April 6th 2018 marked the start of the new tax year and we’re already a month in. The start of a new tax year is an ideal time to plan for the coming year and this means making a note of the crucial dates coming up so you can plan for them in advance. Here are some of the most important dates you should make a note of now:

July 31st, 2018

This is the second deadline date for your next payment on account (the first was in January). These are advance payments for the coming year’s tax bill and are designed to help you to spread the cost. They comprise of two payments both equal to 50% of your previous tax bill.

October 5th, 2018

October 5th is the deadline for registering for Self Assessment and is particularly important for those engaging in self-employed work (e.g. if you’ve recently starting freelancing).

Ideally, you should inform HMRC as soon as you become self-employed but this is the official deadline that you can submit your Self Assessment. Be careful though – there are penalties for failing to do so. Register here to get your Unique Taxpayer Reference and you will then use this when submitting your Self Assessment.

October 31st, 2018

If you want to submit a paper tax return rather than an online tax return, this is the final day you can do so for the 2017/18 tax year. Some people still prefer to submit their tax return by paper but be aware that the deadline is earlier than if you do it online.

December 30th, 2018

If you are in employment but also do some self-employed work on the side, you will still need to submit a Self Assessment. If your tax bill comes to less than £3,000, you might want HMRC to collect what you own via PAYE so that the money comes from your wages automatically. If so, this is the deadline day for submitting your Self Assessment.

January 31st, 2019

This is one of the most important dates to mark in the diary because it is the final deadline for the online Self Assessment for the 2017/18 tax year. If you forget to submit your Self Assessment by this date, you might have to pay a hefty fine.

April 6th, 2019

The next tax year begins. Now is the time to start planning for the tax year ahead all over again!

Getting ready for the new tax year – don’t miss any important dates

These are the most important dates for your calendar but there are others that might apply depending on your business. It’s always a good idea to get help if you are unsure of important dates or your tax obligations so you don’t miss any deadlines.

If you are unsure about your obligations, or you simply want to let someone else keep an eye on them for you, let us help you. We’ll keep on top of everything and provide you with plenty of notice for any details we require, so that you can get on with your work without worrying about missing any deadlines.