Key Deadline:

1 August 2024: This is the deadline for paying the final tax for the year 2023 for companies and self-employed individuals who prepare audited financial statements.

Important Information:

To avoid any penalties and interest, it is crucial to settle any outstanding tax balances by the specified deadline. Below are the key points you need to keep in mind:

• Penalty for Late Payment: If the tax balance is not paid by 31 August 2024, a 5% penalty will be applied to the tax due.
• Interest on Overdue Tax: Any unpaid tax balance will incur interest at the current rate of 2% per annum until the tax is fully settled.
• Additional Penalty: Should the tax balance remain unpaid for more than two months past the deadline (i.e., beyond 1 October 2024), an additional 5% penalty may be imposed.

Payment of Tax:

Corporate entities must pay provisional tax based on the current year’s income. These provisional tax payments are typically made in two equal instalments on 31 July and 31 December of the tax year. A final balancing payment is required by 1 August of the following year to reconcile the total payments with the actual tax due as per the tax return.

Call to Action:

To ensure compliance and avoid any unnecessary penalties or interest, we strongly encourage you to review your tax liabilities and make the necessary arrangements for timely payment.

For any assistance or further information, please do not hesitate to contact us. Our team at Evidentrust Financial Services Ltd. is here to support you with all your tax needs and ensure your obligations are met efficiently.