https://www.linkedin.com/feed/update/urn:li:activity:7106949133860544512

“A Guide to UK Tax Due Dates: Stay on Top of Your Financial Responsibilities”

Managing your finances is a crucial aspect of professional and commercial life in the United Kingdom and understanding the various tax due dates is a fundamental part of this responsibility. Staying informed about these dates will help you avoid penalties and ensure that you meet your tax obligations in a timely manner. In this blog post, we’ll provide you with an overview of the key tax due dates in the UK to help you stay organized and avoid any last-minute rushes.

All of HMRC’s key tax dates are right here – including deadlines for self-assessment, submitting VAT returns, monthly PAYE dates, and the P11D deadline for 2023-24.

When does the 2023-24 tax year begin and end?

The 2023-24 tax year runs from April 6^th, 2023 and ends on April 5^th 2024. Each tax or financial year has a series of important deadlines that are crucial for businesses, investors, and trustees to follow. Penalties can be applied by HMRC for late submissions and payments.

April 2023

• 5th April – End of the last tax year deadline for claiming your PAYE tax refund for the 2018/ 2019 tax year.
• 6th April – First day of the new tax year 2023/24, time to gather detailed documents for your 2022/23 tax return.
• 19th April – Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by non-electronic methods
• 22nd April – Deadline for online payment of PAYE and NICs etc to HMRC’s Accounts Office

May 2023

• 3rd May – P46 (car) paper submissions – company car changes in the period 6th Jan – 5th April
• 19th May – Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by non-electronic methods
• 22nd May – Deadline for online payment of PAYE and NICs etc to HMRC’s Accounts Office
• 31st May – PAYE copies of 2022/23 P60 documents must be issued to employees and deadline for Automatic Exchange of Information (AEOI) returns for the year ended 31st December 2022

June 2023

• 19th June – Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by non-electronic methods
• 22nd June – Deadline for online payment of PAYE and NICs etc to HMRC’s Accounts Office
• 30th June – VAT tax return deadline

July 2023

• 4th July – Deadline by which employees must make good PAYE income tax arising in respect of employment related securities before a penal s222 charge applies.
• 6th July – Filing deadline date for Expenses and Benefits forms P11D(b) and P11D to reach HMRC.
• 19th July – Deadline for payment of PAYE and NUCs etc to HMRC’s Accounts Office by non-electronic methods
• 22nd July – Deadline for online payment of PAYE and NUCs etc to HMRC’s Accounts Office
• 31st July – PAYE Settlement Agreement calculation deadline (specified in PAYE Settlement Agreement), second payment on account (POA) due for individuals, trusts, and partnerships.
  Deadline for making ‘scheme pays’ elections (where eligible) to request a pension scheme pays the annual allowance tax charge for the 2021/22 tax year.

August 2023

• 2nd August – P46 (car) – company car changes in the period 6th April – 5th July
• 19th August – Deadline for payment of PAYE and NICs etc to HMRC’s Accountants Office by non-electronic methods
• 22nd August – Deadline for online payment of PAYE and NICs etc to HMRC’s Accountants Office
• 31st August – PAYE Settlement Agreement calculation deadline (specified in PAYE Settlement Agreement)

September 2023

• 19th September – Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by non-electronic methods
• 22nd September – Deadline for online payment of PAYE and NICs etc to HMRC’s Accounts Office
• 30th September – VAT tax return deadline

October 2023

• 5th October – Deadline to register with the HMRC if you became self-employed or started receiving income from property.
• 19th October – Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by non-electronic methods
• 22nd October – Deadline for online payment of PAYE and NICs etc to HMRC’s Accounts Office
• 31st October – Deadline for paper Self-Assessment returns for 2022/23 tax year (midnight)

November 2023

• 2nd November – P46 (car) – company car changes in the period 6th July – 5th October
• 19th November – Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by non-electronic methods
• 22nd November – Deadline for online payment of PAYE and NICs etc to HMRC’s Accounts Office

December 2023

• 19th December – Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by non-electronic methods
• 22nd December – Deadline for online payment of PAYE and NICs etc to HMRC’s Accounts Office
• 30th December – Deadline for online submission of Self-Assessment tax returns for year ending 5th April 2022 for HMRC to collect employment or pension income tax through PAYE tax codes if less than £3,000 is owed.
• 31st December – Deadline for filing your company’s annual accounts if you have a limited company with an accounting year end of 31st March.

