Key Dates of the UK Tax Year Don’t Miss These Deadlines

September 22, 2024

Keeping track of the important dates in the UK tax year is crucial for staying compliant and avoiding penalties from HMRC. Whether you’re self-employed, running a business, or just want to stay on top of your taxes, here’s a breakdown of the key dates you need to know:

1. The Start of the Tax Year: 6 April

The UK tax year officially begins on 6 April every year. From this date, all income, expenses, and financial transactions for the next 12 months will count towards your next tax return.

2. Register for Self-Assessment: 5 October

If you need to file a tax return for the first time (e.g., you’ve become self-employed or started earning extra income), you must register for self-assessment by 5 October following the tax year.

3. Paper Tax Return Deadline: 31 October

For those who prefer to submit their tax returns by post, the deadline is 31 October. However, the majority of people now file their returns online, which allows more time.

4. Online Tax Return and Payment Deadline: 31 January

The 31 January deadline is the big one. This is when you need to submit your online tax return for the previous tax year and pay any tax owed. Missing this deadline can result in fines, even if you don’t owe any tax.

5. First Payment on Account: 31 January

If you make payments on account (advance payments towards your tax bill), your first payment is also due by 31 January.

6. Second Payment on Account: 31 July

For those required to make payments on account, the second installment is due by 31 July. If your tax bill is significant, HMRC requires two advance payments to help spread the cost

7. VAT Return Deadlines

If your business is VAT-registered, you’ll likely need to submit VAT returns quarterly. Each return and payment is due one month and 7 days after the end of your VAT period. For example, if your VAT period ends on 31 March, your return is due by 7 May.

8. Employer P60 Issuance: 31 May

Employers must issue P60s to employees by 31 May each year, detailing earnings and tax paid for the previous tax year.

9. Report Employee Benefits (P11D): 6 July

If you’re an employer, you must submit a P11D form to HMRC by 6 July to report employee benefits and expenses.

Why These Dates Matter

Missing any of these deadlines can result in penalties from HMRC. It’s essential to keep track of the dates and submit your returns on time to avoid unnecessary fines. Setting reminders or using an accountant can be a great way to stay organised and stress-free.