Article
Key tax dates you need to know if you are self-employed
Staying on top of key dates will ensure you stay on track, meet deadlines and avoid paying penalties and interest. We list the key dates sole traders need to be aware of in this concise guide.
By Catherine Heinen, FCCASummary of key dates
| 31st January | Deadline to submit self-assessment tax return online |
| Pay balance of tax for prior tax year | |
| Pay first payment on account, if applicable | |
| 5th April | End of tax year |
| 6th April | Start of tax year |
| 31st July | Pay second payment on account, if applicable |
| 5th October | Notify HMRC of chargeability to tax and NI after starting trade |
| 31st October | Deadline to submit tax return on paper |
| 30th December | Deadline to submit tax return if underpaid tax is to be collected by PAYE tax code |
31st January
This is the deadline for filing self-assessment tax returns as well as being the date that self assessment liabilities must be paid. If you are required to make payments on account, as well as paying the balance of tax for the previous tax year you will also be required to make your first payment on account for the current tax year. Details on paying your tax can be found here.
5th April
This is the end of the tax year and is an important date for tax planning. Tax planning means looking at your finances ahead of the end of the tax year and making decisions that may effect your tax liability. Click here to learn about eight ways you can save on tax.
Get help with your self-assessment tax return and proactive tax planning
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Or contact us6th April
This is the start of the new tax year and introduces new tax and National Insurance (NI) rates and thresholds to be aware of.
31st July
If you are required to pay tax payments on account, the second payment is due by 31st July.
5th October
For new businesses and individuals, you have until 5th October to register yourself for self-assessment with HMRC. If you started trading on 1st July 2023, you have until 5th October 2024 to register.
31st October
For those submitting a tax return on paper, the deadline for submission is 31st October (not 31st January). Late filing will result in penalties.
30th December
For those wanting to pay their underpaid tax through their tax code, the deadline for submission is 30th December. If the tax return is filed after this date, the tax will have to be paid by 31st January.
Need support with your self-employed business?
Contact TaxAssist Accountants for a free, no-obligation consultation.
Or contact usFrequently Asked Questions
Accounting for your business starts with the bookkeeping and record keeping. Make sure you are recording and keeping all business documentation in a cloud accounting package. When it comes to the end of the year, you need to start thinking about accounts and tax returns and instructing a good accountant to do these can be beneficial as they have all the knowledge and skills.
If you miss the deadline for your self-assessment tax return, it's important to speak to your accountant or HMRC as soon as possible. The sooner you rectify the issue and get the tax return filed and tax paid the better.
If you are late, you'll receive an automatic late filing penalty. You'll also be charged interest on late tax payments.
The deadline for completing a self-assessment tax return is 31st January, when completing this online. If you want to submit a paper tax return, the deadline is 31st October.
There are lots of benefits to getting ahead with your tax return, to find out more look at our content.
Sole traders do not have to have a business bank account, but it may be useful for keeping business and personal records separate. Partnerships and limited companies must have a business bank account in the business’ name.
Self-employed individuals, partners in business partnerships, landlords and individuals earnings over £150,000 may be required to file a tax return. Those in receipt of child benefit and earning over £60,000, or higher rate taxpayers earning interest income over £500 may need to complete a tax return too. For a comprehensive list check HMRC’s content on who must send a tax return.
Date published 23 Nov 2023 | Last updated 21 Aug 2024
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
Catherine Heinen, FCCA
Catherine is a Technical Content Writer at TaxAssist Accountants, and a qualified accountant. With experience working at two accountancy practices in the UK top 50 accountancy firms according to Accountancy Age, Catherine has significant experience in accounts, tax returns and advising clients. Catherine ensures businesses, business owners and individuals are kept up to date and informed by providing concise and informative technical material.
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