Important dates for the UK tax year

The UK tax year starts on the 6th April each year and ends on the 5th April the following. For example: the 2020/2021 tax year starts on the 6th April 2020 and ends on the 5th April 2021.

There are a number of key dates for paying taxes, filing returns, making claims, and issuing or submitting tax-related documents. These dates will vary and is important to be aware of what these dates are. If you are not aware of them, this can result in missing the dates and receiving fines and penalties from HMRC.

 

Self-Assessment Key Dates

The deadlines for submitting a tax return under Self-Assessment are different and not to be confused with the end of the tax year. A self-assessment tax return needs to be completed and filed at HMRC by the 31^ST January if being submitted online. If you are filing a paper tax return, the deadline to complete and submit will be 31^st October.

For example, if you are submitting a tax return online, you have 9 months and 26 days to get the tax return filed from the end of the tax year (5^th April).

If you are submitting a paper tax return, you have 6 months and 26 days to get the tax return filed from the end of the tax year.

● 31 January – Self-assessment tax is due

● 31 January – First payment on account is due (Payments on account are advance payments towards your tax liability for the year if you complete a Self Assessment tax return, you will only pay this if your tax is over £1000)

● 31st July – second payment on account due

 

CIS key dates

A contractor who uses subcontractors to carry out construction work should register for the Construction Industry Scheme (CIS) with HMRC. Subcontractors might be self-employed individuals or a company and should also register with HMRC under CIS.

CIS returns must be submitted by the 19th of every month, with the details of the previous tax month’s activities. Contractors must file their CIS Monthly Return within 14 days of the end of the tax month, which ends on the 5th day of the month. The details you provide on your CIS return show HMRC which subcontractors you have paid, as well as the amount of pay and any deductions. This helps makes sure that everyone pays the right amount of tax.

 

PAYE key dates

● 5th April – The final day of the tax year for employees and employers.

● 6th April – The first day of the new tax year for employees and employers.

● 31st May – For employers, this is the final date for giving employees a P60 form. The P60 summarises their total pay and deductions for the year.

● 6th July – For employers, this is the final date for submitting a P11d form to HMRC and giving employees a copy. This form provides information on any taxable benefits or expenses paid to employees or directors in the previous tax year.

● 19^th July – PAYE and Class 1 A NIC payment deadline for non-electronic payment methods

● 22^nd July – PAYE and Class 1 A NIC payment due date for electronic payment methods

● 19^th of the month – PAYE and NICs payment deadline date for non-electronic methods

● 22^nd of the month – PAYE and NICs payment deadline for electronic methods

● 19^th October – PAYE and Class 1 B NIC payment due date for non-electronic payment methods

● 22^nd October – PAYE and Class 1 B NIC payment due date for electronic methods