It’s easy to forget about tax return deadlines when you are starting up a new business, but it’s important that you give yourself plenty of time to prepare and send the necessary information. Every year, millions of self-employed people either miss the deadline and incur fines or file at the last minute, giving the Inland Revenue less time to assist those with problems.
These are the key dates over the coming year which you must be aware of:
If you are filling in a paper tax return for the last tax year, you must send it to the Inland Revenue by this date if you want them to:
- Calculate your tax
- Tell you what to pay by 31 January next year
- Collect tax through your tax code, if possible, where you owe less than £2,000.
The Inland Revenue say that if they receive your paper tax return after 30 September and process it by 30 December, they will still calculate your tax and collect it through your tax code, but they can’t guarantee that they will be able to tell you what to pay by 31 January the following year.
Remember, if you file your tax return over the intent, your tax liability will be calculated automatically.
If your agent submits your tax return via Electric Lodgement Service (ELS) you must send it back by this date if you want the Inland Revenue to collect tax through your tax code where you owe less than £2,000.
If you send your tax return over the internet, you must send it back by this date if you want the Inland Revenue to collect tax through your tax code where you owe less than £2,000.
If you were sent a tax return by 31 October the previous year, this is the deadline for sending back your completed tax return from the last tax year.
If you were sent a tax return by 31 October the previous year, you will be fined £100 if you have not sent it back by this date.
The new tax year starts. A tax return, or Notice to Complete a Tax Return (SA316) will be sent out to all people who get a tax return each year.
If you have any queries about these deadlines, go to www.inlandrevenue.gov.uk
