31st July Deadlines will be ignored at your peril

31st July Deadlines are immminent

This time of year with the sun shining, it’s easy to think that the tax deadlines are a long way off in those winter months.

But don’t forget the 2 deadlines looming for the 31st July.

Tax credits

The Annual declaration form needs to be submitted by the 31st July. If you miss this deadline your tax credit payments could be stopped or you could receive the wrong amount. If you are self employed you might not know your actual income for the previous tax year but you can complete the renewal with an estimate – which you might want your accountant to assist with.

Second payments on account

For anyone paying tax under self assessment the second payments on account for 2012/13 are due at the end of July. Late payment of this amount
could result in interest and possibly penalties.

If you think your profits for 2012/13 have reduced there might be scope to reduce this payment – as it is automatically based on your liability for the previous year – again this is something that we could help with.

If you have any queries, please don’t hesitate to contact Clare King or one of our client service team on 01323-720555.

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