Tax Reminder

The following Tax Events are due on 19th October 2016:

Business Tax Events

PAYE quarterly payments are due for small employers for the pay periods 6th July 2016 to 5th October 2016

This deadline is relevant to small employers only. As a small employer with income tax, national insurance and student loan deductions of less than £1,500 a month you are required to make payment to HMRC of the income tax, national insurance and student loan deductions on a quarterly basis.

Where the payment is made electronically the deadline for receipt of cleared payment is Friday 21st October 2016 unless you are able to arrange a ‘Faster Payment’ to clear on or by Saturday 22nd October. In year interest will be charged if payment is made late. Penalties also apply.

PAYE, Student loan and CIS deductions are due for the month to 5th October 2016

This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of cleared payment is Friday 21st October 2016 unless you are able to arrange a ‘Faster Payment’ to clear on or by 22nd October 2016. In year interest will be charged if payment is made late. Penalties also apply.

Tax and NI due under a 2015/16 PAYE Settlement Agreement

This deadline is relevant for employers who have entered into a PAYE settlement agreement to pay tax and national insurance in respect of benefits in kind for their employees for the year ended 5th April 2016.

Where the payment is made electronically the deadline for cleared receipt of cleared payment is Friday 21st October 2016 unless you are able to arrange a ‘Faster Payment’ to clear on or by Saturday 22nd October 2016.

If you would like to discuss this in more detail then please get in touch here.  

 

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