April 5th: End of the Tax Year
The UK tax year runs from April 6th to April 5th of the following year. This date marks the end of the fiscal year, and businesses must ensure that their financial records are up-to-date and accurate for tax purposes.
January 31st: Self-Assessment Tax Return Deadline
For individuals and businesses who file self-assessment tax returns, January 31st is a critical date. This is the deadline for submitting tax returns online and paying any outstanding tax liabilities. Failure to meet this deadline may result in penalties and interest charges.
April 6th: Start of the New Tax Year
As one tax year closes, another begins. Businesses should be prepared for any changes in tax rates, allowances, or regulations that may come into effect with the start of the new tax year.
July 31st: First Payment on Account Deadline
Individuals who have to make payments on account towards their self assessment tax bill are required to make the second payment by July 31st. This payment is an estimate based on the previous year's tax liability.
October 5th: Register for Self-Assessment Deadline
If you are self-employed or have additional income that requires you to file a self-assessment tax return, you must register with HMRC by October 5th following the end of the tax year in which you need to file. If you registered and filed a tax return last year, you don't need to register again. However, if you filed a tax return last year but aren't planning on filing one this year, you need to let HMRC know.
October 31st: Paper Tax Return Deadline
For those who prefer filing paper tax returns rather than using the online system, the deadline is October 31st. It's important to note that the majority of taxpayers now file online, as HMRC encourages the use of digital services.