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01/07/2018

July Tax Tips & News

Welcome to the Lawrence & Co Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.

If you need further assistance just let us know or send us a question for our Question and Answer Section.

We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

MTD update
HMRC's pilot of Making Tax Digital (MTD) for income tax has been extended and is now able to accept quarterly updates from individual landlords with simple tax affairs. Agents can also sign up clients to pilot. The latest extension means that certain Read More...
 
EU mandatory tax disclosure rules take effectCGT payment date under consultation
HMRC have released interim guidance for agents on the new EU Mandatory Disclosure Rules and new reporting requirements for intermediaries, which apply from June 2018.

Under the new mandatory EU tax disclosure rules, information will be exchanged betwe..
Read More...

The Association of Taxation Technicians (ATT) is warning that owners of second homes and buy-to-let (BTL) landlords may face a much shorter period in which to pay any capital gains tax (CGT) due on property sales from April 2020.

Where CGT is due, a d..
Read More...

HMRC continue to face issues with TRS
HMRC's new Trusts Register is designed to provide a single point of access for trustees and their agents to register and update their records online, replacing the paper 41G(Trust) form (which was withdrawn from April 2017) and the ad hoc process for trus..
Read More...
July questions and answersJuly key tax dates

Newsletter issue - July 2018.

5 - Deadline for PAYE settlement agreement for 2017/18

6 - Deadline for 2017/18 forms P11D and P11D(b) to be submitted and copies of P11D to be issued to relevant employees
Deadline for employers to report share incentives for 2017/18

14 - Return and Payment of CT61 tax due for quarter to 30 June 2018

19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/7/2018 or quarter 1 of 2018/19 for small employers
Class 1A NIC due in respect of the tax year 2017/18

31 - Second self assessment payment on account due for 2017/18 Second 5% penalty surcharge on any 2016/17 outstanding tax due on 31 January 2018 still unpaid
Penalty of 5% of tax due or £300, whichever is greater for 2016/17 personal tax returns still not filed
Deadline for Tax Credits to finalise claims for 2017/18 and renew claims for 2018/19
Half yearly Class 2 NIC payment due

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