October 31 tax return deadline approaching fast
It’s common knowledge that the tax return filing deadline is 31 January after the end of the tax year. However, you may be subject to an earlier deadline that is fast approaching instead. When does this apply?
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Accounting for VAT if there is no cash payment
Your business has submitted repayment returns for the last two quarters and you are concerned that you might have underpaid output tax on some supplies where no money has changed hands. Are your concerns justified?
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Treatment of distributions under review
The government has launched a consultation on modernising the tax treatment of distributions and repayments of capital by companies. The proposals could affect the distinction between dividends taxed as income and capital payments subject to CGT. What changes are being considered?
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Tax relief on equipment you haven’t paid for (yet)
The timing of tax relief for purchases of equipment isn’t straightforward when payments are delayed or goods are purchased through hire purchase (HP) agreements. How can you use these rules to your advantage and get tax relief before you’ve paid the final invoice?
If you're within self-assessment, you're probably aware that 31 January each year is the filing date. However, it’s often overlooked that there's an alternative deadline of 31 October. This applies if you intend to file a paper return. If that’s the case you only have until Monday to do it. At this late stage there's a good chance that the return won’t be received until after the deadline. You might be able to appeal against the subsequent automatic penalty if you can show you had a reasonable excuse, e.g. if the return was late due to the ongoing postal strikes. However, if you haven’t sent it off yet, our advice is not to. Instead, use the additional three months for online filing to get set up for HMRC online services and file the return there.
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