HM Treasury’s United Kingdom Budget 2007

Grant Thornton

Grant Thornton

Dates For Payment Of Tax

Income tax and capital gains tax

Payment due Year of
assessment
Tax liability
31 July 2007 2006/2007 Second interim payment on account
31 January 2008 2006/2007 Balance of income tax
  2006/2007 Capital gains tax
  2007/2008 First interim payment on account

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

Inheritance tax

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

Corporation tax

  • Small and medium-sized companies
    • 9 months and one 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 PAYEand class 1 NICs for the tax year
    • 19 April following end of tax year2.
  • Monthly PAYE and NIC payroll deductions
    • 19 of month following end of payroll month2.
  • Class 1A NICs year
    • 19 July following end of tax year2.
  • PAYEsettlement agreement
    • 19 October following end of tax year2.

1 7 day extension may apply for payments made by electronic means
2 22 of month for payments made by electronic means.

The figures shown here are subject to ammendment as the Finance Bill passes through Parliament.

This information has been prepared only as a topical guide to tax and personal financial matters. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material contained in this publication.

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