What Are The UK Tax Year Dates And Filing Deadlines?

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What Are The UK Tax Year Dates And Filing Deadlines?

  • The tax year runs from the 6th April – 5th April. Your accounts need to be calculated according to these dates.
  • You can start submitting your tax return on the first day of the next tax year 6th April.

  • 31 October is the deadline for paper filing of tax returns.
  • 30 December If you are also employed, you can choose to pay any tax due through your PAYE code, instead of making a big payment on 31 January, but only if you submit your tax return before 30 December.
  • 31 January is the deadline for online self-assessment filing. It is also the deadline for paying any income tax due, Class 4NIC and your first payment on account for next year.
  • 31 July is when your second payment on account becomes due.

 

 

star-paleBemused by all the rules? Nervous of accounts and tax? Need another pair of hands? 

Contact Quids & Quills and ask if I can help.

HMRC tax rebate – the clever new scam that looks legitimate

tax-rebate-faqsTexts are popping up on phones around the country, telling us to claim our tax rebate.

If you get one, you may think that it’s your lucky day.

But beware – although the text claims to come from HM Revenue and Customs , it’s actually from a shadowy fraudster.

And the link it provides is to a dodgy website designed to steal your personal information, such as your credit card details. HMRC shut down more than 14,000 such fake sites last year.

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HMRC reveals worst SA penalty excuses

accounting web

From hungry rodents to five-year arguments, HMRC has published some colourful excuses that were all used in unsuccessful appeals against penalties for late returns.

“My tax papers were left in the shed and a rat ate them,” read the one excuse. Unsurprisingly, the taxman didn’t bite. In another fanciful excuse, a taxpayer said: “I had an argument with my wife and went to Italy for five years”.

But, in light of recent flooding, there are many taxpayers and accountants who have reasonable excuses for late filing. HMRC has conceded that “those affected by flooding at their premises, or their agents’ premises, will not be asked to pay a penalty if their return is submitted without unreasonable delay”.

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Annual Tax Statements

HMRC

30 million taxpayers receive statements illustrating how their income tax and NIC was spent by government

Q&Q Comment: if you have any queries about this new statement, please contact your accountant. It’s not a demand for payment, or a statement of your current position. It shows the money that’s been deducted from you in tax over the last tax year, and how it’s been used by the Government. It may not include your most recent payments.

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From HMRC:

30 million tax summaries start arriving from today (Tuesday 3 November).

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HOW much tax, by WHEN?!

mug2 Have you has a tax demand that’s startled / shocked / disturbed you – and HMRC are asking for it all by Jan 31?

CALL THEM if payment’s not going to be practicable for you. One of the worst sins I’ve found from their point of view is not letting them know what’s going on. They’ll still demand the money, no question about that! But don’t put the brown envelope in a drawer and hope they’ll forget you. They WON’T, and when they do eventually reconnect with you, they’ll charge you for Denial.

My other recommendation is that ANY payment is better than NO payment. If you can part-pay your bill, do that as soon as you can, then contact them to discuss plans for the balance.

And if you think it’s all wrong anyway? Check in with your accountant – or contact me if you need one! I confess I may not now have time to check everything through for you and get back to HMRC in time for the January 31 payment deadline. But we can certainly check the past returns ASAP, and look at a strategy for future.

Paid too much or too little tax?

HMRC

If you’ve overpaid or underpaid your tax during the tax year, we’ll notify you between now and October 2015. It’s called a P800 tax calculation.

This year, if you’ve paid too much or too little tax, we’re making the process as easy as possible for you.

We will tell you how we’re collecting any underpayment, or we’ll give you a cheque if we owe you money.

There is no need to contact us unless you think the details we’ve used are wrong.

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