Excite

Key UK tax year dates 2014 2015

As just about everyone knows, the tax year runs from April to April rather than Jauary to December. Apart from that, do you know the other key UK tax year dates for 2014 2015?
    wikimedia commons

Tax returns

Whether you're an individual interested in the tax return dates, or a business keen to find out when P60s and annual PAYE paperwork needs to be completed, the unforgiving nature of missing financial deadlines means you'll need to make some reminders in order to fulfil your tax obligations.

Key dates

The first day of the 2014 / 2015 financial year was April 6th. The tax year ends on April 2015. In between there at self-assessment tax deadlines and other important dates that we're outlining below.

Deadlines for self-assessment tax

  • 6 April 2014 - first day of new tax year
  • 31 October 2014 - deadline for paper submission of self-assessment for tax year ending April 5 2014
  • 31 January 2015 - deadline for online submission of self-assessment for tax year ending April 5 2014

Key deadlines for business owners

  • 31 May 2014 - last date for giving a P60 form to employees
  • 6 July 2014 - last date to give forms P9D and P11D to relevant employees

Penalties for missing deadline

If you’re self-employed, you’ll need to complete a self-assessment form. There are financial penalties for missing the deadlines so it pays to be aware of them. Missing the deadline by one day leads to a £100 fine from HMRC. Even if you have no tax to pay or have paid the tax you owe, you’ll be fined. But there are higher fines the longer you leave it. In addition to the £100 fixed penalty, you’ll have to pay £10 for each day missed over the first 90 days. That’s a possible £1,000 fine if you’re 3 months late. In the case of a partnership tax return, each partner pays the fines outlined above. You can find out more about the fines handed out by HMRC at hmrc.gov.uk/sa/deadlines-penalties.

Final word

Check out hmrc.gov.uk if you still have questions about tax dates for 2014 / 2015.

United Kingdom - Excite Network Copyright ©1995 - 2017