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Don't get caught out by these July 31st deadlines

There are two July 31st deadlines to watch out for. Don’t get caught out, make note of them now!

What needs to be completed by July 31st 2014?

Firstly, make sure you pay your second instalment of Self Assessment tax on time. Pay this at least a couple of days before, just to be on the safe side. You don’t want any unnecessary interest charged by HM Revenue & Customs.

If you feel you will not have sufficient funds to pay at that date, HMRC are much more responsive if you call them before the due date of 31st July 2014. So act now!

Don’t think you need to pay anything on July 31st?

Of course not everyone that completes a self-assessment tax return needs to make a payment at 31st July 2014. Generally this is for self-employed individuals who had a tax liability for 2012/13 in excess of £1000.00. If in any doubt let me know, and we will clarify.

If you are expecting your tax liability for 2013/14 to be significantly lower than that of 2012/13, you may well be able to reduce the July payment.  So the earlier you let us have your tax records the better.

If your tax liability is expected to be higher than that of 2012/13, HMRC cannot demand anymore than 50% of the 2012/13 liability at 31st July 2014, as a payment on account for 2013/14.

The additional tax is due at 31st January 2015, together with your first payment on account for 2014/15.

To pay the 31st July 2014 amount you may send a cheque to:

HM Revenue & Customs
BRADFORD
BD98 1YY

Your cheque should be made payable to “HM Revenue & Customs only” followed immediately by your Unique Taxpayer Reference and then the letter “K”

For example “HM Revenue & Customs only 12345678790K”

If paying by BACS:

For Shipley Office please pay “HMRC Shipley”

Sort code                        08 32 10

Account number              12001020

You MUST put your UTR as the reference followed by a “K”

For example “1234567890K”

For Cumbernaud Office please pay “HMRC Cumbernaud”

Sort code                             08 32 10

Account number              12001039

Or…

One last point about 31st July…

This is also the deadline for Tax Credit Renewals (Unless you have been advised otherwise). It you miss the deadline your tax credits payments will stop and you will be sent a summary. Your tax credits claim will end 30 days after you are sent the summary if you don’t send your renewal. See here for further information

If you need help with any of the points above please get in touch, you can email us at: info@markcarr.co.uk or call us on: 020 7717 8474.