With important dates looming in October, this article provides a summary of the deadlines that apply to the Self Assessment system.
Significant penalties and interest charges could be incurred if these deadlines are not adhered to.
Those already registered for Self Assessment will receive notice to file a tax return shortly after the end of the tax year. However, a tax return may need to be completed by someone who has not previously registered for a variety of reasons.
These can include receipt of income from UK land and property or receipt of untaxed income, where tax cannot be collected via PAYE, like investment.
Advice should be sought if there is any doubt as to whether a tax return is required.
The deadline for registration for the tax year that ended on April 5, 2014, is October 5. Registration can be completed online at www.gov.uk/register-for-self-assessment
The deadlines for submitting tax returns for 2013/14 are: October 31 for those in paper format; December 30 for online submission for those who owe less than £3,000 and would like HMRC to collect tax via their PAYE tax code; and January 31, 2015 for online submission of remaining returns.
For Capital Gains Tax liability and balance of any income tax liability for 2013/14, the payment deadline is January 31.
For payment on account, where applicable, toward eventual Income Tax liability for 2014/15, the first payment is due by January 31, 2015, with the second payment made by July 31, 2015.
For further information or assistance, contact Lynn Miller of Rennie Welch LLP on email@example.com or 01573 224391.