Deadline Dates – April 2015

1 April 2015

  • Payment of corporation tax liabilities for SMEs account period ended 30 June 2014 where payment is not made by instalments.
  • Reduction in main rate of corporation tax to 20%. Small profits rate is abolished except for ring-fence profits.
  • Change to emission thresholds for business cars (zero rate ends).
  • Application to defer Class 2 or 4 NICs for 2014/15 or claim exception for 2015/16.
  • Multiple contractors to advise HMRC that they wish to be treated as a single contractor for 2015/16.

5 April 2015

  • 2014/15 tax year-end.
  • Ensure personal allowances, exemptions and tax bands are efficiently used.
  • Deadline to pay previously unpaid Class 3 NICs for 2008/09.

6 April 2015

  • Start of the 2015/16 tax year. Ensure payroll and other systems are updated.
  • Personal allowances increased to £10,600.

7 April 2015

  • Electronic filing and payment of VAT liability for quarter ended 28 February 2015.

14 April 2015

  • Forms CT61 for quarter ended 31 March 2015.
  • Quarterly CT instalment for large companies (depending on accounting year-end).
  • EC sales list deadline for monthly paper return.

19 April 2015

  • Payment of PAYE/CIS liabilities for month ended 5 April 2015 if not paying electronically.
  • Payment for PAYE liability for quarter ended 5 April 2015 if average monthly liability is less than £1,500.
  • File monthly CIS return.

21 April 2015

  • File online monthly EC sales list.
  • Submit supplementary intrastate declarations for March 2015.

22 April 2015

  • PAYE liabilities should have cleared HMRC’s bank account.

30 April 2015

  • Companies House should have received accounts of private companies with 31 July 2014 year-end and plcs with 31 October 2014 year-end.
  • HMRC should have received Corporation Tax Self A returns for companies with accounting periods ended 30 April 2014.

If you have any questions regarding these deadlines, please contact us.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

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New Beginnings

Spring is here, the clocks have gone forward, lambing is under way, and the new tax year is upon us!

Here are some of the changes to expect upon the start of the new tax year 2014/15:

1) Basic personal allowance tax band increase to £10,000.

2) The basic rate tax band has reduced to £31,865 (therefore any income earned   above this limit will be subject to 40% income tax).

3) The limit for the small loans exemption has doubled to £10,000 from April 2014.

4) The Capital gains exemption limit for individuals, estates, etc has increased to £11,000 and the exemption limit for trusts has increased to £5,500.

5) ISA Subscription limits will increase to £11,880 for stocks and shares ISA’s and £5,940 for cash ISA’s (Junior ISA and Child Trust fund maximum subscription is £3,840). However, these limits relate only to the period 6th April to 30th June 2014.

From the 1st July 2014, the new ISA subscription will be simplified with the creation of the ‘NEW ISA’ and the overall subscription for the year will be £15,000 for stocks, shares and cash – full transferability in both directions! The Junior ISA and child trust fund will increase to £4,000.

6) The annual investment allowance (AIA) has doubled to £500,000 for qualifying investment in plant and machinery made on or after 1st April 2014 (up until 31 December 2015!).

7) The main rate of corporation tax has reduced to 21% from April 2014.

8) The VAT registration threshold will rise to £81,000 and the VAT deregistration threshold will increase to £79,000, effective from 1st April 2014.

9) National Insurance contributions changes have been summarised in the table below:

14/15 Employee Employer
NICs  rate 12% 13.8%
No NICs on the first £153 pw £153 pw
NICs charged up to £805 pw No Limit
2% NICs on earnings over £805 pw N/A

With Additional Changes:

  • Self-Employed Class 2 : Flat rate £2.75 per week (£143 pa)
  • Self-Employed Small earnings exception £5,885 pa
  • Self Employed Class 4: £7,956-£41,865 pa – 9%; Over £41,865 pa – 2%
  • Class 3 Voluntary Flat rate £13.90 per week (£722.80 pa)

If you would like further details of the expected changes briefly outlined above, please contact Green and co on 01633 871122 or visit our website.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.