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Budget 2008
Key Dates for Payment of Tax
| Income Tax and Capital Gains Tax | ||
| Payment due | Year of assessment |
Tax liability |
| 31 July 2008 | 2007/2008 | Second interim payment on account |
| 31 January 2009 | 2007/2008 | Balance of income tax |
| 2007/2008 | Capital Gains Tax | |
| 2008/2009 | First interim payment on account | |
Interim payments will normally each equal 50%of the prece ing year’s total net income tax liability.
Inheritance Tax
- On transfers between 1 October an 5 April or on death:
- 6 months after end of month in which transfer or death occurs.
- On transfers between 6 April and 30 September:
- 30 April after tax year in which transfer occurs.
Corporation Tax
- Small and medium-sized companies:
- 9 months and 1 day after end of accounting period.
- Large companies:
- payments on account due on a quarterly basis, commencing 6 months and 13 days from start of accounting period.
Value Added Tax
- 1 month* after end of return period, or 2 months for annual returns.
Stamp duty
- 30 days from execution of document.
Stamp duty land tax
- 30 days from effective date of land transaction.
Employment taxes
- Outstanding PAYE an class 1 NICs for the tax year:
- 22 April following end of tax yearâ .
- Monthly PAYE and NIC payroll deductions:
- 22 of month following end of payroll monthâ .
- Class 1A NICs for year:
- 22 July following end of tax yearâ .
- PAYE settlement agreement:
- 22 October following end of tax yearâ .
* 7 day extension may apply for payments made by elecronic means.
â 19 of month for payments made by non-electronic means.
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