If you’re going to become an accountant, one area you’ll need to get to grips with is tax. And this of course goes without saying if you want to work as a tax accountant. In the accounting industry, knowing about tax laws and paying taxes accurately and on time is crucially important. Missed tax deadlines mean more than just form filling; you could end up with a hefty fine on your lap.
The tax year in the UK runs from April 6th to April 5th (of the following year). If you already work in the accountancy sector, you should be aware of the below list, but if you’re an aspiring accountant, now’s the time to get the calendar out. You can find the key tax dates in the UK for 2018/19* below:
Key Dates – PAYE:
- 05/04/2018 – 2017/18 tax year ends
- 05/04/2018 – deadline for claiming your PAYE tax refund for the 2013/14 tax year
- 06/04/2018 – first day of the new tax year 2018/19
- 31/05/2018 – copies of 2017/18 P60 documents issued to employees
- 06/07/2018 – copies of 2017/18 P11D documents issued to employees
- 06/07/2018 – last date for agreeing payment settlements agreements for 2016/17 if applicable
- 06/04/2019 – end of tax year 2018/19
Key Tax Dates – Self Assessed:
- 31/01/2018 – deadline for first payment on account for the 2017/18 tax year
- 05/04/2018 – deadline for claiming tax overpaid for the 2013/14 tax year under self-assessment
- 06/04/2018 – first day of the new tax year 2018/19
- 06/04/2018 – time to gather detailed documents for your 2017/18 tax return and if you’re self-employed or have income from property in the year ending on April 5th 2016
- 31/05/2018 – last date to give employees a P60 form for 2017/18
- 31/07/2018 – deadline for second payment on account for the tax year ending on April 5th 2018
- 05/10/2018 – deadline to register with the HMRC if you became self-employed or started receiving income from property. You should submit a CWF1 form for self-employment or a SA1 form for non-self-employed income to HMRC.
- 31/10/2018 (midnight) – deadline for paper self-assessment returns for the 2018/19 tax year
- 30/12/2018 – deadline for online submission of self-assessment tax returns for the year ending on April 5th 2017 for HMRC to collect tax through PAYE tax codes where they owe less than £3,000
- 31/01/2019 (midnight) – deadline for online self-assessment tax returns for the 2017/18 tax year
- 31/01/2019 (midnight) – deadline for paying tax bill for the tax year ending on April 5th 2017/18
- 05/04/2019 – end of tax year 2018/19
Accounts and Tax Returns – Private Limited Companies
At the end of its financial year, your private limited company must prepare full (statutory) annual accounts and a company tax return. Your accounts and tax return need to meet deadlines for filing with Companies House and HM Revenue and Customs (HMRC). Visit the GOV website for further detail.
Check out Aspiring Accountant’s tax articles for more information on the various taxes in the UK.
Would you like to become a tax accountant? The Association of Accounting Technicians (AAT) offer a number of qualifications which include various tax modules. Contact Aspiring Accountants today to discuss studying the appropriate accounting course for you.
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*Listed dates from www.taxback.com
