Budget 2008

Key Dates for Payment of Tax

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 year†.
• Monthly PAYE and NIC payroll deductions:
  • 22 of month following end of payroll month†.
• Class 1A NICs for year:
  • 22 July following end of tax year†.
• PAYE settlement agreement:
  • 22 October following end of tax year†.

* 7 day extension may apply for payments made by elecronic means.
† 19 of month for payments made by non-electronic means.