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Key Dates for Completing
and Sending Back Your Tax Return
Key
Dates
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What Happens /
Why Is This Date Important?
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6
April 2004
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This is when a
new tax year starts.
A 2003-04 Tax
Return or Notice to Complete a Tax Return (SA316) will be sent
out to all people who get a tax return each year.
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31
July 2004
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You will be
charged a second automatic penalty of £100 if your 2002-03 Tax
Return was due back by 31 January 2004 but it has not been sent
in.
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30
September 2004
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If you are
filling in a paper Tax Return for 2003-04, you must send it back
by this date if you want us to:
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Calculate
your tax
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Tell you what
to pay by 31January 2005
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Collect tax
through your tax code, if possible, where you owe less than
£2000.
(If we receive
your paper Tax Return after 30 September and process this by 30
December, we will still calculate your tax and we will still try
to collect tax through your tax code but we can't guarantee to
tell you what to pay by 31 January 2005.)
Remember: If
you submit your Tax Return over the Internet all the Software
and Online forms will calculate your tax liability for you.
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29
December 2004
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If your agent
submits your Tax Return via Electronic Lodgment Service (ELS)
you must send it back by this date if you want us to:
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collect tax
through your tax code, if possible, where you owe less than
£2000
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30
December 2004
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If you send your
Tax Return over the Internet you must send it back by this date
if you want us to:
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collect tax
through your tax code, if possible, where you owe less than
£2000
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31
January 2005
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If you were sent
a Tax Return by 31 October 2004 this is the deadline for sending
back your completed 2003-04 Tax Return
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1
February 2005
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If you were sent
a Tax Return by 31 October 2004 you will be charged a penalty of
£100 if we have not received your return by this date.
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6
April 2005
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The new tax year
starts.
A Tax Return or
Notice to Complete a Tax Return (SA316) will be sent out to all
people who get a tax return each year.
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Key Dates for Payments
Key
Dates
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What Happens?
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31
July 2004
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Some people may
have to make 'payments on account'. Each payment will normally
equal one half of the previous year's tax liability (after
taking off tax deducted at source and tax credits on dividends).
The payments are due on 31 January in the tax year and 31 July
following the tax year.
If you need to
make a second payment on account for the tax year ending on 5
April 2004 this is the date by which it should be paid.
You will be
charged a second automatic 5% surcharge if you were due to pay
tax on 31 January 2004 but where payment has not been made
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30
September 2004
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If you are
sending a paper Tax Return for 2003-04, you need to send it back
by this date if you want us to collect tax through your tax
code, if possible, where you owe less than £2000.
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30 December
2004
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If you are
sending your Tax Return for 2003-04 over the Internet you need
to send it back by this date if you want us to collect tax
through your tax code, if possible, where you owe less than £2000.
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31
January 2005
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If you were sent
a Tax Return by 31 October 2004 this is the deadline for paying
the balance of any tax you owe.
Interest will be
charged if we have not received your payment by this date.
Some people may
have to make 'payments on account'. Each payment will normally
equal one half of the previous year's tax liability (after
taking off tax deducted at source and tax credits on dividends).
The payments are due on 31 January in the tax year and 31 July
following the tax year.
If you need to
make a first payment on account for the tax year ending on 5
April 2005 this is the date by which it should be paid.
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28
February 2005
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You may be
charged an automatic 5% surcharge if you were due to pay tax for
the year 2003/04 and it has not paid in full by 28/2/05.
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Rates and Allowances
Child Trust Fund -
information for parents
What Happens?
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A savings and
investment account for children.
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The Government will
make payments to children through this account to help build up a
useful stock of assets for when they reach the age of 18.
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Family and friends can
also contribute to the account.
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Child Trust Funds
accounts will be available from April 2005.
Is my child eligible?
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Your child will be
eligible if Child Benefit has been awarded for them and they are
living in the UK; and
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Your child was born
after 31 August 2002.
How much will my child get?
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If your child is
eligible, a voucher for £250 will be sent to the Child Benefit
Claimant, who will usually be the parent, which can be used to open a
Child Trust Fund account;
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If your child is part
of a household receiving Child Tax Credit with a household income
below the Child Tax Credit income limit (currently £13,480), your
child will also receive an extra £250.
What do I need to do now?
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You do not need to do
anything at the moment.
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If your child is
eligible, a voucher will automatically be sent to the Child Benefit
Claimant once the scheme is ready.
What should I do when I
receive a voucher?
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The voucher can be used
by a person with parental responsibility to open a Child Trust Fund
account for the child with a provider of your choice.
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Information packs will
accompany the voucher giving you information about what you need to
do.
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If a Child Trust Fund
account is not opened within a year from the date of issue of the
voucher, the Inland Revenue will open an account for the child.
Will the CTF be taxable?
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No. Your child will not
pay income or capital gains tax on their CTF savings and investments.
Will the Child Trust Fund
affect any benefits the family receives?
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The CTF will not be
taken into account in any claims for benefit for the family.
When will we have access to
the money?
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Any money in a CTF
account (whether a Government contribution or a contribution from
family, friends etc) belongs to the child and will be locked in until
the child reaches the age of 18.
More information
The Chancellor announced
his intention to introduce the Child Trust Fund (CTF) in the
April 2003 Budget. The CTF accounts will help to strengthen the
savings habit of future generations, spread the benefits of assets
ownership to all, educate people in the need for savings and give young
people a basic understanding of financial products.
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