The latest Clay Shaw Butler Money Matters column from the Carmarthenshire Herald


The latest Clay Shaw Butler Money Matters column from the Carmarthenshire Herald.
By Mark Jones, director of Carmarthen-based Clay Shaw Butler chartered accountants and business consultants.

Organisation is everything when it comes to keeping on top of your tax affairs, both in business and personal life.
Having a reliable calendar is crucial to making sure you do not miss any important deadline dates.
Here at Clay Shaw Butler, we have constructed a tax calendar to help you with key deadlines and milestones.
Here are some of the up and coming events you need to be aware of -
September 2016
Monday 19
PAYE, Student loan and CIS deductions are due for month to 5th September 2016.
This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS.
Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.
Where the payment is made electronically the deadline for receipt of cleared payment is 22nd September 2016. In year interest will be charged if payment is made late. Penalties also apply.
October 2016
Wednesday 5
Deadline for notifying HMRC of new sources of taxable income or gains or liability to the High Income Child Benefit Charge for 2015/16 if no tax return has been issued
This deadline is relevant to individuals who have not received a self assessment tax return for the year ended 5th April 2016 but who believe they have received income or capital gains which will result in a tax liability. This deadline is also relevant to individuals who are liable to the High Income Child Benefit Charge.
Individuals must notify HMRC of their liability so that a self assessment return can be issued in good time for the submission deadline of 31st January 2017.
Wednesday 19
Tax and NI due under a 2015/16 PAYE Settlement Agreement
This deadline is relevant for employers who have entered into a PAYE settlement agreement to pay tax and national insurance in respect of benefits in kind for their employees for the year ended 5th April 2016.
Where the payment is made electronically the deadline for cleared receipt of cleared payment is Friday 21st October 2016 unless you are able to arrange a 'Faster Payment' to clear on or by Saturday 22nd October 2016.
Wednesday 19
PAYE, Student loan and CIS deductions are due for the month to 5th October 2016
This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS.
Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.
Where the payment is made electronically the deadline for receipt of cleared payment is Friday 21st October 2016 unless you are able to arrange a 'Faster Payment' to clear on or by 22nd October 2016. In year interest will be charged if payment is made late. Penalties also apply.
Wednesday 19
PAYE quarterly payments are due for small employers for the pay periods 6th July 2016 to 5th October 2016
This deadline is relevant to small employers only. As a small employer with income tax, national insurance and student loan deductions of less than £1,500 a month you are required to make payment to HMRC of the income tax, national insurance and student loan deductions on a quarterly basis.
Where the payment is made electronically the deadline for receipt of cleared payment is Friday 21st October 2016 unless you are able to arrange a 'Faster Payment' to clear on or by Saturday 22nd October. In year interest will be charged if payment is made late. Penalties also apply.
Monday 31
Deadline for submitting 'paper' 2015/16 self assessment returns
This deadline is relevant to individuals who need to complete a self assessment tax return for 2015/16 and wish to file the return in a 'paper' form. Self assessment returns submitted after this date must be submitted electronically.
The deadline for submission of online returns is 31 January 2017.
Our tax calendar can be found on our website at – http://www.clayshawbutler.com/resources/tax-calendar
If you would like to receive email reminders before key tax dates from our tax reminder system, then you can register on our website.

You can find out more about money matters on the Clay Shaw Butler website (under our news for business section) -
http://www.clayshawbutler.com/news/latest-news-for-business
We have a strong and experienced team with great local knowledge all geared-up to helping you get the very best from your finances – whether that is as an individual or as a business.
We stay ahead of the game by putting great store by continual professional development for our staff.
With Investors In People status at Clay Shaw Butler, we care passionately about making sure our staff have all the tools they need to serve you, our customers.

Weblink -http://www.clayshawbutler.com
The team at Clay Shaw Butler can be contacted on 01267 228500.
The team at Clay Shaw Butler are on Twitter. Look for @clayshawbutler.

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