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.


In last week’s Money Matters, we stressed the importance of sticking to deadlines – particularly when it comes to tax matters.
Keeping a regular, updated calendar of key taxation dates is very important on a business and a personal level when it comes of money management
At Clay Shaw Butler, we have an online calendar of upcoming key taxation dates on our website.
But, in case you don’t have access to that, here are a few helpful dates for the rest of the year . . .
October 2017
Thursday October 19
PAYE quarterly payments are due for small employers for the pay periods 6th July 2017 to 5th October 2017.
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 20th October 2017 unless you are able to arrange a 'Faster Payment' to clear on or by Sunday 22nd October. In year interest will be charged if payment is made late. Penalties also apply.
Tuesday October 31
Deadline for submitting 'paper' 2016/17 self assessment returns.
This deadline is relevant to individuals who need to complete a self assessment tax return for 2016/17 and wish to file the return in a 'paper' form. Self assessment returns submitted after this date must be submitted electronically.
Please note that this deadline is not relevant if we are going to submit an online return for you or you are going to deal with the completion of an online return yourself. The deadline for submission of online returns is 31 January 2018.
Tuesday October 31
Deadline for submission of 2016/17 self assessment returns if you require HMRC to compute your tax liability and/or if tax underpaid is to be collected by adjustment to your 2018/19 PAYE code.
This deadline is only relevant for those individuals who complete a 'paper' self assessment tax return and who are employees. Where you have an underpayment you may request that HMRC collect the tax outstanding by making an adjustment to your tax code for the year 2018/19.
Please note that where your return is submitted online then the filing deadline for 'coding out' is 30 December 2017.
November 2017
Thursday November 2
Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5th October 2017.
This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where a car is first provided or an additional car is provided, or an employee ceases to have the use of a car without replacement. The completion of the form enables HMRC to amend the individual's coding notice to reflect the change in benefit. This notification may be made by completing and printing off the relevant by paper or online forms. Where one car is merely replaced with another, this may be notified online.
A change in car for car benefits which are being 'payrolled' should not be reported on a P46(car).
Sunday November 19
PAYE, Student loan and CIS deductions are due for the month to 5th November 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 November 2017. In year interest will be charged if payment is made late. Penalties also apply.
December 2017
Friday December 1
Advisory Fuel Rates.
Tuesday December 19
PAYE, Student loan and CIS deductions are due for the month to 5th December 2017.
Saturday December 30
Online filing deadline for submitting 2016/17 self assessment return if you require HMRC to collect any underpaid tax by making an adjustment to your 2018/19 tax code.

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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