Those who have suffered penalties in the past probably know what should be done before hitting those deadlines. But, those who do not know what is to be done, here is a list of important tax dates and deadlines.
In the UK, it is important that all the self-employed and individuals bookmark these dates and do the required before these dates arrive.
Key tax dates and deadlines for April 2015:
• 5th April – End of 2014/15 tax year. This is the last date for individuals to use their annual exemptions for ISA allowances.
• 6th April– Start of 2015/2016 tax year. With the new tax year commencement, basic personal allowance is increased to £10,600 from £10,000.
• 7th April – Last date for VAT returns and payments due for Accounting Quarter period ending 28 February.
• 19th April – Deadline for final submission made to HMRC under RTI for the year and postal payments of PAYE, NICs and CIS tax to HMRC.
• 30th April – Last date to avoid additional penalty on outstanding 2013/14 Self Assessment tax returns. The additional penalty is £10 per day to a maximum of 90 days.
For employers only:
• 1st April– For 2014/15, corporation tax rate for companies will reduce to 20%
• 6th April– Starting today, employers should check their payroll software including 2015-16 changes and employees tax codes changes for the 2015/16 year.
• 17th April – Final date for Full Payment Submission (FPS) for the 2014-15 year. FPS with yearend PAYE information made under Real Time Information (RTI) is no longer mandatory.
• 17th April (22nd if paid electronically) – Final date for payments of 1st quarter PAYE/Nat. Ins. due for the period between 6th Jan to 5th April 2015.
• 17th April (22nd if paid electronically) – Final date for payments of PAYE, NICs & CIS monthly deductions due to HMRC.
To stay away from penalties, you need ensure to do all the necessary work before hitting the deadlines. You can also take help from specialist accountants who can offer you expert advice on tax matters and help you from not getting any penalties in the future.
