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Tax Tip

Online Filing and Payments

Corporation tax and any related interest and penalties will have to be paid electronically from 1 April 2011 for accounting periods ending after 31 March 2010.

All businesses will have to file VAT returns on line and pay electronically from 1 April 1012.

All employers who fail to make their PAYE  payments on  time face penalties since May 2010. This applies to
•    Income tax under PAYE
•    Primary Class1 NIC
•    Secondary Cass1 NIC
•    Class 1A NIC on benefits
•    Class 1B NIC on PAYE settlement agreements
•    Construction industry scheme deductions, and
•    student loan deductions.

From 1 April 2010 all cheque payments made by post for income tax will be treated as being received by HMRC on the date when the cleared funds reach HMRC’s bank account. If the cheque payment does not clear by the due date, interest is payable.

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