Construction Industry CIS Tax Rebates

22nd March 2024

The 2023/2024 tax year ends on 5th April 2024. On 6th April 2024 filing will open for self assessment tax returns for the 2023/2024 tax year. If you are a subcontractor who works in the construction industry please get in touch as soon as possible to claim your CIS tax rebate. We charge a fixed filing fee and do not take any commission out of your tax refund amount.

 

Get in touch today. We will need your CIS statements for the 23/24 tax year along with any other income you may have had (such as PAYE).

 

0208 935 5459

 

accountant@awaccounting.co.uk

 

CIS Tax Rebates

CIS Tax rebate London

CIS Tax rebate Bromley

CIS Tax rebate Croydon

CIS Tax rebate Biggin Hill.

February/March Deadlines

1st March 2024

Please find below our diary of main tax events for February/March 2024. Any questions do not hesitate to get in touch with us.

 

Date           What is due
01-Feb        Corporation tax payment for year to 30/04/23 (unless quarterly instalments apply).


19-Feb        PAYE & NIC deductions, and CIS return and tax, for month to 5/02/24.


01-Mar         Corporation tax payment for year to 31/05/23 (unless quarterly instalments apply).


19-Mar         PAYE & NIC deductions, and CIS return and tax, for month to 5/03/24.

 

 

 

January/February Deadlines

8th January 2024

Please find below our diary of main tax events for January/February 2024. Any questions do not hesitate to get in touch with us.

 

Date           What is due
01-Jan        Corporation tax payment for year to 31/03/23 (unless quarterly instalments apply).


19-Jan        PAYE & NIC deductions, and CIS return and tax, for month to 5/01/24 .


01-Feb         Corporation tax payment for year to 28/02/23 (unless quarterly instalments apply).


19-Feb         PAYE & NIC deductions, and CIS return and tax, for month to 5/02/24.

 

 

31-Jan         SELF ASSESSMENT TAX RETURN DEADLINE!

31-Jan         Balancing payments due for 22/23 tax year and 1st payment on account for 23/24.

December/January Deadlines

7th December 2023

Please find below our diary of main tax events for December/January 2024. Any questions do not hesitate to get in touch with us.

 

Date           What is due
01-Dec        Corporation tax payment for year to 28/02/23 (unless quarterly instalments apply).


19-Dec        PAYE & NIC deductions, and CIS return and tax, for month to 5/12/23 .


01-Jan         Corporation tax payment for year to 31/03/23 (unless quarterly instalments apply).


19-Jan         PAYE & NIC deductions, and CIS return and tax, for month to 5/01/24.

November/December Deadlines

3rd November 2023

Please find below our diary of main tax events for November/December 2023. Any questions do not hesitate to get in touch with us.

 

Date           What is due
01-Nov        Corporation tax payment for year to 31/01/23 (unless quarterly instalments apply).


19-Nov        PAYE & NIC deductions, and CIS return and tax, for month to 5/11/23 .


01-Dec       Corporation tax payment for year to 28/02/23 (unless quarterly instalments apply).


19-Dec       PAYE & NIC deductions, and CIS return and tax, for month to 5/12/23.

October/November Deadlines

2nd October 2023

Please find below our diary of main tax events for October/November 2023. Any questions do not hesitate to get in touch with us.

 

Date           What is due
01-Oct        Corporation tax payment for year to 31/12/22 (unless quarterly instalments apply)


19-Oct        PAYE & NIC deductions, and CIS return and tax, for month to 5/10/23 


01-Nov       Corporation tax payment for year to 31/01/23 (unless quarterly instalments apply)


19-Nov       PAYE & NIC deductions, and CIS return and tax, for month to 5/11/23 

Income tax on inherited pension funds

6th September 2023
Currently, where an individual pension holder dies before age 75, drawdown pensions paid to a successor can generally be received free from income tax. Where the pension holder dies over the age of 75, then the amounts drawn by the successor are taxed at their marginal income tax rate. Note also that the current tax rules provide that the value of the fund passes free of inheritance tax to the successor and thus forms an important part of estate planning. Policy documents published in July 2023 include draft legislation to abolish the pension lifetime allowance and associated income tax charge. These were previously announced as part of Budget Day measures to lure workers aged over 50 back into work and are generally welcomed. However, the policy documents regarding changes to the taxation of pensions also included a suggestion that certain beneficiaries of pensions of members who died under age 75 may become subject to income tax as part of future tax changes, possibly from 2024/25. This would align with the tax position for beneficiaries of pensions where the member dies over age 75.

HMRC raises interest rates again as base rate increases

4th August 2023
HMRC interest rates are linked to the Bank of England base rate. Late payment interest is set at base rate plus 2.5%. Repayment interest is set at base rate minus 1%, with a lower limit – or ‘minimum floor’ – of 0.5%. The latest increased the Bank of England base rate from 4.5% to 5% means that interest on late paid tax will increase to 7.5% for most taxes and the rate of repayment interest will increase to 4% if you overpay. These changes came into effect on 11 July 2023. For those companies required to pay their corporation tax by quarterly instalment payments the rate increased to 6% from 3 July 2023. If you are late with your self-assessment payment on account for 2022/23 that was due on 31 July 2023 then you should pay as soon as possible to avoid incurring further interest charges. Note that there is a 5% surcharge added to any tax still outstanding at 28 August 2023 unless you have agreed a payment plan with HMRC

National Insurance contributions deadline extended

2nd July 2023
With all of the changes to personal pensions in the Spring Budget, maximising the State Pension entitlement should not be overlooked. The full rate of new State Pension increased to £203.85 per week (£10,600 pa) from 6 April 2023; a 10.1% increase over the 2022/23 rate as a result of the “triple lock” being restored. At least 10 qualifying years are required to get a UK State Pension, with full State Pension entitlement at 35 qualifying years. Individuals should log into their Government Gateway account to check their contribution record as they may be entitled to credit for missing years, for example if they were on maternity leave or a carer. They can also check how many more qualifying years they need for a full State Pension, and if necessary, make national insurance (NI) contributions for missing years. Normally it is only possible to make voluntary NI contributions for the past 6 tax years, to top up any missing or partial years. The Government announced an extended deadline to allow taxpayers to make NI contribution in respect of missing years going back to April 2006. This opportunity was originally scheduled to end on 5 April 2023 and was then extended to 31 July 2023. The deadline has now been extended to 5 April 2025. Class 3 voluntary NI contributions made before 5 April 2025 will be at the Class 3 voluntary NI rates for the 2022/23 tax year of £15.85 per week, or £824.20 for each full year.
Older posts
Newer posts