Budget 2008

Key Dates for Payment of Tax - Budget 2008 - GT

Key Dates for Payment of Tax

Income Tax and Capital Gains Tax
Payment due Year of assessment

Tax liability

31 July 2008 2007/2008 Second interim payment on account
31 January 2009 2007/2008 Balance of income tax
  2007/2008 Capital Gains Tax
  2008/2009 First interim payment on account

 

Interim payments will normally each equal 50%of the prece ing year’s total net income tax liability.

Inheritance Tax

  • On transfers between 1 October an 5 April or on death:
    • 6 months after end of month in which transfer or death occurs.
  • On transfers between 6 April and 30 September:
    • 30 April after tax year in which transfer occurs.

Corporation Tax

  • Small and medium-sized companies:
    • 9 months and 1 day after end of accounting period.
  • Large companies:
    • payments on account due on a quarterly basis, commencing 6 months and 13 days from start of accounting period.

Value Added Tax

  • 1 month* after end of return period, or 2 months for annual returns.

Stamp duty

  • 30 days from execution of document.

Stamp duty land tax

  • 30 days from effective date of land transaction.

Employment taxes

  • Outstanding PAYE an class 1 NICs for the tax year:
    • 22 April following end of tax yearâ? .
  • Monthly PAYE and NIC payroll deductions:
    • 22 of month following end of payroll monthâ? .
  • Class 1A NICs for year:
    • 22 July following end of tax yearâ? .
  • PAYE settlement agreement:
    • 22 October following end of tax yearâ? .

* 7 day extension may apply for payments made by elecronic means.
â?  19 of month for payments made by non-electronic means.

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