January 2024

• 19th January – Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by non-electronic methods
• 22nd January – Deadline for online payment of PAYE and NICs etc to HMRC’s Accounts Office
• 31st January – Standard filing deadline for online returns and payment of tax owed including first payment on account. For taxable trusts, this is the deadline for the annual update/ confirmation of the details held on the HMRC Trust Register
• Exemptions – HMRC must receive a paper tax return by 31st January if you are a trustee of a registered pension scheme or a non-resident company. You cannot send a return online.

February 2024

• 2nd February – P46 (car) – company car changes in the period 6th October – 5th January
• 19th February – Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by non-electronic methods
• 22nd February – Deadline for online payment of PAYE and NICs etc to HMRC’s Accounts Office

March 2023

• 19th March – Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by non-electronic methods
• 22nd March – Deadline for online payment of PAYE and NICs etc to HMRC’s Accounts Office

April 2024

End of tax year 2023/24

A note on VAT tax return deadlines

Small businesses typically file a VAT return four times a year, with deadlines governed by the Making Tax Digital (MTD) for VAT legislation. This requires all VAT-registered businesses to use MTD-compliant software. The most common quarterly VAT return dates are as follows:

• 1st January – 31 March
• 1st April – 30 June
• 1st July – 30 September
• 1st October – 31 December

Each VAT return must be filed one month and seven days after the end of the corresponding quarterly period. For instance, the VAT return that covers 1 January-31 March 2023 must be submitted to HMRC by 7 May 2023.

Exceptions

Submit your online return by 30 December if you want HMRC to automatically collect tax you owe from your wages and pension. You must be eligible.HMRC must receive a paper tax return by 31 January if you are a trustee of a registered pension scheme or a non-resident company. You cannot send a return online.

Staying informed about UK tax due dates is essential for individuals and businesses alike. Missing deadlines can result in penalties and unnecessary stress. To avoid these issues, use financial management tools, set reminders, and consider seeking professional advice when necessary. Being proactive and organized will help you meet your tax obligations while focusing on your financial goals. Remember that tax laws can change, so it’s advisable to consult with a tax professional or refer to the latest information on the HMRC website to ensure compliance with current regulations.

If you want to find out more, get in touch with our team today.

We are reachable at shikha@omnirichfinancials.com for any queries.

Follow us for more blogs & articles.

“A Guide to UK Tax Due Dates: Stay on Top of Your Financial Responsibilities”

Managing your finances is a crucial aspect of professional and commercial life in the United Kingdom and understanding the various tax due dates is a fundamental part of this responsibility. Staying informed about these dates will help you avoid penalties and ensure that you meet your tax obligations in a timely manner. In this blog post, we’ll provide you with an overview of the key tax due dates in the UK to help you stay organized and avoid any last-minute rushes.
#UK Tax Calendar #Taxes #ukbusinesses #ukaccounting #HMRC

The financial year 2022-23 has ended! We thank you for your trust and support. Happy New Financial Year 2023-24
#thankyouforyoursupport #bookkeepingservices #acccounting #outsourcing #omnirichfinancials #accountingservices

https://www.linkedin.com/feed/update/urn:li:ugcPost:7035475444246134784/

One of the biggest mistakes tax filers make is to prepare for taxes in time which leads to panic at the time of filing. The solution to the problem lies in proper planning and preparation. To help taxpayers navigate through tax filing season, the Internal Revenue Service has provided a checklist for people as they prepare to file their 2022 tax returns.

Follow the below mentioned easy steps and tax filing won’t seem an uphill battle.

1. Gather tax paperwork and records for accuracy to avoid missing a deduction or credit.

The first step to follow is to gather all important and necessary documents before preparing their return. This helps them file a complete and accurate tax return. Errors and omissions slow down tax processing, including refund times.

Some information taxpayers need before they begin includes:

• Social Security numbers for everyone listed on the tax return,
• Bank account and routing numbers,
• Various tax forms such as W-2s, 1099s, 1098s and other income documents or records of digital asset transactions,
• Form 1095-A, Health Insurance Marketplace statement,
• Any IRS letters citing an amount received for a certain tax deduction or credit.

​​​2. Remember to report all types of income on the tax return.

You might forget or omit to report one or more income on the tax return but the IRS won’t. To avoid receiving a notice or bill from the IRS, do include income from the following as well:

• Goods created and sold on online platforms,
• Investment income,
• Part-time or seasonal work,
• Self-employment or other business activities,
• Services provided through mobile apps.

_{^{3. File electronically with direct deposit to avoid delays in receiving a refund.}}

Though you can file both manually and electronically, but to avoid delays in receiving a refund, avoid paper returns. Tax software helps individuals avoid mistakes by doing the math. It guides people through each section of their tax return using a question-and-answer format.

