Advice from Accord Accountants


 

Accord sends out notifications of regular tax tips through Twitter linked to more detail on the website.You can also download useful documents and information from the resources and forms section on this page.


 Paying Self Assessment

 

Self Assessment payment deadlines

You must pay the balance of any tax you owe by 31 January 2017.

This is also the date when you may have to pay the first of two 'payments on account' towards your next tax bill. Second "payment on account" deadline 31st July 2017.

 

Online debit or credit card

You can pay your Self Assessment tax online. HMRC will accept your payment on the date you make it, not the date it reaches their account - including on bank holidays and weekends. There’s a fee if you pay by credit card. 

 

Click the Link to redirect you: 

https://www.tax.service.gov.uk/pay-online/self-assessment

 

Use your 10-digit Unique Taxpayer Reference (UTR) followed by the letter ‘K’ as your payment reference.

 

Bank details for online or telephone banking, CHAPS, Bacs

Your bill will tell you which account to pay in to. If you don’t have a bill, or you’re not sure, use "HMRC Cumbernauld". You’ll need to use your 11-character payment reference when you pay. This is your 10-digit Unique Taxpayer Reference (UTR) followed by the letter ‘K’.

 

Account details to use:

 

Sort code

Account number

Account name

08 32 10

12001039

HMRC Cumbernauld

08 32 10

12001020

HMRC Shipley

 

Paying at your bank, building society or post office

You can only pay at your branch if you still get paper statements HMRC and have the paying-in slip HMRC sent you. if you don’t have a paying-in slip, you’ll need to pay by another method. Make your cheque payable to ‘HM Revenue and Customs only’ followed by your reference number - this is your Unique Taxpayer Reference (UTR) followed by the letter ‘K’.

 

By post

HMRC recommends that you pay your Self Assessment tax electronically.

If you do need to pay by post please:

- make your cheque payable to 'HM Revenue & Customs only' followed by your UTR

Please allow at least three working days for your payment to reach HMRC.

 

Please send your payment to:

HMRC
Direct
BX5 5BD

 

Further details on Paying HMRC, visit https://www.gov.uk/pay-self-assessment-tax-bill

 


Paying Corporation Tax

 

HMRC have stopped sending Company Tax Return Payslips - HMRC used to send this paper payslip to companies and authorised agents when a Company Tax Return has been filed. HMRC have stopped issuing this payslip and are prompting customers to check CT Online where they can see their return details. HMRC are still serving a ‘Notice to deliver a Company Tax Return’ after the financial year end which contains your 17 digit payment reference. It’s important to keep this letter each year as the reference changes.

 

Corporation Tax Deadlines

Make sure you pay HM Revenue and Customs (HMRC) by the deadline. Your Corporation Tax payment is normally due by 9 months and one day after the end of your accounting period. So, if your Company Tax Return covers your accounting period 1 January 2016 to 31 December 2016, then Corporation Tax must be paid no later than 1 October 2017.

 

Online debit or credit card (3 working days)

If you have a debit or credit card from a UK card issuer, you can pay your Corporation tax online.

 

You will also require your 17 Digit pay reference to make payment. (First 10 digits of this reference is made up of the unique tax reference) Your reference number is specific to the accounting period you are paying so please quote it exactly. If you don't know your specific reference for the accounting period you want to pay you should contact HMRC on: 03000 583 945.

 

Click the Link Pay: 

https://www.tax.service.gov.uk/pay-online/corporation-tax

 

 

Bank details for online or telephone banking, CHAPS, Bacs (Same Day)

 

Account name Sort code Account number CHAPS instruction
HMRC Cumbernauld 083210 12001039 CHAPS form - Cumbernauld
HMRC Shipley 083210 12001020 CHAPS form - Shipley

 

You will also require your 17 Digit payslip reference to make payment. (First 10 digits of this reference is made up of the unique tax reference)  

If you’re not sure what tax office is allocated to your company, please use Cumbernauld.

 

Cash or Cheque at your bank or building society

You’ll need to use the payslip that HM Revenue and Customs (HMRC) sends you.

Make your cheque payable to ‘HM Revenue and Customs only’ followed by your 17-character Corporation Tax pay reference for the accounting period you’re paying. Allow 3 working days for your payment to reach HMRC’s bank account.

 

For further details on Paying HMRC, visit http://www.hmrc.gov.uk/payinghmrc/

 


Fee Protection insurance

Accord offer insurance to cover the extra accountancy fees associated with handling taxation enquiries by HMRC. Fees can mount up, especially if an enquiry becomes lengthy. Fee protection insurance will cover these fees meaning lower costs to you and making sure the investigation is dealt with quickly, effectively and with the best outcome for you.

For more information on any of the above items, please contact us.