Deadlines for Filing Income Tax Returns with the HMRC

Deadlines for Filing Income Tax Returns with the HMRC

Once again, certain tax deadlines are just around the corner. With many dates looming at the end of December or during the month of January, it is important to take a look at some of the most important time frames to take into consideration. Failing to file the appropriate tax return on time could result in financial penalties and a greater amount of governmental scrutiny. In particular, those who need to pay underpaid tax via the Pay as You Earn (PAYE) scheme will need to file before 30 December 2015 while online returns must be filed by 31 January 2016 (at the latest). Let us look at both of these concerns in a bit more detail to understand why each is significant.

Underpaid Taxes

There are times when those who are employed or who are currently receiving a pension may not have paid the required amount of tax during the previous fiscal year. In such an event, a form known as a P800 is sent out by the HMRC. This is normally received sometime after September if more tax needs to be paid to the government. In essence, this document illustrates all of the income that was liable for taxation. Some examples here can include normal wages, employee benefits and state benefits. These figures should be compared with those found on the P60 or on relevant bank statements. If less than £3,000 pounds is owed, the individual will need to submit a self-assessment return on or before 30 December 2015. This document will enable the government to make adjustments during the 2016-2017 year to collect any outstanding taxes.

Self-Assessment Tax Deadlines

Another important date not to be forgotten is the deadline to submit the normal self-assessment form for the 2014-2015 tax year. This must be received by Sunday, 31 January 2016. Please keep in mind that failure to submit this form or a late receipt can result in a fine of £100 pounds. Besides this self-assessment, the balance on one’s 2014-2015 tax liability and the initial 2015-2016 account payment will also be due on this date. Keep in mind that a self-assessment will be required in regards such circumstances as:

  • More than £10,000 pounds was earned during the previous tax year.
  • An individual has earned more than £2,500 in untaxed income.
  • One was self-employed during the 2014-2015 tax year.
  • Taxable income was generated from abroad.

Keep in mind that there are additional stipulations in regards to filing a self-assessment tax return and more information can be found by visiting the official website of the HMRC. Not only is filing these documents extremely important in order to avoid any penalties, but staying in accordance with such dates is an excellent way to avoid further scrutiny by the HMRC. Should one be confused as to which forms are needed or whether there may be underpaid tax obligations, it it always best to contact a professional in terms of advice.

 

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