Important Dates

31 July '23        2nd payment on account due (2022/23 tax liabilities)

31 January '24  Tax Return filing deadline for 2022/23                           

                           Balancing payment due on tax liabilities for 22/23  

                           1st payment on account due (2023/24 tax liabilities)

31 July '24         2nd payment on account due (2023/24 tax liabilities)

Useful Information

Personal Allowance 2022-23   £12570

Personal Allowance 2023-24   £12570
 

VAT Threshold

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          From 1st April '23

Workers aged 23 and over:                £10.42 phr

Workers aged 21 to 22:                      £10.18 phr

Workers aged 18 to 20:                      £  7.49 phr

Workers aged under 18 (but above

   compulsory school leaving age):     £  5.28 phr

Apprentices aged under 19:  £ 5.28 phr

Apprentices aged 19 and over (but in

the first year of their apprenticeship)  £  5.28 phr

MTD Dates

Self employed businesses and landlords with an annual business or property income above £50k will need to report under MTD from 6th April 2026. This is an updated criteria from the original date of April 2024 which was to include income over £10k.

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HMRC Penalties

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  

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