31 October '17 Deadline for completing paper Tax Returns
31 January '18 Tax Return filing deadline for 2016/17
Balancing payment due on tax liabilities for 2016/17
1st payment on account due (2017/18 tax liabilities)
Personal Allowance 2016-17 £11000
Personal Allowance 2017-18 £11500
If your taxable turnover for the previous 12 months is £85,000 or more you must register your business for VAT. If you believe your taxable turnover may go over the threshold in the next 30 days alone, you must register.
National Minimum Wage
Workers aged 25 and over: £7.50 phr.
Workers aged 21 to 24: £7.05 phr.
Apprentices: £3.50 phr.
18-20 year olds: £5.60 phr.
Under 18's: £4.05 phr.
Tax Free Income!
If you rent out furnished rooms in your main home, you can earn extra income up to a maximum of £7,500 per year tax free under the 'Rent a Room' scheme. If you jointly own the property with someone else, this amount is split in half to £3,750 each.
Your peace of mind
1 day late filing your Tax Return
(even if no tax is payable, or a refund is due) £100
3 months late filing your Tax Return
£10 for each following day up to a maximum of 90 days. This is in addition to the above fixed penalty.
6 months late filing your Tax Return
£300 or 5% of the tax due, whichever is the higher. This too is in addition to the previous penalties.
12 months late filing your Tax Return
£300 or 5% of the tax due, whichever is the higher. In serious cases you may be asked to pay up to 100% of the tax due instead. Again, this is in addition to the previous penalties.
T: 01227 272355
Julie Thatcher Bookkeeping & Accountancy
COPYRIGHT Julie Thatcher | 2017
Julie Thatcher Bookkeeping & Accountancy is a trading name of Thatcher Accountancy Services Limited company no. 10840096
registered office 88 Herne Bay Road Whitstable Kent CT5 2LX VAT no. 272 2943 95