We’re reminding members that a July 31 deadline is looming on two tax matters.
Income Tax payments
If you are operating as a sole trader or as a partnership, the second payment on account against your 2009/10 income tax liability is due on July 31.
For anyone who has experienced a drop in their income for 2009/10 compared to the previous tax year it may be possible to make a reduced payment on account.
If this applies to you, we suggest discussing the position with your professional adviser as soon as possible.
Renewal of Tax Credit Claims
For those members claiming tax credits, HM Revenue & Customs should have issued you with information regarding what action you need to take in order to renew your claim. Whatever you need to do, the deadline for renewal is also 31 July 2010.
Get more news from the NFU on tax matters here.
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