Payment of corporation tax liabilities for accounting periods ended 31 July 2017. 

 

Self-Assessment 3 months late filing penalty £10 per day for up to 90 days (max £900) 

Parents whose youngest child is under 12 can now get up to £2,000 a year towards their childcare costs through Tax-Free Childcare. Tax-Free Childcare is a new government scheme to help parents with the cost of childcare, allowing parents to work or work more, if they want to. 

The Autumn Budget published on 22 November 2017 is the second budget this year. The Finance bill 2017-18 will be published on 1 December 2017. 

In this briefing, we highlight some of the key areas of interest: 

Our guide to Inheritance Tax takes you through all of the key considerations including practical advice on how to limit the amount of inheritance tax. 

From 13 January 2018, HMRC will no longer accept payments made from personal credit cards. This includes payments for income tax, PAYE, VAT and other taxes. 

If you become an employer for the first time on or after 1 October 2017, you will immediately have legal duties for your new member of staff. These duties apply from the first day the first member of staff started working for you. This means that as an employer, you must comply with the pension automatic enrolment duties straight away. You will not have a staging date, so you will need to notify the Pension Regulator of your point of contact for automatic enrolment. 

The aim of this short article is to help you get things right when incorporating a company. 

Last financial year Companies House incorporated over 644,000 companies, 99% of those were on line and 1% on paper. Over 8% of online applications to incorporate and nearly 53% of paper applications were rejected. 

Towards the end of last week, HMRC announced significant changes to the roll-out of its Making Tax Digital scheme (MTD). Businesses will not be asked to keep digital records, or to update HMRC quarterly, for other taxes until at least 2020. Only businesses with a turnover above the VAT threshold will have to keep digital records and only for VAT purposes. They will only need to do so from 2019. 

You or your company may have to pay tax if you take a director’s loan. 

s455 tax: Clause 46 FINANCE (No 2) BILL 2016 : Loans to participators etc: rate of tax Summary 1. 

Typical records you may need to keep - keep supporting records, for example, invoices, bank statements and paying-in slips to show where the income came from • record all purchases and other expenses as they arise and make sure that you keep invoices for them (unless the amounts are very small).