What is the U.K. tax year?
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Knowing the various deadlines for filing your taxes in the U.K. is important. You will not only stay on top of your accounts but also avoid any late penalty fees.
What are the U.K. tax year dates and filing deadlines?
In the U.K., the calendar year differs from the tax year. While the calendar year runs from January to December, the tax year starts on 6 April of each calendar year and ends on 5 April of the following year.
Tax filing deadlines
The deadline to register for Self Assessment is 5 October. If you want to file your income tax using a paper copy, you must meet the 31 October deadline. Alternatively, if you want to complete it online, you must complete it by 31 January.
Tax payment deadlines
The deadline to pay your income tax falls on 31 January. The Class 2 National Insurance Contribution (NIC) deadline is 31 October. If you’re self-employed, you’ll make your second payment before 31 July.
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Why is the U.K. tax year end important?
You need to know the dates and deadlines of the tax year so you can plan and stay on top of your finances. It also means you pay your taxes on time, avoid penalties, and receive tax refunds.
You should note that if you’re under the PAYE system, you have four years to claim tax refunds.
If you’re self-employed, you are responsible for declaring your earnings through Self Assessment forms and paying your own taxes. This differs from salaried employees, who pay taxes on their income through the PAYE (Pay As You Earn) system and get tax forms from their employers.
If you’re a salaried employee, earning an income through the PAYE system, you may occasionally need to file an extra tax return form. For example, if you receive extra income through investments, from overseas, or earn tips or commission through your line of work.
Employed tax year dates
To claim any tax relief when you’re a salaried employee and earn your income through the PAYE system, ensure you apply before the end of the tax year. Remember that you can only make a claim for the last four tax years.
What is Self Assessment?
Self Assessment is when you report your income, gains, and any expenses to HM Revenue & Customs (HMRC) for a tax period. You can do this by completing a tax return and calculating your own tax liability. You can either file your tax return online or send a paper form.
You may not need to register with HMRC or complete a Self Assessment tax return if your self-employment earnings are small. You can use the trading allowance instead.
The government is planning to set up a digital system for completing tax returns with the aim to make it easier for you to get your taxes right. It will integrate tax management software and enhance productivity by encouraging a move toward digitalization. They will also offer improved accuracy through digital records.
The system is going to be available from 6 April 2026 for self-employed individuals and from April 2027 for landlords.
Self Assessment filing dates
There are extra tax dates to remember when you’re self-employed. Apart from filing a self-assessment form to declare your income, you will need to provide additional documentation when paying taxes.
Self-employed tax year dates
When you’re self-employed, it’s your responsibility to complete your Self Assessment tax return on time to avoid paying penalties and ending up paying more in taxes than you should.
For self-employed workers in 2023, the following dates are important to remember:
30 December 2022: Submit your online Self Assessment tax return for the 2021/2022 tax year ending 5 April 2022.
31 January 2023: Online submission of Self Assessment tax returns for the tax year 2022/2023. You also need to pay any unpaid taxes for the same tax year.
5 April 2023: The 2022/2023 tax year ends, and it’s the last day to claim tax refunds from Self Assessments in the last four tax years.
6 April 2023: The 2023/2024 tax year starts.
31 July 2023: The second payment is due for the 2022/2023 tax year.
5 October 2023: Register as a self-employed worker with HMRC for the current tax year.
31 October 2023: Submit your Self Assessment if you wish to fill out the hard copies for the 2022/2023 tax year. If you submit after this date, there will be a penalty even if you have no tax to pay.
30 December 2023: Deadline for online Self Assessment tax return submission for 2021/2022 tax year ending 5 April 2023.
If you have employment or pension income and want your self-employed tax to be collected by HMRC through the PAYE tax code, you will need to submit your online tax return by this date.
31 January 2024: Submit your online Self Assessment tax returns for the 2022/2023 tax year.
31 January 2024 (following the end of the tax year + 1 year): If you notice you made a mistake on your paper or online tax return you can make changes up to 12 months after 31 January. So, if you need to correct your 2021/2022 return, you can change it until 31 January 2024.
Final thoughts
It’s important to know the different deadlines for filing your taxes in the U.K. to avoid paying any penalties and making any claims on overpaid taxes.
Note that the calendar year differs from the tax year in the U.K. The tax year starts on 6 April of each calendar year and ends on 5 April of the following year.
As a self-employed individual, you will need to remember the different dates to file your taxes. You will need to complete your Self Assessment to report your income, gains, and any expenses to HM Revenue & Customs (HMRC) for a tax period.
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