Tax Stuff To Remember

The Self-Assessment Payment Deadline 

The Self-Assessment payment deadline is looming on the horizon.  By 31 January 2010, you will need to pay one or both of the following: 

• The 'balancing payment' - the balance of tax you owe for the previous tax year 2008/09 (you will probably have paid some of this tax already)
• The first of two "payments on account" for the current tax year 2009/10 (advance payments).

Note, if you pay your tax late HMRC will charge interest starting from the date the tax was due until your payment is received.

If you still haven't paid your balancing payment by 28 February, you may be charged an additional 5% surcharge in addition to interest.

If you still haven't paid all tax due on 31 January by 31 July, you may be charged a second 5% surcharge - a real incentive to pay on time!

In addition, as we are sure you are aware, it is the 2008-2009 personal tax return filing deadline on 31 January 2010 - if you submit your return late then you will be charged a £100 late filing penalty with a further £100 penalty charged if you still have not submitted this return in 6 months time. 

Compulsory Online Filing of VAT Returns

 Compulsory online filing of VAT Returns and payment of VAT comes into force for VAT periods commencing on or after 1 April 2010.

 Which businesses will be affected?

• Existing VAT-registered businesses with an annual VAT-exclusive turnover of £100,000 or more
• All businesses newly-registered for VAT on or after 1 April 2010, regardless of turnover
• HMRC will be writing in February 2010 to relevant businesses to notify them of their obligations under the new scheme

For assistance with the registration process, and for further information on online filing via your accountant, please contact Sue Bird at sbird@springfords.com