TAX BASICS

The UK Tax Year Dates Everyone must know – TaxTotal

You can earn certain allowances and tax-free income during a tax year. Apart from those, you are entitled to pay tax on the income you generate across the tax year. Knowing the UK tax year dates can assist you in planning your personal financial budget and ensuring that any tax deadlines are met. It is crucial that you know the important deadlines for filing your tax return to avoid further penalties. For example, if you are working under PAYE, you may only claim back overpaid tax for the previous four tax years.

What is the UK Tax Year Period?

The UK Tax year starts from April 6th to – April 5th. The tax year is a 12-month term that you have to follow while dealing with your tax issues for both employed and self-employed income taxpayers.

What is the Deadline for Self Assessments in the UK?

  • October 5th – Self-Assessment Registration
  • October 31st – Income Tax Filing deadline (paper)
  • January 31st – Income Tax Filing deadline (online)

The UK Tax year Payment Deadlines

  • January 31st – Income tax payment deadline
  • July 31st – If you make advances on your bill, known as payments on accounts, you may have a second payment date.
  • October 31st – Class 2 National Insurance Contribution Deadline

Who must file for Self-Assessment Tax Return?

You must file for a tax return if you meet any of the following criteria:

  • if you worked as a sole trader’ and made more than £1,000 (before taking off anything you can claim tax relief on)
  • if you are a co-partner in a business

You will also need to file for a Self-Assessment Tax return to claim any allowances and benefits like the Child-benefit.

What is the penalty for missing the tax deadline?

Due to the pandemic, you will not get a penalty if you have submitted your online return by February 28th 2022. 

You will also be free from late payment penalties if you pay your tax in full or enter into a payment plan before April 1st, 2022.

If you pay after the Self Assessment tax deadline of January 31st 2022. However, you are still charged interest starting on February 1st 2022.

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Sidharth Bharthan Menon
CEO, taxtotal​