For those waiting on their 2021 tax return to be processed, here’s a special tip to ensure their 2022 tax return is accepted by the IRS for processing. Make sure to enter $0 (zero dollars) for last year’s adjusted gross income (AGI) on the 2022 tax return. Everyone else should enter their prior year’s AGI from last year’s return.

4. Free resources are available to help eligible taxpayers file online. Free help may also be available to qualified taxpayers.

There are numerous resources available to help eligible taxpayers file online. IRS Free File provides a free online alternative to filing a paper tax return. IRS Free File is available to any individual or family who earned $73,000 or less in 2022.

With IRS Free File, leading tax software providers make their online products available for free as part of a 21-year partnership with the IRS. This year, there are seven products in English and one in Spanish. Taxpayers must access these products through the IRS website.

People who make over $73,000 can use the IRS’ Free File Fillable Forms. These are the electronic version of IRS paper forms. This product is best for people who are comfortable preparing their own taxes.

Qualified taxpayers can also find free one-on-one tax preparation help around the nation through the Volunteer Income Tax Assistance (VITA) and Tax Counselling for the Elderly (TCE) programs.

5. Choose a tax professional carefully.

Choosing the right tax professional means half the battle is already won. Most tax return preparers are professional, honest and provide excellent service to their clients. However, dishonest tax return preparers who file false income tax returns do exist. The IRS has a Directory of Federal Tax Return Preparers with Credentials and Select Qualifications and more on choosing a tax pro on IRS.gov.

6. Avoid phone delays; use online resources before calling the IRS.

Normally when we are in doubt over some tax technicality or some status check, we tend to make a call at the IRS helpline number. To avoid waiting on hold, the IRS urges people to use IRS.gov to get answers to tax questions, check a refund status or pay taxes. There’s no wait time or appointment needed — online tools and resources are available 24 hours a day. The IRS’ Interactive Tax Assistant tool and Let Us Help You resources are especially helpful.

Additionally, the IRS suggests taxpayers stay up to date on important tax information online by:

• Following the IRS’ official social media accounts and email subscription lists to stay current on the latest tax topics and alerts.
• Downloading the IRS2Go mobile app, watching IRS YouTube videos, or following the IRS on Twitter, Facebook, LinkedIn and Instagram for the latest updates on tax changes, scam alerts, initiatives, products and services.

We are reachable at info@omnirichfinancials.com for any queries.

Follow us for more blogs & articles.

https://www.linkedin.com/feed/update/urn:li:activity:7024974885504335872

This is the time of the year when most of the bookkeepers start receiving panic
emails about pending W-9 forms, missing SSNs or EINs or vendors who just don’t
fill out W-9 forms.

Here are the steps you should take in this situation:

What happens if a vendor or subcontractor refuses to fill out a W-9 form?
There are a few reasons why a vendor or subcontractor might refuse to fill out a Form W-9. You do not need to worry about that person’s reasoning, but you do need to know what to do in this circumstance. Follow these steps:

• Make sure you have requested a Form W-9 from the vendor. Any attempts to request a Form W-9 should be documented in writing. The easiest way to do this is via email. The IRS calls this “solicitations” and requires that you request a Form W-9 using “three solicitations”
• The first request should take place initially upon starting a business relationship.
• The second request, which is called a “first annual solicitation”, should happen by December 31 of the same year in which you started working together (or by January 31 if you just started working together in December of the preceding year).
• The third request, which is called the “second annual solicitation” should happen by December 31 of the next year
• It is also possible that a vendor gives a W-9 but has made a mistake on the W-9,transposing a number generating an error that the IRS notes. Incorrect information on the W-9 generates an IRS Form CP-2100 or CP-2100A, Notice of Incorrect Filing. Document all requests for a current W-9. Ask vendors at least three times. Some vendors have an Employer Identification Number (EIN) or use their personal Social Security Number for income purposes. Either number is acceptable.
• If someone wilfully fails to provide their tax ID number the IRS can assess a $50 penalty. False information on Form W-9 that avoids backup withholding is even more punitive with a penalty of $500.
• In the event of a failure to get a W-9, you must begin backup withholding of 24%immediately. The money that you withhold should be reported on Form 945.If you have paid the vendor or subcontractor at least $600 over the course of the year, then you still need to file a Form 1099 for this payee. This ensures that you are complying with the provisions of the IRS.
• If your business does not file a 1099 for everyone that you should, you may have to pay a penalty ranging from $50 to $270 per unfiled 1099.
• Since you do not have the complete information to fill out a Form 1099 digitally for this vendor, you will need to fill the form manually. This is due to the fact that theIRS won’t let you leave blank spaces on a digital form.
• When preparing the paper Form 1099, make sure you write the word “refused” inthe Tax Identification Number (TIN) box where you would normally put their socialsecurity number or employee identification number.
• Once the Form 1099 is complete, send the vendor and the IRS their copies just likeyou would for anyone else.

