It’s nobody’s favourite ‘to do’ task, but being suitably organised can really take the stress off handling your own tax affairs. Read below a list of important 2015/2016 tax year dates for the tax period that runs from 6th April 2015 to 5th April 2016 and we’ve included some extra bits of useful information.
Not everything will be applicable to your own situation, so we suggest that you read through everything, highlight your tax essentials and get these dates into your working diary. Consider how much time you will need to prepare for certain deadlines and plan that into your existing workload.
Remember, not even finding that box of receipts will actually turn out to be a five minute job. There is time to prepare for all of HMRC’s requirements; it just can’t all be achieved on the day before the deadline date!
Tax Dates Calendar for 2015-16 Tax Year
April 2015
6th – the first day of the 2015 – 16 tax year
– self-employed taxpayers and those who have property income should locate the necessary paperwork for their 2014-15 tax return.
– employed tax payers need to claim any tax back they are owed from the 2011/2012 tax year before the 6th April.
May 2015
31st – Employees will receive their 2014-15 P60 documentation.
July 2015
6th – Employees will get their P11d paperwork given to them for the 2014-15 tax year.
31st – This is the deadline for paying your second self-assessment instalment for the previous (2014-15) tax year. This rule doesn’t apply if 2014-15 is the first year that you completed a self-assessment tax return. If your tax return is already submitted then you have probably also paid your first amount that was due on 31st January 2015. You might have to make a second payment on the account, depending on your tax situation in 2013-14. Any payments on account are included in your total tax bill for 2014-15 tax year.
October 2015
5th – If you make any income from property or are self-employed, then you must inform HMRC by this date. As with most things ‘HMRC’ – there’s a form for that! You need an SA1 form for non-self-employed earnings and self-employed taxpayers need to complete a CWF1 form.
31st – If you are going the traditional route of a paper self-assessment tax return, then this is your final deadline for submission for the tax year that ends on 5th April 2015. Remember that lateness usually incurs a sizeable fine. Don’t panic if you aren’t fully organised, the online deadline isn’t until 31st January 2016.
December 2015
30th – HMRC can spread up to £3,000 of your 2014-15 tax bill over 12 months by collecting it through your PAYE tax code. If you want to use this option, then your self-assessment tax return must be with HMRC by 30th December 2015.
January 2016
31st – deadline for online 2014-15 self-assessment tax returns
– Your first self-assessment payment is due for the tax year ending on 5th April 2016.
– Any self-assessment ‘balancing payments’ for the 2014-15 tax year must be settled.
February 2016
1st – If HMRC sent your 2014-15 tax return before the 1st November 2015 and you still haven’t sent it back, then today’s the day you will be issued with an automatic £100 fine. From 31st January 2015, any unpaid tax for 2014-15 will also start to amass interest.
April 2016
5th – The final day of the 2015-16 tax year.
– This is the deadline for reclaiming any overpaid tax for the 2010-11 tax year within the self-assessment system.
– If you want to claim your PAYE tax refund for 2011-12 tax year, then this is your deadline date.
6th – Notices for tax return submissions and self-assessment tax returns are sent out by HMRC for the tax year that ends on 5th April 2016.
Don’t waste your time worrying or waste your money on fines – get your tax year organised!
