This time of year means two things: the Autumn Budget and the end of the tax year is fast approaching on the 5th April 2017, so we’re here to bring you key dates for useful financial steps, to make life that little bit easier.
Here are some key dates for your calendar and some suggestions on financial planning steps to consider before the end of the tax year. Our first suggestion as always is that if you’re going to act before the end of the financial year, don’t leave it until the last minute, the earlier you act the better.
|6 April 2017:||End of tax year 2016/17|
|30 December 2016:
|Deadline for online submission of self-assessment tax returns for year ending 5 April 2016 for HMRC to collect tax through PAYE tax codes where you owe less than £3,000 in tax.|
|31 January 2017 (midnight):||Deadline for online self-assessment tax returns for 2015/16 tax year.|
|31 January 2017 (midnight):||Deadline for paying tax bill for tax year ending 5 April 2015/16.|
|Payments are due 9 months and 1 day following your financial year end. e.g. – Year End is 31March 2016. Any Corporation Tax owed must be paid by 1 January 2017.|
Please note that any company pension scheme contributions must be physically paid before the end of the company’s tax year end to qualify for relief in that year.
For more detail on these and other vital areas of tax planning CLICK HERE to ensure you don’t miss key dates and actions you could be taking.
As usual if you need any help with these matters, please contact your usual Cullen Wealth Consultant.