Explanation of All the Self-Assessment Tax Deadlines in the UK
The Self-assessment tax returns deadline is January 31, but there are a number of other Self-assessment tax deadlines throughout the year. Here is a guide to the most important dates to avoid unpleasant surprises. But before we go into the details, let's take a look at what a tax self-assessment is.
Self-Assessment Tax Return
HMRC uses a system called a self-assessment to collect income tax in the UK. If you are already registered, this tax will be deducted from sources, such as salaries, pensions, and savings. Otherwise, you will have to pay taxes using a filing system. The term "self-assessment" refers to the obligation of individuals and businesses to calculate the amount of tax payable to the state. You can pay online or on paper. If you submit it online, you must submit it to HMRC by January 31 following the end of that fiscal year. If you file tax returns with HMRC, you must file them with HMRC no later than October 31 after the end of the fiscal year. Let's deep dive into the deadlines of self-assessment tax returns.
October 5, - Register for a Self-Assessment
If you have a side business and your income is not taxable or not registered with HMRC, you must register a self-assessment tax return and inform the HMRC to file a self-assessment tax return for the current fiscal year. The registration deadline is October 5. If you filed a tax return last year but do not plan to file a tax return this year, inform HMRC.
October 31, Midnight – File Your Paper Tax Return
HMRC encourages taxpayers to file their tax returns online, which can be done through the HMRC website or using software, but in some cases, it may still be necessary to file a paper return. Paper returns must be filed by midnight on October 31 at the end of the applicable tax year. Please note that this is the date by which HMRC must receive your return. Therefore, please allow enough time to print the forms, complete them and send them to HMRC.
December 30, Midnight - HMRC Notified of Acceptance of Self-Assessed Payments Via PAYE
If you owe less than £3,000 in self-employment income tax and you are currently employed or receive a company pension, HMRC will automatically adjust your payroll number to reflect the tax due. This is deducted from your salary or pension plan in equal installments over a 12-month period. If you intend to pay your tax return this way, you must file your tax return no later than midnight on December 30 at the end of the applicable tax year. If you file your return online before the due date, this payment method will be set up automatically. If you file your tax return on paper, the October 31 filing deadline still applies. If you prefer to pay these charges directly to HMRC, you can choose not to pay via Paye.
January 31, Midnight - Submit Your Application Online
The last day of January before midnight is the deadline for the meeting of many small business owners and their accountants. If you use software, your tax return will be automatically filled in the year with the details you entered. If you are a sole proprietor, up to 90% of self-employment forms will be completed. Sending the refund through software usually involves checking the numbers, filling out more information, and clicking a button to submit it to HMRC directly from the software.
January 31, Midnight - Pay the Bill
Remember, in addition to that, you must clear you to bill it within the same deadline. So file your tax return as soon as possible so that you have plenty of time to pay. Visit the HMRC website for more information on how to pay your bill.
January 31, Midnight - First Deposit
the first deposit involves many small businesses in the first year of self-assessment at midnight on 31st January. Not only do you have to pay in installments, but if your payment exceeds £ 1,000 and you pay less than 80% of the tax deduction, you will have to pay it in advance. Self-assessment fee for next year. This is called the minimum wage and was half of last year's tuition. Then you need a year of commitment. However, in the first year of your business, you will have to repay half of your debt the following year along with the first payment of that year.
July 31, Midnight - Second Advance
For companies subject to a deposit, the second payment must be made by July 31st. Like the first payment, it corresponds to half of the previous year's tax. In theory, if you have the same income as the previous year, you paid the self-assessment in full. If your next tax return shows that both of your advances are above what you owe, you will receive a tax refund, but if they are lower, you will have them (by January 31st). ) to cover the difference.
How do You Register for Self-Assessment Tax?
If you haven't filed your tax return yet, you need to register. Depending on whether you are a sole proprietorship / self-employed person, have a registered company, or are not self-employed, there are many ways to apply. For more information on the precise steps to take, please refer to the government's guidelines on the matter.