Fa la la la la la la la lateness carries penalties. Sorry, once the Christmas lights go up these things take on a life of their own. We are all aware of how urgent it is to ensure that our taxes are filed and the penalties which can apply in the event of late filing. As always we strongly advise staying on top of these matters and filing/paying early insofar as possible to avoid future issues. As we approach the end of the 2016 tax year, we would like to take a moment to advise you of some fast approaching deadlines which may slip under the radar in this festive season.
The due dates for payment of CGT (Capital Gains Tax) are:
15th December 2016 for disposal of assets in the period of 1st January 2016 to 20th November 2016.
31st January 2017 for disposals in December 2016.
It is pivotal that any chargeable gains arising during these time periods be paid up before the deadline to avoid further unnecessary complications.
Should a disposal fall under an unconditional contract, the disposal date will refer to the date of signing the contract, whilst if a disposal falls under a conditional contract, the disposal date will refer to the date on which the condition is satisfied.
Should you require any help, assistance or guidance on these or any other tax or business matters, please don’t hesitate to contact us.