Tax Due by the end of this month
The 31 January 2019 is not just the final date for submission of your self assessment tax return but also an important date for payment of tax due. This is the final payment deadline for any remaining tax due for the 2017-18 tax year. In addition, the 31 January 2019 is also the payment date for any Capital Gains Tax due in relation to the 2017-18 tax year and the due date for the first payment on account for 2018-19.
Taxpayers that do not have the necessary available funds to make these payments should be pro-active and contact HMRC as soon as possible. Pretending the problem does not exist will not make the problem go away and can only make matters worse.
Taxpayers will need to contact HMRC to apply to make a payment plan and seek to agree a way forward. This can be done by contacting the Business Payment Support Service (BPSS). The BPSS was first launched back in 2008 and is available to all taxpayers (not just businesses). The purpose of the service is to provide support to those experiencing a wide range of tax problems.
The services offered by the BPSS depend on individual circumstances but can include:
•agreeing instalment arrangements
•suspending any debt collection proceedings
•reviewing penalties for missing statutory deadlines
•reducing any payments on account
•agreeing to defer payments due to short-term cash flow difficulties
The BPSS will review the issues raised and look sympathetically at providing a practical solution. HMRC will usually not charge additional late payment surcharges in relation to specific arrangements made using the BPSS.
Posted by Cassey Nixon on
3rd January 2019
Statutory payment rates for the tax year 2019/20
The following statutory payment rates have been confirmed: The standard weekly rates of Statutory Adoption Pay (SAP), Statutory Paternity Pay (SPP) and Statutory Shared Parental Pay (ShPP) will increase from £145.18 to £148.68 from 01 April 2019. The weekly rate of Statutory Sick Pay (SSP) will increase from £92.05 to £94.25 from 06 April 2019 […]
Cycle to work schemes
There are special rules involving bicycles usually referred to as ‘Cycle to Work’ arrangements. The Cycle to Work scheme was introduced almost 20 years ago to help promote the use of healthy ways to commute to work using an environmentally friendly mode of transport. Employers of all sizes across the public, private and voluntary sectors […]