Tax year: Key dates and deadlines | NatWest

 

 

 

Tax year: Key dates and deadlines

If you’re employed, your employer will pay your income tax and National Insurance on your behalf to HMRC through the PAYE (Pay As You Earn) system. If you earn over your personal allowance, you’ll need to pay income tax to HM Revenue and Customs (HMRC). You’ll also need to complete a tax return if self-assessment applies to you.

Here are some of the key dates and deadlines throughout the tax year that you need to know. 

6th April

Beginning of tax year: The UK tax year runs from the 6th April to the 5th April the following year.

31st May

Provision of P60: If you’re in paid employment on 5th April, your employer must give you a copy of your P60 by the 31st May. This form shows how much tax you’ve paid for your salary.

5th October

Register for Self Assessment and National Insurance Contributions : You’ll need to register to do this via the HMRC site, using your Unique Taxpayer Reference before the 5th October. When you register, you will then be able to submit your tax returns and your National Insurance Contributions online. If you haven’t filed a tax return before, you’ll need to request a Unique Taxpayer Reference when you register.

31st October

Deadline for paper tax returns: If you choose to submit a paper tax return, it must be filed by the end of October.

30th December

Deadline to pay tax through PAYE: If you have to fill in a self assessment form but are also employed, you can have your pensions and wage collected through the PAYE system if you owe less than the amount stipulated by HMRC.

31st January

Deadline to file your tax return online: This is the final deadline for you to fill in and send your online tax returns to HMRC. If you didn’t register online before the 5th October you’ll need to submit your return at least 20 working days beforehand as you’ll need to register first.

 

Deadline for first ‘payments on account’: Payments on account are advance payments you need to pay towards your tax bill. Usually you’ll need to make two payments on account every year – one on 31st January and the other on 31st July. Each payment is half your previous year’s tax bill – in other words they’re a prediction of what your tax bill will be, based on the year before.

 

Deadline for ‘balancing payments’: Paying tax you owe for the previous year. If you still need to pay tax after you’ve made your payments on account the year before – because your tax bill for the last year actually turned out higher than it was the year before that – you’ll need to make a ‘balancing payment’ to make up the difference.

 

Deadline for making amendments: If there’s an error on your tax return, you can change it up to 12 months after the 31st January that follows the end of that tax year.

5th April

End of tax year

 

Claiming a tax refund: This must be done up to four years after the end of the tax year. For example, claims for the tax year 2013-14 must be made by 5th April 2017.

31st July

Deadline for second ‘payments on account’: The second half of the payments on account amount needs to be made by 31st July.

 

Renewing tax credits: You need to renew your tax credits by July 31st.

 

 

What if I miss a deadline?

You could face penalties if you miss your tax deadlines. An initial £100 penalty may be charged if you miss the deadline to file your tax return and if it’s over 3 months late, you’ll be fined an extra £10 a day until you owe £900. If you take over 6 months you’ll be fined another £300 or 5% of the tax due, whichever is more. If your tax return still hasn’t been submitted after a year, another £300 or 5% of the tax due will be added to your bill.

 

The information contained on this webpage is based on our understanding of UK tax legislation and HMRC Interpretation. The contents of this webpage do not constitute tax advice and are meant as a general guide only. If you are unsure of your tax obligations or responsibilities you are recommended to seek professional tax advice. Tax reliefs referred to are those applying under current legislation, which may change. The availability and value of any tax reliefs will depend on your individual circumstances.

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