Tax Calendar 2018/19: Important Dates for Your Diary
The new tax year began on 6 April 2018, and now is the perfect time to look at the tax year ahead and start planning for the important dates.
By having a plan in place, you can avoid last-minute panics and stay on top of all your tax obligations so there is less risk of falling behind and having to pay fines.
Here are the important dates for the 2018/19 tax year so you can start planning now.
31 May 2018
This is the first important date of the 2018/19 tax year. Today is the deadline for employers to distribute P60 documents to their employees for the 2017/18 tax year. So if you have any P60 documents to hand out, make sure you have done so by today.
31 July 2018
Today is the deadline for the second payment on account for the 2017/18 tax year. These are advance payments for the coming tax year. The first payment is in January, so make sure you have made the second payment by this date.
5 October 2018
5 October is the deadline for Self Assessment registration for the self-employed. If you have become self-employed but have not told HMRC yet, you need to do this by today. If you do not do so, you could face financial penalties. You will need to register on the Gov.uk website and apply for your Unique Taxpayer Reference (UTR). Using this reference number, you will be able to submit future tax returns.
31 October 2018
The last day of October is the deadline for submitting the paper tax return. While HMRC is moving towards online Self Assessments, you can still submit yours by paper if you want to. However, you will have less time to do so because the deadline is three months earlier than the online self-assessment deadline.
Although there is no date set for the Autumn Budget, it is likely to be held during November. In 2017, it was held on November 22, so expect it to arrive at a similar time in 2018.
30 December 2018
This is the deadline for tax returns if you would prefer HMRC to collect your tax through PAYE. However, this is only an option for people who owe under £3,000 in tax.
31 January 2019
This is the deadline for the online Self Assessment submission, and you face potentially large penalties for missing the deadline. Play it safe by getting yours submitted well in advance. This is also the deadline for the first payment on account.
The Spring Statement is likely to be held in March, just like it was in 2018 when it was held on March 13. Make a note of this when the date is announced because it might include a number of important updates that affect your business.
5 April 2019
This is the last day of the tax year, and it all starts again.
Make a Note of the Dates
Always keep an eye on the important tax dates and plan well in advance for them. Try to avoid leaving everything to the last minute and make sure you meet your tax obligations to avoid penalties and focus on running your business rather than dealing with tax problems.
If you want us to help you meet all of your tax obligations on time without having to worry about missing any important deadlines, just let us know. We will keep everything on track and remind you well in advance of any information we need so that you can focus on running your business.