If there’s one date that is relevant for every taxpayer in the UK, it would be their tax deadlines. Be it self-employed, running a limited company, or handling payroll for employees, missing important tax milestones could set you back significantly in late fees, interest charges, and undue stress.
In this blog, we will walk you through critical UK tax deadlines for individual taxpayers, business owners, and employers. Additionally, we will provide actionable insights to help you manage your year-round tax obligations with ease.
Importance of Deadlines
Dates pertaining to taxation are not mere dates to remember – they come with legal constraints as well. Failing to meet them could invite harsh penalties that increase incrementally at times. For instance, submitting the Self Assessment tax return a day late attracts an instant £100 fine, which acts like an entry door towards further escalation of additional costs in fines and taxes.
Apart from that, there are other impacts as well:
- Harm your relationship with HMRC
- Increase interest on overdue taxes
- Impact the credit score of your business
- Cash flow problems or missing out on financial planning opportunities
In essence, remaining organized pays off (literally)
Important Personal Deadlines for Filing Taxes in the UK
These dates are particularly important if you’re self-employed, a property owner, or have income that isn’t automatically taxed.
- January 31st – Self-Assessment Submission Deadline
This date is quite significant for all individuals within the UK taxation system. By midnight on January 31:
- Submit your Self-Assessment tax return online.
- Settle any income taxes due.
- Pay your first imputed account for the current tax year.
- April 5 – Tax Year End
The period defining the tax year remains from April 6th to April 5th April next year. This date marks the end of:
- Utilization of certain allowances, I.e, ISA and pension contributions.
- Starting Mentoring New Teams
Exciting changes! These are great moments as new rates or laws often come into play, as well as increases in tax exemption thresholds. Also, during this period, one can start filing for estimators without having to pay any prior taxes.
- July 31: Remind Emerging Products Fing now tells us И Co-Campaigns
Mid last week, published annual forecasts suggest targets have been met, meaning by then he second accounts must already be stored in employee databases, assuming watched coding will be done.
- Changes to Tax Returns
In the event that you notice an error within your return, it is generally permissible to make changes until one year after the 31 January deadline.
Essential Business Tax Dates
This applies both to limited companies and VAT-registered businesses. The following dates are critical:
- Corporation Tax
- Filing: The tax return for the company (CT600) has to be submitted within a year from the end of the accounting period.
- Payment: There is usually a requirement to pay tax 9 months and 1 day after the closure of the accounting year.
- VAT Returns
The majority of businesses prepare and submit their VAT returns on a quarterly basis. Please note, deadlines fall approximately one month and seven days following the conclusion of that VAT period.
Example: If your VAT quarter closes on March 31st, return and payment are due by May 7th.
- PAYE and National Insurance
These two are payable alongside wages, causing employers with employees in these services to incur either monthly (by the 22nd if paid through direct debit) or quarterly (for smaller businesses) PAYE (+NIC).
- CIS Returns
These must be submitted by contractors in construction servicing subcontractors detailing outline payments made by each subcontractor by the 19th of each month
- P11D and P11D(b) Forms
These documents disclose employee expenses and benefits. They should be sent no later than the 6th of July, along with payment of the associated Class 1A NIC, which is due by either the 22nd of July (19th if issuing a cheque).
Tax Deadlines for Employers
Employers also have unique obligations:
- Submissions under Real Time Information (RTI) must be filed on or before payday.
- Employees need to receive their P60s annually by May 31st at the latest.
- P45s should be provided without delay after an employee has separated from the company.
Not complying with these can result in confusion for employees and fines from HMRC.
Less Known Deadlines You Should Not Overlook
The following dates are equally vital yet often ignored:
Filing Refund Claims
It is advisable to act within four years following each tax year-end to recover any overpaid tax, beyond which HMRC becomes less accommodating.
Self-Assessment Registration
Newly self-employed individuals or anyone else needing to file a post-tax return must first sign up with HMRC by October 5, following the relevant fiscal year end.
CGT Reporting Responsibilities
Any individual disposing of property or assets subject to Capital Gains Tax is obligated to report and pay within two months post the disposal. ISA and Pension Contributions
In order to utilize the annual allowances, contributions must be made by April 5.
What Happens If You Miss a Deadline?
HMRC has strict penalties for late payments and submissions. Here is a brief overview:
- Self-Assessment late filing:
- A £100 penalty will be charged immediately after the deadline.
- There are further penalties for 3, 6, and 12 months later.
2. Late Payments:
- Interest will be charged from the day after the deadline.
- Further penalties apply after 30 days, 6 months, and then again after 12 months.
3. VAT:
- Additional surcharges may be enforced if there is repeated lateness in a given 12-month period.
If you miss a deadline of any kind, act fast. Try to file as quickly as possible and reach out to HMRC if there is a reasonable explanation for the delay. In certain situations, you will have an opportunity to plead your case against the charges.
How to Stay Ahead of Your Tax Calendar
Don’t allow deadlines to sneak up on you at the last moment. Here are some best practices that can improve your productivity:
Harness Technology Xero, QuickBooks, and Free Agent are just examples of accounting software that can automatically alert you, alongside reminding you of upcoming important dates such as return deadlines.
Set Calendar Alerts. Mark important dates months in advance by using wall planners, Google Calendar, or phone reminders
Collaborate with Your Accountant
An accountant will always assist you in compliance, planning, without penalties, alongside filing your returns. Maintaining Accurate Logs
Tax season can be far easier to handle if the receipts, invoices, and even mileage logs are well organized, as they are kept up to date.
Avoid Losing Track of Important Deadlines
Aside from fines that can come after missing important deadlines, deadline markers matter for both business and personal finances as they mark critical milestones of progress. If ignored, the chances of extra stress and missed opportunities increase.
Compliance is made easy when properly prepared and supported. That said, staying compliant doesn’t make things complicated when prepared.
- Be proactive and do not wait.
- Keep an eye out for deadlines.
- Stay updated with information the moment it becomes available.
In case filing returns or navigating tax obligations has become burdensome, reaching out to trusted tax advisors is a great first step towards regaining control professionally.