GB Taxation - Tax Information

 

Important Dates under Self Assessment

The important dates for taxpayers are:

Dates for the Tax Return

6th April - The tax year
This starts on 6 April and ends on 5 April: so the tax year 2007-08 starts on 6 April 2007 and ends on 5 April 2008.

  • 6 April (or shortly after): HMRC issues most returns for the year which has just ended
    (returns for 2007-08 are sent out in April 2008)

30 September - Deadline for sending in your tax return

  • If you want HMRC to work out your tax bill you should fill in your return and send it in by 30 September after the end of the tax year. HMRC will still calculate your tax bill after this date but cannot guarantee to tell you how much to pay by the end of January.
  • You should also send in your tax return by 30 September if you want any tax you owe (less than 2000) included in the following year's tax code.

For 2007-08 tax returns and those for subsequent years, there will be two separate filing dates:

31 October - Deadline for sending in paper tax returns

  • 31 October is the new date for paper returns (for tax year 2007-08 that will be 31 October 2008).
    For returns filed online, the date will remain at 31 January (for tax year 2007-08 that will be 31 January 2009).
  • If you want to file a paper return and ask HMRC to calculate the tax liability for them, the cut off date has moved from 30 September to 31 October to align with the new paper return filing deadline.
    A calculation of tax liability is automatically provided when a return is filed online.

31 January - Final deadline for sending in your tax return

  • If you file your return after 31 October it must be done on-line by 31 January after the end of the tax year.
  • A calculation of tax liability is automatically provided when a return is filed online.
  • The 100 minimum penalty now applies for failure to make a return - even if you are not liable to pay any tax!

You can send in the return earlier if you want. This does not mean that you will have to pay your tax any earlier.


Dates for payments

31 January and 31 July - Paying the tax due

Payments on account, usually equal to half the income tax due for the previous year will be payable on two dates, normally

  • 31 January in the tax year
  • 31 July after the end of the tax year
then a final balancing payment, if needed, on 31 January after the end of the tax year. This is the same time as the tax return deadline.

The payment dates do not change, even if you send your return in early.

For more information on dates and deadlines, please see the HMRC website.

Please note that in a few rare cases the payment dates may change, for example if your return was sent to you later than everyone else's.


Dates for employers and employees

Employers have to give their employees information they need to fill in their returns

  • form P60 - showing pay and tax for the year - by 31 May
  • the information from forms P11D and P9D showing expenses and benefits - by 6 July.

Starting a New Business

You must tell HMRC when you start working for yourself - that is, when you become self-employed.

  • If you are self-employed you must tell HMRC within 3 months of starting in business.
  • If you delay telling HMRC for three months or more you may have to pay a penalty of 100.
  • If you know you are late registering and there is a good reason for this, I may be able to help you avoid a penalty.
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