As a taxpayer in the United Kingdom, it's important to keep track of important tax deadlines throughout the year to avoid penalties and ensure that you're meeting your tax obligations.
Here are some of the most important dates to remember:
- April 5th - End of the tax year
- The UK tax year runs from April 6th to April 5th the following year. This means that April 5th marks the end of the current tax year and the beginning of a new one. It's important to review your financial situation and ensure that you've made the most of any available tax allowances or deductions before the end of the tax year.
- January 31st - Self-Assessment tax return deadline
- If you're self-employed or have income that isn't taxed at source, you'll need to complete a Self-Assessment tax return each year. The deadline for online submissions is January 31st following the end of the tax year. If you miss this deadline, you could face penalties and interest charges.
- December 31st - Deadline for online tax returns if you want tax collected via PAYE
- If you owe less than £3,000 in tax and want it to be collected via your salary (PAYE), you'll need to file your tax return online by December 31st following the end of the tax year.
- July 31st - Payment deadline for the first payment on account
- If your tax bill for the previous year was over £1,000, you'll need to make two payments on account towards your next tax bill. The first payment is due on July 31st, and the second is due on January 31st the following year.
- October 31st - Paper tax return deadline
- If you prefer to file your tax return on paper, the deadline is October 31st following the end of the tax year. However, most taxpayers now file online, which has a later deadline of January 31st.
- April 6th - Deadline for opening a new Individual Savings Account (ISA)
- If you want to make the most of your annual ISA allowance (£20,000 in the 2022/23 tax year), you'll need to open a new ISA by April 6th. Any contributions made after this date will count towards the following tax year's allowance.
By staying on top of these dates and filing your tax returns on time, you can avoid penalties and ensure that you're meeting your tax obligations. If you're unsure about any of these deadlines or your tax situation, it's always a good idea to seek advice from a qualified tax professional.