Self-employed tax payments

Self-employed persons and other individuals who submit a self-assessment (SA) tax return should bear in mind that there are only three months until the electronic filing and payment deadline for 2016-17, 31 January 2018.

If you have not filed the 2016-17 SA return yet, or at the very least crunched the numbers to work out if you owe any arrears of tax for 2016-17, you may want to attend to this as soon as possible. Otherwise, you will be shortening the period when you have time to consider gathering funds together to meet any tax payment on 31 January 2018.

On the same date, 31 January 2018, you will also need to make a payment on account for the following tax year, 2017-18. In the first instance, this will be based on fifty percent of your liability for 2016-17 with a similar payment July 2018. And so again, knowing what the earlier year’s liability is will provide the information you need to save for this additional tax payment.

As we have outlined in previous newsletters, if your income is reducing during the current year (2017-18) you can elect for payments on account to be reduced.

This is all part of the basic self-assessment planning we undertake for clients. If you have previously managed your own tax filing, and would like to out-source this annual chore, we would be delighted to help.

Latest Blog
07
Dec

Planning for higher corporation tax rates

We are fifteen months away from a radical upward lift in corporation tax (CT) rates. ...

Read More
02
Dec

Tax Diary December 2021/January 2022

1 December 2021 – Due date for corporation tax payable for the year ended 28 Fe...

Read More
02
Dec

Budget bad news 27 October 2021

Readers should take note of the following changes: Income Tax Allowances frozen: The ...

Read More
02
Dec

Budget bonuses 27 October 2021

There was little good cheer in the Chancellor’s announcements to parliament on ...

Read More

CONTACT SIMON COOPER