The UK tax year runs from April 6th to April 5th of the following year. This calendar can be confusing, but let’s look into it more so we can handle tax deadlines effectively.

Brief overview of the UK tax year

The UK tax year starts on 6th April and ends on 5th April the following year. This schedule might seem a bit unusual compared to the calendar year used by most countries, which starts on January 1st.

The reason for this oddity dates back to medieval times and changes in the Julian calendar to align with the Gregorian calendar, introduced by Pope Gregory XIII.

During this period, individuals and businesses organise their finances according to this timeline. For instance, self-employed workers calculate income tax due based on earnings between these dates.

Companies House mandates limited companies to submit annual accounts in this timeframe. Key deadlines within the fiscal year include submitting online self-assessment tax returns by 31st January, paper returns by 31st October following the end of the tax year, and making payment for any owed taxes also by 31st January.

These key dates ensure taxpayers remain compliant with HM Revenue requirements, avoiding penalties for late submissions or payments.

Deadlines for Self Assessment Tax Returns

The deadline for informing HMRC of the need to file must be me to avoid penalties and interest charges.

Deadline for informing HMRC of the need to file

You must tell HM Revenue and Customs (HMRC) if you need to submit a self-assessment tax return by the 5th of October following the end of the tax year. For instance, for the tax year ending on 5th April 2023, inform them by 5th October 2023.

If you are self-employed, received income from renting out property, or made capital gains over your allowance, contacting HMRC on time ensures you meet legal obligations. Failing to do so can lead to penalties.

Paper return submission deadline

After notifying HMRC that a tax return is needed. If you are filing a paper return, then you should do this by 31 October after the end of the tax year. 

This deadline gives enough time past the end of the tax year on 5 April to manage your finances, including potential pension contributions and charitable donations that might influence your tax liability.

Online return submission deadline

The deadline for submitting an online Self Assessment tax return is 31st January following the end of the tax year. For example, for the tax year ending on 5th April 2021, you must submit your online form by midnight on 31st January 2022.

Filing before this date ensures you avoid late filing penalties. These can add up quickly if ignored; starting from a £100 fine right after the deadline passes. Many use government services provided on HMRC’s official website or software compatible with HMRC’s systems.

Deadline for paying owed taxes

For those who are self-employed, the cut-off for making a primary tax payment is 31st January following the end of the tax year. 

A subsequent tax payment is required by 31st July after the close of that tax year, known as payment on account. Each payment is calculated based half on your previous tax bill. 

Corporations have varying deadlines to reconcile their corporation tax. It’s necessary to settle this within nine months and one day post the termination of their accounting period.

If you have a limited company, monitoring your company’s financial concluding date is vital to fulfil this obligation promptly.

Key Dates for Limited Companies

Limited companies have specific key dates to keep in mind, including the annual accounts filing deadline, corporation tax payment deadline, tax year end/start, and issue of P60 tax forms.

Annual accounts filing deadline

Companies must file their annual accounts with Companies House by the end of their accounting period each year. This date marks 12 months after the start of your financial year. For example, if your company’s financial year starts on 1st April, you need to file by 31st March the following year.

Filing late can result in penalties.

Corporation tax payment deadline

Limited companies must pay their corporation tax within nine months and one day after the end of their accounting period. For instance, if your accounting period ends on 31st March, you need to settle your corporation tax by 1st January of the following year.

Your finance team plays a key role in ensuring you meet this deadline. They should use accountancy software to keep track of all due dates including this payment deadline.

Tax year end/start

The UK tax year ends on 5th April. The first day of the tax year is 6th April. 

Issue of P60 tax forms

After the tax year ends, employees should get P60 tax forms. These forms give a summary of an individual’s total pay and deductions for the previous tax year, including any taxable benefits.

Employers must issue P60 forms to their employees by May 31st each year. Keep this document safe as it may be required when applying for loans or mortgages and can serve as proof of income when claiming certain benefits.

Other Important Tax Dates

Filing of P11D forms

The filing of P11D forms is a crucial obligation for employers. These forms must be submitted to HMRC annually, detailing any expenses, benefits, or other taxable perks provided to employees and directors.

The deadline for submitting P11D forms is 6th July following the end of the tax year (5th April). It’s important to ensure that all relevant benefits and expenses are accurately reported on these forms to avoid potential penalties from HMRC.

Employers need to carefully consider all taxable elements relating to their employees when completing the P11D form. This includes company cars, health insurance, loans provided by the employer, and other non-cash benefits exceeding £1000 in value.

VAT reporting and registration deadlines

The deadline for submitting your VAT return is usually one month and seven days after the end of the accounting period. It’s important to ensure that you register for VAT if your taxable turnover goes above the threshold (£85,000 for the 2023-24 tax year) within a 12-month period or if you expect it to exceed this limit soon.

Payroll tax dates for employers

Employers in the United Kingdom should be conscious of payroll tax dates to ensure compliance with HMRC regulations. For PAYE (Pay As You Earn) taxes, employers are mandated to report information on payments and deductions made to employees throughout the year.

The deadline for submitting a P60 form to each employee is by 31st May annually. Employers should also be aware of Real-Time Information (RTI) reporting deadlines, ensuring that accurate data is submitted on or before each payday.

Employers must meet their obligations regarding National Insurance contributions. These contributions must be made by the 22nd of each month (or the 19th if paying by post).

Employers are responsible for providing employees with an annual statement of earnings and deductions as well as making payments towards apprenticeship levy if applicable.

Employers are expected to file employer annual returns online no later than April 19th following the end of the tax year. Failure to meet these important deadlines can result in penalties and interest charges from HMRC.

How I Manage My Tax 

I personally use Free Agent, an accountancy software website that tracks all my payments and deductions for me by being linked to my accounts. It shows me my earnings and expenses as the year goes on. It also estimates how much tax I will be due to pay based on my current earnings. This helps me plan how much I need to save.

I personally prefer to pay tax monthly, so I make a payment each month to HMRC. Though you could also put this into a high interest savings account so you earn interest on it before you send it to HMRC before the end of the tax year.