Five tax dates to add to your 2017 diary

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As the year draws to a close, it’s time to plan for next year and fill in some of those crucial dates in your diary for 2017. If you are responsible for your company’s finances, there are several dates that need noting down.

Every quarter, there needs to be the filing of VAT returns and payments made. The exact dates will depend on your accounting periods.

There are monthly and quarterly deadlines for PAYE and National Insurance payments. If you are in the construction industry, then contractors’ monthly returns need to be processed.

In 2017, there are five additional significant tax dates that should be added to your diary.

1. January 31

The last day in January is the deadline for paying any national insurance and tax owed to HMRC. It is also the last date to file a self-assessment tax return and pay the first instalment of any tax due.

2. April 1

Before the tax year ends and a new one begins, there are a number of tax changes that take place on April 1, namely:

• Corporation tax falls from 20% to 19%
• The small business rate relief will be doubled and the threshold ratable value in England goes up from £12,000 to £15,000
• New rules will be introduced that restrict tax deductible for corporate business expenses
• Changes to the rules for corporate tax losses come into force

The new tax changes can appear complicated, so it pays to take advice from a tax expert, or better still use a financial outsourcing service that can sort it all out on your behalf.

3. April 6

The 2017/18 tax year starts on April 6. This may not coincide with your company’s financial year, but it is still a significant date and is one you need to refer to with the issuing of documents like P60s to your employees.

4. April 22

This is the last date for paying any outstanding PAYE and Class 1 NIC for the previous tax year. If payments are not electronically processed, this deadline becomes three days earlier.

5. Corporation tax payments

The corporation tax payment due date varies from one business to the next. It falls nine months and one day after the company’s financial year ends, so the exact date will depend on your financial year.

Get help

Most medium to large businesses need expert professional accounting services to make sure that they don’t miss deadlines and incur penalties. The stress-free way to deal with tax is to use financial outsourcing services. At Sollertia, we help businesses handle all their financial and tax obligations.