Tax Returns - What is Due When?
It's that time of year again when people start to think about their tax return. The deadline for submitting this year's return online is 31 January 2017. However, did you know that you may be able to pay your tax liability through PAYE? If this is your preference (and you are eligible) the tax return must be submitted by the earlier date of 30 December 2016. The 31 December is too late!
If the tax is not being collected through PAYE, the balancing payment is due 31 January 2017. Please note that if your tax bill is over £1,000 then you may also need to pay two payments on account for the next tax year, one of which is also due on 31 January 2017! For taxpayers in their first year of payments on account, this can be a nasty surprise if you don't find out about it until shortly before the payment deadline.
What if you're not already registered to submit a tax return? Strictly the deadline to register was 5 October 2016, however HMRC won't charge a penalty as long as you pay your tax bill in full by the deadline. It usually takes around 4 weeks to register, so don't delay - talk to us today.