Muras Matters: Key Dates for the New Year

Key Dates for the New Year

Happy New Year!

Happy New Year to you all, we hope you have enjoyed the break and are ready for 2016!

As the first quarter of the year is a busy time in the tax world, we though it would be useful to point out some important dates for individuals in Self Assessment to note over the next few months:

1 January 2016 The Annual Investment Allowance limit has now fallen to £200,000 per annum.
29 January 2016 The deadline to file your Self Assessment Tax Return is 31 January, which falls on a Sunday this year leaving Friday 29 January as the last workday to file your return and avoid an automatic penalty.
This is also the deadline to pay any balancing liability for the 2014/15 tax year and the first payment on account for 2015/16, before interest is levied.
Finally, this is also the last day to amend tax returns for the 2013/14 tax year.
1 February 2016 An automatic £100 penalty is levied for overdue tax returns and interest is applied to unpaid liabilities.
1 March 2016 Any outstanding balancing liabilities must be paid to HM Revenue & Customs by this date in order to avoid a 5% surcharge, in addition to interest.
New fuel advisory rates are applied to company cars from this date.
5 April 2016 This is the end of the 2015/16 tax year and the deadline to complete any tax planning before the year end.

If you require assistance drafting your tax return or you are concerned about your tax liability then please contact our Tax Director, Jenny Marks

To see our other news items please visit our Muras Baker Jones – Blog.