At Profile, Chartered Accountants, we are passionate about keeping business owners up to date with all of the critical deadlines that they need to know about to avoid any penalties from HMRC. Below is a list of the upcoming key tax deadlines and tax return dates that should be marked on your calendar.
5 October 2018 – Deadline for Self Assessment Registration
If you have only recently become self-employed, a freelancer or generated additional income in the last tax year, then this date is an important one. The last date that you can register for self-assessment for the 2017/18 tax year is 5 October 2018; make sure you’ve notified HMRC.
Register online to get your taxpayer reference and then use this to complete the form with HMRC. A failure to comply with this deadline can result in a fine of up to 30% of your total tax bill. The fine as mentioned earlier is substantial; ensure you take the proper steps to avoid it.
31 October 2018 – Paper Tax Return Submission
If you plan to submit a paper tax return, then this is the last day on which you will be able to do so. If you miss this deadline, then it is possible still to submit a return online, as there is a secondary deadline for this. This deadline is for those that have additional income on top of salaries and wages and where tax have not been collected by wage deductions.
31 January 2019 – Online Tax Return Submission and deadline for tax payments
This secondary date is for those that wish to submit their tax return online. The online process is a more straightforward, more expedient process that can be useful for business owners. Through the online portal, it’s easy to submit the tax return and also look back on previous returns.
If you miss this deadline you will receive a fine. For those that have missed this deadline in the past, the fines may be increased. Be prepared with your submission and take into account any festive holidays that may increase the length of time you have to work on this. Calculate your submission online and arrange for payment at the next available date to ensure you don’t incur a fine for late payment.
This is also the date that you need to make a final payment in respect of your 2017/18 tax year together with a payment on account in respect of your 2018/19 tax year; make sure you know how much to pay by this date in order to avoid any penalties and interest.
31 July 2019 – Second payment on account for 2018/19
Another critical day to remember, this is the date by which you need to make your second payment on account in respect of the 2018/19 tax year. Missing this deadline may result in interest being charged by HMRC on a daily basis until payment is made.
You can inform HMRC that you wish to pay less tax on account in respect of the 2018/19 tax year if you are expecting reduced income for that year.
Make sure that you adhere to these dates within your business calendar, or you might just run out of time to submit this essential paperwork. Contact the team at Profile, Chartered Accountants for help getting your accounts in order, and avoid any additional penalties from HMRC.