2017/18 Tax Year Key Dates

Right, let’s get organised. Below is a list of dates for the entire 2017/18 tax year that are crucial for your financial well-being. They won’t all apply to you, some only apply to the self-employed or those who are paid through the PAYE system. By making yourself aware of these requirements at the very start of the new tax year, you can save yourself time, stress and worry in the long run.

Check through this list and note which dates you need to work towards. Whether you’re using your smartphone’s diary or an old-school wall calendar – just get everything on there now to avoid any nasty, last minute surprises.

January 2017

31^st – deadline for those in self-assessment to pay their first payment on account for the 2016/17 tax year

April 2017

5^th – deadline for claiming a PAYE tax rebate for the 2012/13 tax year

6^th – The new tax year starts here, for 2017/18 tax year

6^th – if you have any income from property or are self-employed and need to fill in a 2016/17 tax return, you need to get your paperwork together now

May 2017

31^st – if you have any employees, you must supply them with their P60 forms by this date. If you are an employee – make sure you have your P60, it proves how much tax you have paid.

July 2017

6^th July – All employees should be given their 2016/17 P11d paperwork showing any ‘benefits in kind’

6^th July – Any 2016/17 payment settlements must be agreed by this date

31^st – if you are in self-assessment, your second payment on account is due for 2016/17 tax year

October 2017

5^th – if you started to earn income from property or through self-employment, this is your deadline for registering this with HMRC. For property income, you need for SA1 for ‘non-self-employed income’. For new self-employment, you need form CWF1.

31^st (midnight) – Self-assessment deadline for 2017/18 tax year, if you are submitting on paper

December 2017

30^th – Self assessment deadline for online submissions for year ending 5^th April 2017, if you owe less than £3,000 and you want HMRC to collect this tax through PAYE tax codes

January 2018

31^st (midnight) – self-assessment deadline for 2016/17 tax returns, if you are submitting online

31^st (midnight) – 2016/17 tax bill final payment deadline

April 2018

5th – Deadline for claiming a PAYE from the 2013/2014 tax year

5^th – 2017/18 tax year ends

You are probably well aware that missing any of HMRC’s deadlines leads to immediate and cumulative financial penalties. Most people end up getting slapped with a fine because they have left things to the last minute. Not only does prior preparation decrease overall stress levels, it means that you avoid any mistakes that are inevitably made when completing complex paperwork under time pressure. Remember, HMRC also issue fines for mistakes – even when they are genuine.

You work too hard for your money to be spending it on unnecessary fines. Simply noting all the important dates now gives you the best chance of having everything sorted in plenty of time.

Are you owed a tax rebate?

If you have overpaid tax over the last four tax years, then you are entitled to reclaim that amount from HMRC. But you do have to meet this four year deadline, or your money is lost forever. In our services you can learn more about what tax relief you may be entitled to and how our income tax and accountancy services can help you.