KEY DATES

 

SELF ASSESSMENT TAX RETURN DEADLINE DATES
 

Date

 

Relevance


06 April

This is the beginning of a tax year.  After this date the Inland Revenue will begin to issue either a Tax Return, or a Notice to Complete a Tax Return (SA316), to anybody who meets the criteria to complete one.  The tax return which will be issued will be for the tax year which has just ended on 05th April.


31 July

A second automatic penalty of 100 will be charged on all tax returns which should have been submitted by 31 January of that year but have still not been received by the Inland Revenue.


30 September

All paper tax returns must be received by the Inland Revenue by this date if you wish them to calculate your tax and inform you of what is payable by 31 January.  If the amount you owe is less than 2,000 it may be possible for this to be collected through your tax code.


30 December

If your paper tax return is submitted after the 30 September but is received and processed by this date then the Inland Revenue will still calculate your tax and will still try to collect the tax through your tax code however they cannot guarantee that they will be able to inform you what is payable by 31 January.

If using the Internet to submit your tax return then it must be submitted by this date if you wish the Inland Revenue to collect outstanding tax amounting to less than 2,000 through your tax code.


31 January

This is the deadline for sending back all tax returns issued by 31 October the previous year.


01 February

The first automatic penalty will be charged by the Inland Revenue for all tax returns issued by 31 October and not received back by 31 January.

     

SELF ASSESSMENT PAYMENT DATES
 

Date

 

Relevance


31 January

This is the deadline for paying the balance of any tax you owe.  Interest will be charged if the Inland Revenue have not received your payment by this date.


28 February

The first automatic 5% surcharge may be charged in respect of tax for the current tax year which has not been paid by this date.


31 July

A second automatic 5% surcharge may be charged if you were due to pay tax on 31 January and it has not been paid in full by 31 July.


Payments on Account

Some people have to make payments on account.  These are usually equal to one half of the previous year's tax liability, after deducting income taxed at source and tax credits on dividends.  These payments are due on 31 January of the current tax year and 31 July of the following tax year.
 

NEW BUSINESSES
 


Starting up in Business

A form CWF1 (Starting up in Business) must be submitted to the Inland Revenue within 3 months of your first day of trading.  If you fail to submit this form the Inland Revenue may impose a penalty of 100.
 

CORPORATION TAX
 

Corporation tax is due 9 months and 1 day after the Company's year end, if this is not paid then the Inland Revenue will impose interest charges.

The corporation tax return is due 12 months after the Company's year end, failure to submit the return will also incur penalty charges from the Inland Revenue.
 

Value Added Tax (VAT)
 

VAT is usually due quarterly.  The payment is due one month after the quarter ends in order to avoid interest and surcharges arising.
 

Pay As You Earn (PAYE)
 

PAYE payments are due to reach the Inland Revenue by the 19th of the month for the period just ended, be it monthly, quarterly or annually.

A P35 Employer's Annual Return form is due to reach the Inland Revenue by 19 May although the Inland Revenue do give a 10 day grace period where these are concerned, however if your P35 has not reached them by 29 May then they will issue a penalty.  P60s, by law, should be issued to employees by 31 May.