Tax Payment Dates – Rough Guide

All, I thought it would be useful to set up a new thread in regards to tax payment dates for individuals and companies – these are some easy marks to pick up in the exam and it would be useful to also confirm my understanding!

Capital Gains Tax:

Tax due 31 January following the end of the assessment period. Can be paid in instalments if consideration is paid in instalments up to a maximum of 8 years (must be agreed with HMRC)

Income Tax Returns & Payments:

Returns are due on 31 January following the end of the assessment period. Payments are due 31 January (50% of previous years tax liability) and 31 July (remaining 50 %) with the balancing payment due on 31 January following period of assessment.

VAT:

VAT is due 1 month and 7 days following the end of a VAT period. This may differ for other schemes such as cash accounting or flat rate (if anyone can clarify that would be useful)

Corporation Tax:

Corporation tax is due 9 months and a day following the end of an accounting period. This differs if you are a large company in which case you can pay instalments of 90% in months 4 – 12. (anyone able to expand on this? when is the balancing payment due?)

Inheritance Tax – tax and NRB:

Inheritance tax is due 6 months following the date of death of the individual. Any claim for the spouses NRB must be made within 2 years of death.

Any additions to the above would be useful! It may also be worthwhile someone posting a summary of when relief have to be claimed by / HMRC notified by.