Important Tax Dates for Self-Employed Professionals

March 23 2016, 0 Comments

When you are self employed, keeping on top of your tax and accounting is one of the most important things that you will do. Throughout the year there are several key dates that you need to be aware of, in terms of taxation, as you will need to have acted by each deadline.

As a self-employed professional, you will be required to file a self assessment tax return. The process is the way you advise HMRC of your income, gains and relevant expenses for a tax year. This is done through completing a tax return form that calculates your individual liability.

Below, we have listed the vital dates for the year that will keep you organised and clear of any penalties. Some dates may not apply to everyone but this is a general overview for when you will need to have taken action by.

So What Are the Key Dates?

April 5th 2016

  • This is the last day of the 2015/16 personal tax year.
  • A notice will be given shortly after this date in regards to filing your tax return.

April 6th 2016

  • Start of the 2016/17 personal tax year.

May 31st 2016

  • Copies of the 2015/16 P60 documents to be issued to employees, when applicable.

July 6th 2016

  • Copies of the 2015/16 P11D documents to be issued to employees, when applicable.

July 31st 2016

  • Deadline for the second self-assessed payment for the previous tax year which ended April 5th

Please Note: If in 2015/16, it is the first year year you’re submitting a return, this will not apply to you. Depending on your tax position for the 2014/15 year, if you’ve already sent in a tax return, you may be required to pay a secondary payment on the account (the first imbursement was payable by January 31st 2016). Any required payments constitute to your total tax due for 2015/16. 

October 5th 2016

  • You must have notified HMRC that you have income that has not been taxed before you received it or alternatively if your capital gains are in excess of £11,100 for 2015/16.
  • Deadline to register with HMRC if you became self-employed, through submission of CWF1 form for self-employment.

October 31st 2016

  • This is the deadline if you are sending a paper version of your tax return for the tax year ending April 5th (Penalties for late submissions will apply even if you have no tax to pay).

December 30th 2016

  • For those who file their self assessment tax returns online, this is the date you will need to submit it by if you want HMRC to collect your 2015/16 tax through your tax code (up to £3,000).
  • When income is £30,000 plus, even more tax may be collected through your tax code.

January 31st 2017

  • Deadline for online submission of 2015/16 self-assessment tax returns.
  • The deadline for the first self-assessment payment on account for year ending 5th April 2017.
  • Cut off point to pay the tax you owe on self assessment ‘balancing payments’ for tax year ending on the 6th April 2016.
  • If you realise that an entry on your tax return may be wrong, you can amend that return up to 12 months after January 31st following the end of the tax year.

February 1st 2017

  • If a return has not yet been submitted, an automatic £100 fine will be imposed if the HMRC issued you with 2015/16 tax return before the 1st of November 2016.
  • Interest will start to accumulate on any unpaid tax for the 2015/16 tax year which is still outstanding as of the 31st January 2017.