Getting prepared for upcoming tax dates is vital if you want to be ready for your deadlines and avoid any fees from HMRC.
Knowing your tax deadlines in advance means you’ll be able to save and put aside an accurate amount of money for returns and payments on account, so you won’t overspend and end up owing a fine.
So, if this year’s Self Assessment deadline left you in a hectic panic, listen up, because these are the dates you’ll need to know for the rest of the year!
6th April 2017
This date marks the beginning of the 2017/18 tax year. Any changes to the National Living Wage will occur now, and if you’re an employer you have a responsibility to enforce the change in pay or face a fine from HMRC.
19th April 2017
Class 1 National Insurance Contributions (NICs) deadline for non-electronic payment.
22nd April 2017
Class 1 NICs deadline for online payment.
19th July 2017
Second payment on account non-electronic payment deadline for 2016/17 tax year.
31st July 2017
Second payment on account online payment deadline for 2016/17 tax year.
5th October 2017
Deadline to register for Self Assessment.
Deadline for filing paper copies of Self Assessment returns.
31st January 2018
Deadline to file your 2017/18 Self Assessment tax return. You’ll need to provide information to HMRC of all your personal income for this tax year.
This is also the date your first payment on account is due, meaning 50% of tax owed to HMRC must be paid.
Now you’ve got them all in front of you, make a list of the dates that are relevant to you and put them in your diary so you can prepare for them in advance and avoid any fines.
Pandle can help you manage your tax deadlines and prepare for tax return submissions. Sign up for a free account today to start getting your records prepared.