News: April 2015

The end of tax returns?

The Government proposes to transform the tax system over the next Parliament by introducing online tax accounts to remove the need for individuals and small businesses to complete annual tax returns. These online accounts will show details of how much tax has been paid and how much is owed and will be pre-populated with information such as employment and pension income provided by RTI. This may work for individual taxpayers with straightforward affairs, but many accountants will have concerns, based on past experience, about the accuracy of the data and the calculations.

Taxpayers will still need to provide any details HMRC does not have and will be responsible for checking that the information is correct.

Tax diary of main events
DateWhat’s Due
1 AprilCorporation tax for year to 30/6/14
6 April2015/16 Tax year begins
19 AprilFinal RTI FPS due by this date. Indicate that this is Final Submission for the Tax Year but note that the end of employer questionnaire is not included this year
19 AprilPAYE & NIC deductions, and CIS return and tax, for month to 5/4/15 (due 22 April if you pay electronically)
1 MayCorporation tax for year to 31/7/14
19 MayPAYE & NIC deductions, and CIS return and tax, for month to 5/5/15 (due 22 May if you pay electronically)

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