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What you need to know for the end of the UK tax year

10.03.15

The end of the current tax year in the United Kingdom rapidly approaches so we asked the international tax filing specialists at Taxback.com to remind us what does the new tax year mean for the self-assessed individuals in the UK.

The tax year in England finishes on the 5th of April.  On the 6^th of April HMRC will issue Self- Assessment Returns and Notices to Complete a Return for the tax year ending 5 April 2015. If you are self-employed or have property income, you’ll need to start organising detailed records from this date to be able to do your tax return for the financial year 2014/15.

Below we have summarized the key dates and events throughout the new tax year ahead which concern you as a self-employed person.  

31 July 2015

Deadline for second Self-Assessment payment on account for tax year ended 5 April 2015. This doesn’t apply to you if 2014/15 is your first year completing a tax return. If you have already done one tax return, you’ll be given an estimated amount to pay HMRC based on what you earned in the previous tax year. This payment goes towards your total tax owed for the year 2014/15. You should have already made your first payment on account for this tax year back in January.

05 October 2015

Deadline to notify chargeability for Income Tax/ Capital Gains Tax for 2014/15 if not registered for Self-Assessment. You need to complete form CWF1 for self-employment or form SA1 for non-self-employed income.

31 October 2015

Deadline for paper submission of Self-Assessment tax returns for tax year ended 5 April 2015. If you want to submit a paper return, you need to have it in by this date otherwise you could be fined. However, if you miss this date you still have until January 31st to file it online.

1 November 2015 

Paper Returns for 2014/15 submitted from now will attract a £100 penalty.

31January 2016

Deadline for online submission of Self-Assessment tax returns for tax year ended 5 April 2015.

Deadline for paying Self-Assessment ‘balancing payments’ for tax year ended 5 April 2015.

Deadline for first Self-Assessment payment on account for tax year ended 5 April 2015.

If you need any help with your UK tax affairs do not hesitate to register for professional assistance here!Taxback.com has been providing tax return services for people working in the UK since 1996. Leave all the hassle to the professionals and spend more time doing the things you enjoy!

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