9 April 2018

Key Dates for the new Tax Year

The new tax year for 2018/2019 is now underway and Build UK partner SimpleTax have provided the key dates for the upcoming 2018/2019 tax year.

31 July 2018 – Second Payment on Account for the 2017/18 tax year

Alongside your Self Assessment, you are also required to make two separate payments to HMRC in January and July. These are known as Payments on Account, and essentially serve as advanced payments to cover you for the upcoming tax year.

Each of the Payments on Account are 50% of your previous tax bill. The deadline for your second Payment on Account is July 31 2018. This is for the 2017/18 tax year, based on the tax liability for 2016/17.

5 October 2018 – Deadline for Self Assessment registration for the self-employed and freelancers, or additional income earners

If you have recently become self-employed or have received additional income in the last tax year (2017/18) but have yet to make HMRC aware of your change in employment status or income, you must notify them and register for Self Assessment by 5 October.

Register online on the GOV.UK website to receive your 10-digit Unique Taxpayer Reference.

31 October 2018 – Paper tax return submission

If you have income from PAYE and a tax bill of less than £3,000 and want this to be collected by wage deductions over 12 months from April 2019, you must submit your paper tax return by 31 October 2018.

You have slightly longer to submit your tax return online.

30 December 2018 – Online tax return submission

GOV.UK’s online service is useful for completing and submitting your tax return, and you can also check your details, look at your previous returns and print out a hard copy of your tax calculation.

Visit the GOV.UK website for more information about paying your Self Assessment tax bill through your tax code.

31 January 2019 – Self Assessment online tax return deadline and first Payment on Account for the 2018/19 tax year

If you’re earning any income outside of PAYE, you’ll need to submit a Self Assessment tax return, to tell HMRC what you earned and what you need to pay in tax.

Self Assessment submissions are due by midnight on 31 January, as is the first Payment on Account for the 2018/19 tax year. Any money owed from the previous tax year will also be due on this date.

6 April 2019 – 2018/19 tax year ends

To help keep track of your Income Tax Calculations, Build UK members receive a 25% discount on SimpleTax Self Assessment software. Visit their website here for more information.