Sort out your HMRC returns early and beat the December rush

It is the same every year – as soon as Bonfire night is over, it seems everyone’s thoughts turn to Christmas. The supermarkets are piled high with festive items and the yuletide TV adverts are making an appearance on our screens.

Although the month of November is a quiet one for key dates, in terms of NIC, PAYE and Self-Assessment, you can be sure that in December the days will fly by.

With the Christmas and New Year holidays taking a chunk out of the working month, now is the time to think about ensuring your tax return and electronic payments are in order.

The deadline for receipt of Employer Payment Summaries (EPS) notifying no payment is due, or of any amounts being recovered from payments for the previous tax month is 19 December.

By 22 December all electronic payments for any PAYE tax and Class 1 NICs for the previous tax month need to be cleared in HMRC’s bank account

If you owe less than £3,000, for the tax year ended 5th April, HMRC will collect tax through your PAYE code. The deadline for submitting your online self-assessment is midnight on 30 December so our advice is to plan ahead and ensure we receive everything from you in plenty of time in order to avoid financial penalties.

For help and advice from Moore Thompson regarding tax and self-assessment, please contact us.