UK tax deadlines for individuals and partnerships
Tax/other obligation | Deadline | Penalty |
|---|---|---|
| Income Tax return (self assessment) | 31 January following the end of the tax year for electronic returns. 31 October following the end of the tax year for paper returns. | Depends on how late:
|
| Income Tax payments | 31 January balancing payment for the previous tax year and first payment on account of the current year. 31 July second payment on account for the current tax year. | Depends on how late:
|
| VAT (if registered) quarterly return and payment | 1 month and 7 days after quarter end | Surcharges can apply if you don’t file (or pay in full) by the deadline more than once in a 12 month period. Level of surcharge depends on turnover and number of failures, ranging from 2% to 15% of the VAT outstanding. |
| PAYE (if an employer) RTI return | On or before payment made to an employee | In year submissions:
|
| PAYE payment | 19th of each month (if making manual/electronic payment) unless arranged for a quarterly or annual scheme Class 1A NICs: 19th of July following the end of the tax year | Late monthly and quarterly payments:
|
| Tax credits renewal | 31 July | If deadline is missed:
|
Who is usually required to submit a personal tax return?
Those who:
- Are (or were) a company director*
- Are (or were) self-employed
- Earn an income from an overseas source, investment dividends or rental property
- Receive other income that is not taxed at source – for example capital gains or dividends
*A director whose only income is taxed under PAYE, or has no taxable income at all and who has not received a notice to a file a tax return, is not required to report to HMRC or to register for self-assessment.
Personal tax returns
HMRC requires certain individuals to complete a Self Assessment tax return form every year.
This could be because:
- You are, or were, a company director
- You are, or were, self-employed
You earn an income from:
- Overseas sources
- Investment dividends
- Rental property
- You receive other income that is not taxed at source - for example capital gains or dividends
Inheritance planning
Inheritance planning is key if you are likely to have assets in excess of £325,000.
There is a potential tax liability if your estate - your assets at the time of your death - exceeds this amount, but there are ways to reduce or even eliminate the liability. The legislation is complex, making the right advice critical.
We offer:
- A consultation with one of our experienced and regulated Financial Planners and Wealth Managers
- A comprehensive Inheritance tax UK planning review
- Specific tax advice and planning for you, and your partner, if applicable, to follow
Property tax
The purchase or sale of property in the UK is an important financial transaction. You must consider Capital Gains Tax (CGT) if you are selling your property.
When buying a property, you should be concerned with getting the best deal on your mortgage. In both cases, a review of your financial situation is recommended.
Our specialist UK mortgage advisors can provide you with advice on all the complicated tax aspects of buying, selling and letting property.