Every year, thousands of people get fined because they miss tax deadlines. Many of these fines could have been avoided by knowing the important tax dates in the financial year.
If you are required to file a Self-Assessment Tax Return you need to memorise midnight on the 31st January as the deadline for online submission. The deadline is not only for submitting your Self-Assessment Tax Return but also for making the payment to HMRC for the full amount owed. If you don’t owe any money you could still receive an automatic fine of £100 if your tax return is not submitted by the deadline.
If you do not have access to the internet or would rather fill out your tax return by hand you can submit your tax return manually. This however, has a different cut-off date to the online submissions, 3 months earlier, on the 31st October.
Not sure if you need to submit a tax return? Here is a clever tool to help you decide: https://www.gov.uk/check-if-you-need-a-tax-return
There are many key dates throughout the financial year that, as a self-employed person, you need to be aware of. We at The Financial Management Centre have created an infographic, below, to show these important dates. If you think this may help others too please feel free to share on social media.