Tax diarywebmaster2023-11-07T09:09:19+00:00 OUR Tax diary Be in the know about key tax dates to ensure your business is compliant with regulations by using our handy tax diary. Tax calendar March 2024 Friday 1 Advisory Fuel Rates New Advisory Fuel Rates (AFR) for company car users apply from today. The rates can be found here. Sunday 3 5% late payment penalty on any 2022/23 outstanding tax which was due on 31st January 2024 and still remains unpaid Is this relevant to you? This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 NI, capital gains tax or High Income Child Benefit Charge liabilities.The balance of any outstanding income tax, Classes 2 and 4 National Insurance, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2023 was due for payment by 31st January 2024. Where the payment is made late interest will be charged. On 3 March 2024 a late payment penalty of 5% will be added to the outstanding liability.If we have already dealt with this matter on your behalf you need take no action. Tuesday 19 PAYE, Student loan and CIS deductions are due for the month to 5th March 2024 Is this relevant to you? This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS.Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.Where the payment is made electronically the deadline for receipt of cleared payment is 22nd March 2024. Interest will be charged if payment is made late. Penalties also apply. Sunday 31 Last minute planning for tax year 2023/24 Is this relevant to you? The final deadline of 5th April 2024 is relevant to individuals who have not considered year-end tax planning issues. These issues include: utilising your annual capital gains tax exemption utilising your annual inheritance tax exemption for gifts utilising your annual Individual Savings Account investment limit (ISA) making additional pension contributions for 2023/24.Please get in touch if you would like any further advice on these or any other issues.