If you complete a Self Assessment tax return, a handful of dates really matter. Miss them and HMRC charges penalties and interest, even if you have no tax to pay. Here is what to put in your calendar.
The dates that matter
5 October. If this is your first time filing, you need to register for Self Assessment by 5 October following the end of the tax year you need to report. Leave it later and you risk a penalty for failing to notify.
31 October. The deadline for a paper tax return. Almost everyone files online now, so this one rarely applies, but it is worth knowing.
31 January. The big one. Your online tax return for the previous tax year is due, and so is any tax you owe. If you make payments on account, your first instalment is also due now.
31 July. Your second payment on account, if you make them, is due.
What are payments on account?
Payments on account are advance payments towards your next tax bill. If your Self Assessment bill is over £1,000, HMRC usually asks for two payments on account, each one half of your previous year’s bill. They catch a lot of people out in their second year of trading, because you can end up paying one and a half years of tax at once.
We always explain your payments on account clearly, well ahead of time, so there are no nasty surprises in January.
How to never miss a deadline
The simplest answer is to have an accountant who tracks the dates for you. We prepare your return in good time, tell you exactly what you owe and when, and file it for you. No last minute scramble, no penalties.
If you would like that off your plate, get your instant quote and see your fixed monthly fee in under a minute.