It’s Tuesday! Let’s talk Tax.
Read this week’s short tax snippet for Doctors & Dentists, to help you save money and get more organised with your tax affairs. It’s just to give you a flavour – take 5 minutes to have a read.
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. The Financial Conduct Authority does not regulate tax advice.
Tax return deadline – 31 January 2017
The tax deadline is fast approaching. There is just one week to go until you need to have filed your 15-16 tax return and paid any taxes due thereon, including any Payments on Account towards the 16-17 tax year.
Read more:
Why do you have to make Payments on Account?
Can you reduce your Payments on Account for Cash Flow?
This includes declaring, primarily:
- income and expenses from self-employment
- income and expenses from your rental properties
- details of your property and land transactions for Capital Gains tax
- dividend income – even if you don’t have any tax to pay
- any other untaxed income
Still have to complete your tax return?
If you haven’t already filed your tax return, now is the time to take immediate action. Seek advice from an accountant that can help you to avoid the tax penalties from late filing. Even if they can’t file your tax return in time, they can estimate your tax bill so you can at least make the payment on time and avoid interest and surcharges.
How to pay your tax
HMRC make it easy for you to pay your tax and there are lots of options. At the moment, you can use any of these methods to make your tax payment, although closer to the deadline some options become limited.
Same or next day
- online or telephone banking
- CHAPS
- by debit or credit card online
- at your bank or building society – a paying-in slip from HMRC is required
- at the Post Office – a paying-in slip from HMRC is required
3 working days
- BACS
- Direct Debit (if you’ve set one up with HMRC before)
- By post, with a cheque
5 working days
- Direct Debit (if you haven’t set one up with HMRC before)
Need further advice?
Specialist accountant, Michael Lansdell, can answer any tax questions you may have regarding your 2015/2016 tax return, as well as help you start tax planning for the current year ended 5 April 2017.
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