Tax Tip and Reminders for your diary

A handy tax tip for minimising your national insurance contribution, and some key dates for the next three months.

Tax Tip

Minimising your national insurance contribution

(NIC) liability NICs are essentially a tax on earned income. The NICs regime divides income into different classes: Class 1 contributions are payable on earnings from employment, while the profits of the self-employed are liable to Class 2 and 4 contributions.

Many strategies for saving NICs are available to business owners. An employer may wish to increase the amount they contribute to company pension schemes; make use of share incentive plans; or disincorporate and operate as a sole trader or partnership. Business owners could also opt to pay a bonus to reduce employee NICs, or pay themselves dividends instead of bonuses. 

We can help you to minimise your NIC liability. Please get in touch for more information.

Reminders for your diary

02 November: Deadline for submitting P46(Car) for employees whose car/fuel benefits changed during the quarter to 5 October 2019.

19 November: PAYE, Student loan and CIS deductions are due for the month to 5 November 2019.

01 December: New Advisory Fuel Rates (AFR) for company car users apply from today. 

19 December: PAYE, Student loan and CIS deductions are due for the month to 5 December 2019.

30 December: Online filing deadline for submitting 2018/19 self assessment return if you require HMRC to collect any underpaid tax by making an adjustment to your 2020/21 tax code.

31 December: End of CT61 quarterly period.

Filing date for Company Tax Return Form CT600 for period ended 31 December 2018.

01 January: Due date for payment of corporation tax for the period ended 31 March 2019.

14 January: Due date for income tax for the CT61 quarter to 31 December 2019.

19 January: PAYE, Student loan and CIS deductions are due for the month to 5 January 2020.

PAYE quarterly payments are due for small employers for the pay periods 6 October 2019 to 5 January 2020.

31 January: Deadline for submitting your 2018/19 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2018/19 liability together with the first payment on account for 2019/20 are also due.     

Capital gains tax payment for 2018/19.

Balancing payment – 2018/19 income tax 
and Class 4 NICs. Class 2 NICs also due.

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