Tax Returns - Key dates for self assessment

When you are dealt with under self-assessment it’s important to keep in mind the key dates throughout the tax year. You have a legal obligation to submit documents and figures to HMRC in a timely fashion, if you don’t they could add penalties and surcharges.

6th April - The new tax year starts!

Soon after this date HMRC will issue either your tax return or a “notice to complete a tax return. This could be sent out instead of a full paper return if you filed online last year.

31st July - Pay Payments on Account

If you are due to make payments in advance then they should be made by the 31st July. It will usually be the same amount that you paid in advance in January.

There is no penalty as such for not making this payment but HMRC can charge you interest on any late payment.

31st October - Deadline for submitting Paper tax returns

If you are going to be submitting your tax return in paper format then you need to make sure it is in with HMRC by the 31st October. If you've missed this deadline you won't be fined, it will mean though that you will have to submit your tax return in electronic form. Taxdoctor can help you complete your tax return

If you get your paper return in by this date then HMRC will do the following for you:

calculate any tax that is due
collect any outstanding tax through a future years tax code (if applicable)
Tell you how much you need to pay them by 31^st January

30th December - Having underpaid tax collected through your tax code (online filing)

You need to have everything sorted by this date if you’re submitting your tax return online and you want HMRC to collect any underpaid tax through your future wages. This can only happen if your total tax bill is less than £2000.

31st January - Deadline for submitting online tax returns

If you are going to be submitting your tax return online then you have until the 31st January in order to get it in to HMRC. Despite this deadline being very well publicised (currently by ex-newsreader Moira Stewart!) nearly 1 million people (about10% of the people completing tax returns) fail to get it done on time.

The penalty for missing this deadline is £100.

28th February - fine for not paying the tax that is due

If you have any tax to pay then you must make sure you do this by the end of February, otherwise HMRC can slap a surcharge of 5% of any tax owed. Interest also continues to be added until the bill is settled.

Please contact us if you need any help in completing your self assessment tax return

Self Assessment explained

Self assessment was introduced in 1998 as the way taxpayers would inform HM Revenue of the income they have received during a tax year. The phrase self assessment relates to the fact that it is now the taxpayers responsibility to inform HMRC about their tax affairs during the year concerned.
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Who needs to complete a tax return

Most people pay their tax as they go along by having it deducted from their wages by their employers. If however you are not employed but still have income that is taxable you will need to register with HMRC and complete a self assessment tax return each year.
Read the rest of Who needs to complete a tax return

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