Month: July 2024

The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 tax returns until later this year or even until January 2025.

The 31 January 2025 is not just the final date for submission of the 2023-24 self-assessment tax return but also an important date for payment of tax due. This is the final payment deadline for any remaining tax due for the 2023-24 tax year. In addition, the 31 January 2025 is also the usual payment date for any Capital Gains Tax due in relation to the 2023-24 tax year, and please note, any CGT due on the sale of a residential property needs to be paid within 60 days from the completion of the disposal. The 31 January 2025 is also the first payment on account deadline for 2024-25.

We recommend that you consider acting early and calculating what payments you will need to make by 31 January 2025. By preparing your tax return early in the tax year you have not accelerated the payment date, but you will know what your tax bill will be well before the payment deadline of 31 January 2025. Your accountant will also appreciate the extra time to prepare your tax return and you will avoid the eleventh-hour rush. If you are due a tax refund, this will also be processed more quickly.

Remember that calculating how much tax you may owe is different from filing the return. This strategy should also give you time to set aside enough money to pay any tax due by 31 January 2025 and avoid any last-minute surprises. Of course, if you are due a repayment of tax then it is a useful strategy to file your tax return as soon as possible.

1 July 2024 – Due date for corporation tax due for the year ended 30 September 2023.

6 July 2024 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs.

19 July 2024 – Pay Class 1A NICs (by the 22 July 2024 if paid electronically).

19 July 2024 – PAYE and NIC deductions due for month ended 5 July 2024. (If you pay your tax electronically the due date is 22 July 2024).

19 July 2024 – Filing deadline for the CIS300 monthly return for the month ended 5 July 2024.

19 July 2024 – CIS tax deducted for the month ended 5 July 2024 is payable by today.

1 August 2024 – Due date for corporation tax due for the year ended 31 October 2023.

19 August 2024 – PAYE and NIC deductions due for month ended 5 August 2024. (If you pay your tax electronically the due date is 22 August 2024)

19 August 2024 – Filing deadline for the CIS300 monthly return for the month ended 5 August 2024.

19 August 2024 – CIS tax deducted for the month ended 5 August 2024 is payable by today.

You can receive up to £500 every 3 months (up to £2,000 a year) for each of your children to help with the costs of childcare. This increases to £1,000 every 3 months if a child is disabled (up to £4,000 a year).

If you receive Tax-Free Childcare, you will set up an online childcare account for your child. For every £8 you pay into this account, the government will pay in £2 to use to pay your provider.

You can receive Tax-Free Childcare at the same time as 15 or 30 hours free childcare if you are eligible for both.

You can use it to pay for approved childcare, for example, childminders, nurseries and nannies and after school clubs and play schemes.

Your childcare provider must be signed up to the scheme before you can pay them and benefit from Tax-Free Childcare. Check with your provider to see if they are signed up.

Eligibility

According to the GOV.UK website your eligibility depends on:

• whether you are working (employed, self-employed, or a director);
• your income (and your partner’s income if you have one);
• your child’s age and circumstances; and
• your immigration status.

If you are not currently working you may still be eligible if your partner is working and you receive any of the following:

• Incapacity Benefit
• Severe Disablement Allowance
• Carer’s Allowance or (in Scotland only) Carer Support Payment
• Contribution-based Employment and Support Allowance

You can apply if you are starting or re-starting work within the next 31 days.

Your income

Over the next 3 months you and your partner (if you have one) must each expect to earn at least:

• £2,379 if you’re aged 21 or over
• £1,788 if you’re aged 18 to 20
• £1,331 if you’re under 18 or an apprentice

This is the National Minimum Wage or Living Wage for 16 hours a week on average.

If a customer complains that an item you sold them is faulty, is not as described or does not do what it is supposed to do, then you must offer a refund.

You do not have to make a refund if the customer:

• knew an item was faulty when they bought it;
• damaged an item by trying to repair it themselves or getting someone else to do it (though they may still have the right to a repair, replacement or partial refund); or
• no longer want an item (for example because it’s the wrong size or colour) unless they bought it without seeing it.

Other considerations

• You have to offer a refund for certain items if they are faulty. Foe example, personalised items, perishable goods, newspapers and magazines and unwrapped CDs, DVDs and computer software.
• Online or telephone sales customers have the right to cancel their order. They must tell you of their intention to cancel within 14 days of receiving the goods and another 14 days to return the goods once they have told you.
• Customers have up to 6 years to make a claim for an item they’ve bought from you (5 years in Scotland).
• A customer has the same right to free repairs or a replacement regardless of whether they have a warranty or guarantee or not. You may still have to repair or replace goods if a customer’s warranty or guarantee has run out.
• You can ask the customer for proof that they bought an item from you. This could be a sales receipt or other evidence such as a bank statement or packaging.
• You only have to accept returns from the person who bought the goods returned.

And finally, it’s illegal to display any notice that deliberately misleads consumers or deceives them about their rights, for example a sign that says you do not accept returns or offer refunds.