It’s early summer – we’re into the new tax year. Most people won’t have started thinking about their personal tax return yet. But, did you know that if you get your return in before 31 July and your liability is lower than it was last year (and assuming you haven’t elected to reduce your payments already), the amount you owe on 31 July as a payment on account will automatically reduce as a result?
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It’s early June – we’re into the new tax year. Most people won’t have started thinking about their personal tax return yet. But, there are some real advantages to getting it done early.
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The deadline for filing a self-assessment tax return is 31 January 2024.
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The deadline for filing your 2021.22 tax return is fast approaching. If you haven’t gotten round to completing it yet, we might be able to help!
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As we approach the end of January, the personal tax return self-assessment deadline is looming. However, for the 2020/21 return due on 31 January 2022, HMRC is waiving late filing and late payment penalties for one month. This means that penalties will not be triggered unless the return is filed, or payment made after 28 February 2022.
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Christmas is just around the corner. And - just beyond - is the deadline for filing your 2020.21 self-assessment tax return.
It must be with HMRC by 31 January 2022, but if you haven’t got round to completing it yet, or are concerned about a large liability – don’t worry! You are not alone, and we might be able to help. We might even be able to reduce your liability with some tax planning suggestions.
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The deadline for filing your 2018.19 self-assessment tax return is 31 January 2020. If you haven’t got round to completing it yet, or are concerned about a large liability – don’t worry! You are not alone, and we might be able to help. We might even be able to reduce your liability with some tax planning suggestions.
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When you calculate the tax you owe through self-assessment, HMRC ask you to make ‘Payments on Account’ (‘POAs’) towards your liability for the following tax year. By default, these are set at the same level as the previous tax year’s liability.
The first of these payments is due on 31 January in the tax year to which it relates, and the second is due on 31 July following the end of the tax year. For example, POAs for the 2018/19 tax year (6 April 2018 to 5 April 2019) are due on 31 January 2019 and 31 July 2019 and calculated based on the level of your tax liability for the previous tax year, 2017/18.
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Now that the Christmas and New Year celebrations have drawn to a close, it’s time to start thinking about less exciting things - like tax.
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We are fast approaching 31 July, which marks the date when the second payment on account for those taxed through self-assessment becomes due.
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