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November 24, 2015

Upcoming Events and Tax Deadlines

Major events and tax deadlines are fast approaching in the lead up to the holiday season.

25 November 2015

-   The Autumn Statement will be released by the Chancellor along with the latest economic figures from the OBR.

The Autumn Statement sets out the Government’s ongoing fiscal plans for the UK. Measures in response to the OECD’s BEPS project are expected as well as other announcements to address the nation’s budget deficit.

9 December 2015

-   Draft legislation expected to be open for consultation and amendment for inclusion into the Finance Bill next spring.

30 December 2015

-   Deadline for taxpayers to submit their online 2014/15 tax returns if less than £3,000 is payable and they wish to pay this through their PAYE codes.

31 December 2015

-   The Annual Investment Allowance will drop from £500,000 to £200,000. Care should be taken to calculate the amount of AIA available to companies whose accounting periods straddle the change.

-   Deadline for registrations to the Liechtenstein Disclosure Facility and British Crown dependencies disclosure facilities (including Guernsey, Jersey, and the Isle of Man).

These disclosure facilities typically offer better terms than a voluntary disclosure to HMRC, therefore taxpayers with past tax liabilities to declare should consider making use of the disclosure facilities whilst they are available.

31 January 2016

-   Deadline for taxpayers to submit online tax returns. A £100 late filing penalty will apply to returns lodged after this date.

-   Deadline for tax liabilities from 2014/15 to be paid. Amounts outstanding after this date will attract interest.

-   First payment on account due for 2015/16 for taxpayers with tax liabilities greater than £3,000, where more than 20% of their income is not taxed at source.

Contact us today to discuss your tax requirements.
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