A lot of businesses forget the below and fall foul of penalties!

31 January – deadline for filing self-assessment tax returns and paying personal tax liabilities

 

5 April – fiscal tax year end

 

31 May – deadline for providing P60’s to employees

 

6 July – deadline for filing P11D’s & P11D(b) and providing P11D’s to employees

 

22 July – deadline for paying Class 1A National Insurance

 

31 July – deadline for paying second payment on account for self-assessment tax

 

5 October – deadline for registering for self-assessment

 

31 October – deadline for filing paper copy self-assessment tax returns

 

30 December – deadline for filing self-assessment tax returns if you want the tax to be collected through your PAYE code

 

 

Penalties & Interest

 

Self-assessment Tax Returns

£100 automatic late filing penalty

Additional £10 per day up to £900 maximum for self-assessment tax returns filed up to 3 months late

Additional £300 or 5% of tax due for self-assessment tax returns filed up to 6 months late

Additional £300 or 5% of tax due for self-assessment tax returns filed more than 12 months late

Plus interest due on tax paid late until the liability is settled in full

 

All the above is supplied courtesy of Brenda Coombes