Farmers Guradian
Topics
Nine ways to keep your farm vehicles safe

Nine ways to keep your farm vehicles safe

DataHub

DataHub

Dairy Farmer Magazine

Dairy Farmer Magazine

Auction Finder

Auction Finder

CropTec

CropTec

LAMMA 2019

LAMMA 2019

You are viewing your 1 free article

Register now to receive 2 free articles every 7 days or subscribe for unlimited access.

Subscribe | Register

Tax timeline: Key deadlines for farm diaries in 2018/2019

Chartered Accountants Saffery Champness provides a helpful list of the key deadlines for farm diaries to make sure tax affairs are up to date over the next 12 months.

TwitterFacebook
TwitterFacebook
Share This

Tax timeline: Key deadlines for farm diaries in 2018/2019

Deadlines for companies may vary according to their accounting reference dates.

 

The information below assumes the business’ accounts are made up to March 31...


Read More

Farmers urged to plan ahead to make sure protein feed needs met Farmers urged to plan ahead to make sure protein feed needs met
Huge losses as US tax reform hits machinery giants Huge losses as US tax reform hits machinery giants
National Minimum Wage: Farmers warned ahead of new changes National Minimum Wage: Farmers warned ahead of new changes
Protect small farms in Agriculture Bill, farming alliance says Protect small farms in Agriculture Bill, farming alliance says

APRIL 2018

APRIL 2018

Self Assessment (Individuals, Partnerships, LLPs and trusts)

 

5th: Last date for making pension contributions in 2017/18. The annual contribution limit remains at £40,000 but will be restricted to a maximum of £10,000 if total income exceeds £150,000.

 

The £40,000 limit will be reduced by £1 for every £2 of earnings in excess of £150,000 until earnings exceed £210,000. 2017/18 ISA contributions and EIS/SEIS investments must also be made by this date.

 

6th: 2018/19 tax year begins.

 

 

Employers

 

5th: Send final Full Payments Submission (FPS) payroll reporting form to HMRC on or before your employees’ last payday of the tax year.

 

 

Company

 

14th: Deadline for the submission of CT61 for the quarter ended 31 March 2018 and payment of any
income tax due.

 

14th: Companies with taxable profits of over £1.5m must pay their third corporation tax quarterly instalment payment by 1 month and 13 days after the end of their accounting period, i.e. April 14,
2018 for accounting periods ending March 31, 2018.

MAY 2018

Employers

 

31st: Last date for giving 2017/18 P60 Forms to each employee working for you on April 5, 2018.

JULY 2018

JULY 2018

Self Assessment (Individuals, Partnerships, LLPs and trusts)

 

31st: Deadline for 2nd 2017/18 Payment on Account. Payments on account are based on 50% of the prior year’s liability.

 

If you applied to reduce your payments on account, consider whether the reduction is still appropriate. Interest will be charged on underpaid Payments on Account, and possible penalties.

 

 

Employers

 

5th: Deadline for agreeing PAYE Settlement Agreements for the year ended April 5, 2018.

 

6th: Last date to give Forms P11D to relevant employees and to file these forms with HMRC

 

6th: Last date to submit the online return for Employment Related Securities reporting

 

19th: Deadline for postal payments to reach HMRC for any outstanding 2017/18 Class 1A NICs. Electronic payments must be cleared in HMRC’s account by July 22.

 

 

Company

 

14th: Deadline for the submission of CT61 for the quarter ended 30 June 2018 and payment of any
income tax due.

 

14th: Companies with taxable profits of over £1.5m must pay their final corporation tax quarterly instalment payment by 3 months and 13 days after the end of their accounting period, i.e. July 14,
2018 for accounting periods ending March 31, 2018.

Jobs in Agriculture

Jobs in Agriculture

It is estimated a third of the global population work in agriculture - making it the single largest employer in the world.


Check out Jobs in Agriculture for the latest vacancies from this vast and varied industry.

 

Click here to browse!

OCTOBER 2018

OCTOBER 2018

Self Assessment (Individuals, Partnerships, LLPs and trusts)

 

5th: Deadline for registration for Self Assessment if a new source of income commenced or a chargeable gain arose in 2017/18.

 

31st: Deadline for submission of paper self-assessment tax returns for 2017/18 (or 3 months after the date of issue of a self-assessment tax return if later).

 

 

Employers

 

22nd: Tax and National Insurance owed under PAYE Settlement Agreements must reach HMRC by this date (October 19 if paying by cheque).

 

 

Company

 

14th: Deadline for the submission of CT61 for the quarter ended September 30, 2018 and payment of
any income tax due.

 

14th: Companies with taxable profits of over £1.5m must pay their first corporation tax quarterly instalment payment by 6 months and 13 days after the start of their accounting period, i.e. October 14,
2018 for accounting periods ending March 31, 2019.

DECEMBER 2018

DECEMBER 2018

Self Assessment (Individuals, Partnerships, LLPs and trusts)

 

30th: Deadline for online submission of 2017/18 Self Assessment Tax Returns for HMRC to collect tax through PAYE codes, where you owe less than £3,000.

 

 

Company

 

31st: Company accounts must be filed at Companies House by nine months from the accounting
reference date, ie. by December 31 for companies with accounts made up to March 31. Companies
House levies penalties for late filing.

 

31st: Directors loan accounts for the period ended March 31, 2018 must be cleared. From March
2013, there are anti-avoidance rules that prevent a loan being taken out shortly after the repayment
in certain circumstances.

 

For example, where a loan is repaid and another taken out within 30 days, the repayment is matched to the new loan and the corporation tax charge on the original outstanding loan remains.

 

Care needs to be taken in these circumstances.

JANUARY 2019

JANUARY 2019

Self Assessment (Individuals, Partnerships, LLPs and trusts)

 

31st: Deadline for online submission of 2017/18 Self Assessment Tax Returns. Returns filed after this date incur an automatic £100 penalty.

 

Amended Self Assessment Tax Returns in respect of 2016/17 must be filed by this date.

 

31st: Deadline for paying 2017/18 ‘balancing payments’ of income tax, capital gains tax and Class 2 and 4 NICs.

 

31st: Deadline for payment of the 1st Payment on Account for 2018/19, based on 50% of the 2017/18 liability. If you anticipate lower taxable income, consider applying to reduce the payments on account.

 

 

Company

 

1st: Companies with taxable profits of not more than £1.5m must pay their corporation tax and any
s455 liability (loan to participator) by 9 months and one day after the end of their accounting period,
i.e. January 1, 2019 for accounting periods ending March 31, 2018.

 

14th: Deadline for the submission of CT61 for the quarter ended December 31, 2018 and payment of
any income tax due.

 

14th: Companies with taxable profits of over £1.5m must pay their second corporation tax quarterly
instalment payment by 9 months and 13 days after the first day of their accounting period, i.e.
January 14, 2019 for accounting periods ending March 31, 2019

MARCH 2019

MARCH 2019

Self Assessment (Individuals, Partnerships, LLPs and trusts)

 

2nd: Last day to make payment of 2017/18 balancing liability before incurring a 5% surcharge.

 

 

Company

 

31st: Companies with an accounting period ended March 31, 2018 must file their CT600 Company Tax
Return by March 31, 2019. There are penalties for late filing of a return.

 

  • Please note: Partnerships that have at least one partner that is a limited company have different filing deadlines depending on their accounting period end date.

TwitterFacebook
Post a Comment
To see comments and join in the conversation please log in.

Most Recent

Facebook
Twitter
RSS
Facebook
Twitter
RSS