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.

Those of you who have just completed your self-assessment returns will appreciate how important it is to keep a calendar of key tax events.
At Clay Shaw Butler, we have produced a helpful calendar of tax events from now through to 2018.
Here are a few notable dates –
February 2017
Sunday 19
PAYE, Student loan and CIS deductions are due for the month to 5th February 2017.
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 February 2017. In year interest will be charged if payment is made late. Penalties also apply.
March 2017
Wednesday 1
Advisory Fuel Rates
New Advisory Fuel Rates (AFR) for company car users apply from today.
Friday 3
A 5% late payment penalty on any 2015/16 outstanding tax which was due on 31st January 2017 and still remains unpaid.
This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 NI, capital gains tax or High Income Child Benefit Charge liabilities.
The balance of any outstanding income tax, Classes 2 and 4 National Insurance, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2016 was due for payment by 31st January 2017. Where the payment is made late interest will be charged. On 3 March 2017 a late payment penalty of 5% will be added to the outstanding liability.
Sunday 19
PAYE, Student loan and CIS deductions are due for the month to 5th March 2017
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 March 2017. In year interest will be charged if payment is made late. Penalties also apply.
Friday 31
Last minute planning for tax year 2016/17
The final deadline of 5th April 2017 is relevant to individuals who have not considered year end tax planning issues.
These issues include:
· utilising your annual capital gains tax exemption
· utilising your annual inheritance tax exemption for gifts
· utilising your annual Individual Savings Account investment limit (ISA)
· making additional pension contributions for 2016/17
April 2017
Wednesday 19
Automatic interest is charged where PAYE tax, Student loan deductions, Class 1 NI or CIS deductions for 2016/17 are not paid by today. Penalties may also apply if any payments have been made late throughout the tax year.
Wednesday 19
PAYE quarterly payments are due for small employers for the pay periods 6th January 2017 to 5th April 2017.
Wednesday 19
PAYE, Student loan and CIS deductions are due for the month to 5th April 2017.
Wednesday 19
Deadline for employers' final PAYE return to be submitted online for 2016/17.
May 2017
Wednesday 3
Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5 April 2017
Friday 19
PAYE, Student loan and CIS deductions are due for the month to 5th May 2017.
Wednesday 31Deadline for forms P60 for 2016/17 to be issued to employees.
June 2017
Monday 19
PAYE, Student loan and CIS deductions are due for the month to 5th June 2017.

To make sure your tax diary is up to date, check out the Clay Shaw Butler calendar on the firm’s website.
https://www.clayshawbutler.com/resources/tax-calendar#BodyContent_BodyContent_ctl00_rptDiary_rptItems_0_ddBody_1

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.

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The team at Clay Shaw Butler can be contacted on 01267 228500.
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