Efficient record keeping and the cumbersome tax return is the bane of thousand’s of self-employed people’s lives. However, if you know exactly what you need to submit and when you need to do it, things get a lot easier.
Make note of the following dates, write them in your calendar, set up reminders on your computer. Whatever you do, don’t ignore them. If you can plan ahead you’ll find the whole process far less daunting.
April 6
2011 – First day of the new tax year
This is where everything starts from new. You’ll need to start organising detailed records from this date to be able to do your tax return for the financial year 2011/12.
July 31 2011
– Deadline for second Self Assessment payment on account for 2010/11 tax year
If it’s your first year of trading this won’t apply to you, but if you’ve already done one tax return you’ll be given an estimated amount to pay HMRC based on what you earned the previous tax year. This payment goes towards your total tax owed for the year 2010/11. You will already have made your first payment on account for that tax year back in January.
October 31 2011
– Deadline for submitting PAPER Self Assessment tax returns for 2010/11 tax year
If you want to submit your return on paper, you need to have it in by this date otherwise you could be fined. However, if you miss this date you still have until January 31 to file it online.
January 31 2012
– Deadline for submitting ONLINE Self Assessment tax return for 2010/11 tax year
This is the final date you can submit your tax return for the year 2010/11. Any returns submitted after this are subject to fines and interest on any late tax payments.
January 31 2012
– Deadline for paying 2010/11 ‘Balancing Charge’
January 31 2012
– Deadline for first Self Assessment payment on account for 2011/12 tax year