Pay No Tax

Do you file an Annual Tax Return?

Do you have to file an Annual Tax Return with HMRC? You are in good company if you do, as you will be one of nearly 12 million people in the UK that have to do this each and every year.

There are two deadlines for filing your Return with HMRC.

The first is by 31st October if you want to file a paper Tax Return and send this to HMRC by post. The second and final deadline is 31st January after the end of the tax year if you file the Return online.

This means that you have almost 10 months to prepare and submit the Tax Return with HMRC.

Our advice of course is don’t leave this until the last minute! Staggeringly, of the near 12 million Tax Returns that were filed last year, over 735,000 were filed on the very last day of 31st January!

When do you have to pay your Tax?

Once you have worked out your tax liability then the tax is due for payment by 31st January, the same day as the filing deadline.

In some cases you will have to make further payments on 31st July, but this does not apply to all.

How can I not pay tax in January?

As mentioned above, you must pay by 31st January. However, there is an option for some to not pay their tax in January, and pay your Self Assessment tax through your PAYE code in the following tax year. This means that you do not pay in one lump sum and you spread the cost of liability across 12 months in the following tax year.

Pay No Tax

There are certain conditions that have to be met as follows:

However, this does not apply to all people and you will not be able to pay your tax bill through your PAYE tax code if:

Penalties for late tax returns

So, what happens if you do not file your Return by the 31st January deadline? There are strict penalty regime that HMRC impose as follows:

Do you have a requirement to file a Return?

So, what do you do if you think you might have to file a Return but haven’t done anything yet? Our advice is act now. You need to register online with HMRC for Tax Return preparation and this can take up to 30 days to be processed so don’t leave this until January!

You can see the importance of getting your Return done, accurately and on time so if you require any help with your Tax Return requirements or have any questions contact us today to arrange a FREE consultation, we have Chartered Accountants and Tax Advisers in Canary Wharf, Essex and Manchester waiting for your call.

Pay No Tax

City of London

Second Floor,
10 Trinity Square,
London EC3N 4AJ
Phone: 0207 100 1080

Canary Wharf

29th & 37th Floors
One Canada Square,
Canary Wharf, London E14 5AA
Phone: 0207 099 1080

Essex

First Floor
81-85 High Street,
Brentwood, Essex CM14 4RR
Phone: 01277 223 278

Manchester

Chancery Place
50 Brown St
Manchester M2 2JT
Phone: 0161 820 1080

Opening Times

Monday – Saturday
8:00 AM – 6:00 PM
Sunday
Closed