Month: November 2021

In most cases, the statutory filing date for a Corporation Tax return is twelve months after the end of the relevant accounting period.

HMRC considers reasonable excuse to be something that stops a company from meeting a tax obligation despite them having taken reasonable care to meet that obligation. HMRC will consider what a reasonable person, who wanted to meet their obligation, would have done in the same circumstances.

Whether a company has a reasonable excuse will depend on the circumstances in which the failure occurred. What is a reasonable excuse for one company may not be a reasonable excuse for another company.

The company must remedy the failure to file as soon as it can reasonably be expected to do so after the excuse has ended.

HMRC have published examples off what might be considered a reasonable excuse. They include:

• One director runs the company, and he (or an immediate family member) dies or suffers a sudden and serious illness close to the filing date. Alternatively, the director has a prolonged and serious illness throughout much of the return period.
• Unavoidable and unexpected absence abroad of the responsible director close to the deadline because of business commitments or domestic emergency.
• Accidental destruction of the records through fire or flood.

We now know the Chancellor’s preferred strategy for plugging any hole in the UK’s finances is by tweaking taxation and using the proceeds to pay-back government borrowings.

Various government departments will also need to tighten their departmental belts to reduce government expenditure.

When we’ve had time to consider the effects of the announced budget changes, we will be highlighting any new ideas to make best use of any tax changes in the coming issues of this newswire.

In the meantime, if you have concerns about budget changes, and how these might impact your tax payments or business finances, please call. We are happy to discuss your options.

1 November 2021 – Due date for Corporation Tax due for the year ended 31 January 2021.

19 November 2021 – PAYE and NIC deductions due for month ended 5 November 2021. (If you pay your tax electronically the due date is 22 November 2021.)

19 November 2021 – Filing deadline for the CIS300 monthly return for the month ended 5 November 2021.

19 November 2021 – CIS tax deducted for the month ended 5 November 2021 is payable by today.

1 December 2021 – Due date for Corporation Tax payable for the year ended 28 February 2021.

19 December 2021 – PAYE and NIC deductions due for month ended 5 December 2021. (If you pay your tax electronically the due date is 22 December 2021)

19 December 2021 – Filing deadline for the CIS300 monthly return for the month ended 5 December 2021.

19 December 2021 – CIS tax deducted for the month ended 5 December 2021 is payable by today.

30 December 2021 – Deadline for filing 2020-21 self-assessment tax returns online to include a claim for under payments to be collected via tax code in 2022-23.