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t4 Tax Limited

Calendar of Tax Events

Self Assessment - Tax Returns & Payment Deadlines

Individuals, Partnerships & Sole Traders

For instructions on how to pay self assessment tax online, by post or telephone please click here

  • 31 January - Self Assessment Tax Returns Due.

    •  This is the annual deadline for submission of your Tax Return to HM Revenue & Customs (HMRC). We file almost all our client's tax returns online. This speeds up the whole process and repayment cases usually then receive their tax refunds within a week or two of submission. Filing manually often means tax repayments can take months.
    • If you want HMRC to calculate the tax deadline is 30 September not 31 January, plus see below regarding "coded out" underpayments.
  • 31 January - Balancing Tax & NIC Payments Due.
    • Any balancing payments of the previous tax year ending 5 April are due by the 31 January following.
    • If paid late interest is charged by HMRC For rates - click here
    • If balancing payments are paid more than one month late, i.e. later than the end of February a 5% surcharge penalty is levied by HMRC for later payment.
    • If balancing payments are paid more than six months late, i.e. later than the end of July the surcharge penalty is increased to a 10% surcharge penalty.

 

  • 31 January - 1st Payment on Account (POA) is Due
    • If the underpaid tax for the previous tax year is greater than £500 or if greater less an 80% of the overall tax liability is paid at source under PAYE (or other tax deduction at source) then Payments on Account (POAs) payments are due. Half of the underpaid tax (excluding POAs for the previous year) for the previous year is due again now as a payment on account for the next (i.e. current) tax year.
    • Interest only is charged by HMRC on late POAs.
    • If the following years liability is less then overpaid payments on account are refunded by HMRC.
    • If liability is known to be less for the payment on account year application can be made on the tax return, on form SA303 or by letter to HMRC, for payments on account to be reduced. HMRC will charge interest on any reduced POAs subsequently found to be due.
    • Capital Gains Tax (CGT) liabilities no not affect POAs, i.e. no POAs are due in respect of CGT liabilties of the previous or current tax year.

 

  • 31 July - 2nd Payment on Account (POA) is Due

 

  • 30 September - Deadline for Paper Returns where either you want HMRC to calculate the tax (not recommended unless you know how to check HMRC's calculation!) OR where underpayments of tax are requested to be collected via PAYE by adjustment to coding notices ("coded out") for individuals in employment or on pensions. This currently only applies to underpayments of under £2000.

 

  • 31 October - For the Tax Year ended 5 April 2008 the deadline for submission of all paper returns, whether HMRC are to calculate the tax and NIC due or not, is changing to 31 October

 

Pages for CIS Returns, Corporation Tax Returns, PAYE Returns are currently being updated come back soon for more details.