month to which the salary applied (although strictly speaking HMRC assumes pay periods are 6th to the 5th of the month).
but note that because of the time that funds take to clear through the banking system then the payee must actually initiate the payment at least 3 days before the due date, although HMRC are starting to accept ‘faster payments’ which go through on the same day…
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