Finding yourself in this situation can be headache-inducing to say the least. The solution?

Make sure you get all the information needed up front. You can even use services liketrack1099.com to make the whole process as simple as possible. And if the potential payee refuses to comply…

Simple: don’t work with them.

There are plenty of people out there who’ll happily work with you entirely legally!

The demand for outsourced bookkeeping and accounting services in India has been growing at a rapid rate among global CPA and mid-level accounting firms. There are a number of factors behind this like increase in profitability, scalability, time zone benefit etc. By outsourcing the routine bookkeeping services, they are able to focus on more professional services which carry high bill amount.

Outsourced bookkeeping services in India are helping small and medium-sized CPAs and accounting firms deliver quality service to their clients and meet their deadlines. Also, many of them have the flexibility to use extra resources during the tax season without overhiring and taking a fixed cost on their P & L. However, while outsourcing their work, the CPAs and accounting firms have some apprehensions as well.

Here are some tips which will help you decide about outsourcing bookkeeping services in India:

1. Identify your requirements: As every business is unique so are its requirements. While one may require a dedicated bookkeeper to handle all the work as per business priorities, another may only require external support. The best thing to do here is to identify your requirements before moving ahead with offshore bookkeeping. That way, you won’t end up overspending on outsourced bookkeeping services.

Help yourself with these questions:

• Do I need a full time bookkeeper or part- time?
• How many hours of bookkeeping support do I need on daily or monthly basis?
• Do I need only accounting services or complete bookkeeping services are required?

Answering questions like these will help you decide on tasks you want to outsource along with the volume of work to be outsourced.

2. Define the processes and responsibilities:  For outsourcing to be successful it becomes pertinent to define in advance the processes to be followed and the responsibilities at both the ends. It is advisable to define the processes in detail right from the mode of receiving the data to query resolution.

Some of the questions which can help you in this are:

• How the data will be transferred via Googledrive, email, Dropbox, or dedicated link?
• Once the data is entered, what will be the review mechanism?
• What will be the timeline of the review?
• How the queries will be resolved?
• What will be the review mechanism?
• Who will be responsible for what?

All these processes will help align internally and externally the entire process of bookkeeping which will pave the way toward a successful bookkeeping outsourcing model.

A detailed understanding of the offshore bookkeeping process will greatly help in trust-building as well!

3. Expertise over rock-bottom pricing: Since you are already outsourcing your work to India and will make a good cost savings, don’t go in for low cost low quality bookkeepers.

Keep in mind that quality comes at a price. So, prioritize expertise over rock-bottom pricing. Look for qualified bookkeeping professionals and established firms as a long-term investment with calculated profit. Check out their portfolio. Ask about their experience and existing clients.

Note that each bookkeeping outsourcing firm in India has its own strengths and shortcomings. So, do thorough research and find the perfect partner for your accounting firm.

4. Check about security: Data safety is not something that leading CPAs and accounting firms can compromise on. Discuss what data security measures are put in place by the outsourced bookkeeping company and clear all your doubts before making a decision. Ask them what network security they have in place and which technologies they put their faith in.

Even if your outsourced bookkeeping experts in India are going to maintain and update your client’s financial records in your accounting software, you still have to make sure that data access is granted on a need-to-know basis. It would also be a right step at this stage to discuss in detail the legalities of data security breach.

5. Select the right communication channels: As outsourcing involves a lot of collaboration with the outsourced company, it is very important to decide the channels to be used for communication. Along with the traditional tools of communication like phone calls and emails, a lot of modern tools like WhatsApp, Teams, Zoom and Google Meet have also become available. These modern tools help CPAs and accounting firms to be in constant touch with the operating team and can also get real-time project information for partners.

Selecting a partner that uses such modern tools will help improve engagement, delivery, and support.

The above write-up aims at highlighting some of the very important considerations about outsourced bookkeeping services in India. Partnering with an outsourced bookkeeping firm that can improve bookkeeping operations for your clients while cutting down overhead costs is the right step forward for CPAs and mid-sized accounting firms.

Keeping in mind the above-mentioned tips will certainly help you in deciding for an outsourcing partner that will handle bookkeeping for some of your clients and help your business grow.