Daniel studied management accounting BA Hons at The University of Nottingham (2008-2011) before completing his ACCA in London.
Knowing the key tax dates in the UK is crucial for meeting your tax obligations and avoiding financial and legal penalties. Whether you’re self-employed, a business owner or an individual taxpayer, you’ll need to keep track of these dates to adhere to HMRC requirements. Here we break down the key UK tax dates throughout the year.
How does the UK Tax Year Work?
Before getting into specific dates, it is important to understand that the UK tax year and the UK calendar year do not run in the same way. Unlike the calendar year, which starts on 1st January and ends on 31st December, the UK tax year runs from 6th April to the 5th April of the following year. This is the period you need to assess for income, expenses and all financial activities.
What are the Key Deadlines for Self-Assessment Tax Return?
If you are self-employed, you will need to complete a self-assessment tax return. This may also be relevant for landlords or anyone who has additional income that is not taxed at the source. Here are the key dates to remember:
31st January: This is a crucial date for the majority of taxpayers as it is the:
- Deadline to file your UK self-assessment tax return for the previous tax year
- Deadline to pay any remaining balance of tax owed for the previous tax year
- Deadline to make the first payment on account for the current tax year (if applicable).
5th April and 6th April: This is the last day of the tax year and first day of the new tax year, respectively. Here is the time to gather detailed documents for the tax return of the previous year if you are self-employed or have income from property.
31st May: This is the last date to give employees a P60 form for the previous tax year.
6th July: On this date, copies of P11d documents from the previous tax year must be issued to employees.
31st July: This is the deadline for the 2nd payment on account for the previous tax year. If you have to make payments on account, this date is when the second installment is due. Payments on account act as advance payments towards your tax bill for the next year.
5th October: This is the deadline to register with the HMRC if you became self-employed or started receiving income from property during the previous tax year.
31st October: This is the deadline for submitting your paper self-assessment tax return for the previous tax year.
30th December: If you are submitting your self-assessment tax returns online for the previous tax year, this is the deadline.
What are the Key PAYE and National Insurance Deadlines?
If you are an employer, the PAYE (Pay As You Earn) system is used to collect National Insurance Contributions (NICs) and income tax from employees’ salaries. Key dates you should be aware of include:
5th April: This is the deadline for claiming your PAYE tax refund for the previous tax year.
19th and 22nd of each month: Employees should submit PAYE information to HMRC through the Full Payment Submission by the 19th of every month. This should include details of employee pay and relevant deductions for the previous tax month. If your PAYE is paid electronically, this should be done by the 22nd of each month.
19th May: This is the end-of-year PAYE filing deadline, by which employers must submit the final Full Payment Submission (FPS) for the previous tax year. This includes submitting the P60 form to each employee, summarising their total pay and deductions for the year.
31st May: By this date, copies of P60 documents for the previous tax year must be issued to employees.
6th July: Copies of P11d and P11D(b) documents, detailing any benefits and expenses provided to employees during the previous tax year, must be issued to employees by this date.
What are the Key Deadlines for Company Tax?
If you run a limited company in the UK, you need to be aware of the following company tax deadlines:
- Deadline for tax return – the deadline for filing your company tax return (CT600) is 12 months after the end of your company’s accounting period. If you miss the deadline, you have to pay a penalty for late filing.
- Deadline for Corporation Tax bill – the deadline for paying your Corporation Tax is usually 9 months and one day after the end of the accounting period.
What are the VAT Deadlines you Must Know?
Any VAT-registered businesses should be aware of the key dates for submitting VAT returns and payments:
- VAT returns and payments – these payments are typically due one month and seven days after the end of each VAT period
- VAT Annual Accounting Scheme deadline – if you’re on the VAT Annual Accounting Scheme, your VAT return and payment will be due on the 7th of the month following the end of your VAT year.
What are the Deadlines for Capital Gains Tax?
If you sell an asset that results in a profit, you may be liable for Capital Gains Tax (CGT). If this is the case, you must report by 31st December in the tax year following the period you made your gain and make the payment by 31st January along with your self-assessment tax return.
For UK property sales, you need to report and pay any Capital Gains Tax owed within 60 days of the property sale.
