Value Added Tax returns for the quarter ended 31 March 2016 are due to be submitted by 7 May 2016, and any payment which is due should be made electronically by the same date.
Archives for April 2016
Small private companies with a year end of 31 July 2015 and into their second or later year of existence should submit their accounts to Companies House by 30 April 2016 in order to avoid a Late Filing Penalty.
Sometimes when you are an employer, you might have happened to have made no wage or salary payments at all for a PAYE month such as the month from 6 March to 5 April 2016, in which case you must submit electronically an Employer Payment Summary as a NIL return by 19 April. This is too easy to overlook. Your final EPS for the year also needs to be submitted by 19 April.
Employers must make Fourth Quarter payments of PAYE and NICs by 19 April 2016 if settled by cheque. If you pay electronically, then you have until 22 April to make the payment. Tax retained under the Construction Industry Scheme must also be paid by the same date.
Construction Industry Scheme returns for the period from 6 March to 5 April 2016 should be submitted online by 19 April. This includes NIL returns.
The income tax Personal Allowance will rise to £11,000 from 6 April 2016. You can earn this much from employment or from self-employment before paying any tax. This Personal Allowance cannot be set off against income from dividends, for which there will be a new separate allowance of £5,000.
The Value Added Tax registration threshold has risen to £83,000 from 1 April 2016. If you have made sales of goods or services totalling more than £83,000 over the last twelve months, then you must register for VAT if they are VATable. You are expected to do this every month by looking back at a moving twelve month window. We can help here.
If you expect to make supplies of goods or services totalling more than £83,000 in the next month alone, then you must also register for VAT. This could the consequence of a big order.