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UK Self Assessment Deadlines

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A key date in the UK self-assessed calendar is just around the corner. Outstanding self assessment returns for 2008/09 must be submitted by 31st July to avoid further financial penalties. This date is also the renewal deadline for tax credits, tax payments and the second self-assessed Payment on Account (POA). We have put together a guide outlining the various requirements for this date.

Income Tax Self Assessment Returns

  • Outstanding returns for 2008/09 should be submitted by 31st July 2010 to avoid incurring a second £100 penalty (the first £100 penalty was charged on January 31st 2010). However, the penalty will be waived if the taxpayer has what HMRC believe is a ‘reasonable excuse’ for late filing.
  • Anyone who is filing a late tax return for 2008/09 is also in danger of being charged daily penalties of up to £60 a day so the worst thing you can do is ignore the reminders.

Tax Credits

  • 31st July 2010 is the renewal deadline for tax credits. This is the date by which claimants must submit information about their 2009/10 income and circumstances in 2009/10 to HMRC.
  • This information will enable them to complete a 2009/10 tax credits award and renew it for the current 2010/11 tax year.
  • Anyone who has been sent a tax credits Annual Declaration form must ensure they complete and return it by 31st July 2010.

Tax Payments

  • Self assessment tax and Class 4 National Insurance Contributions for 2008/09 were due on 31st January 2010. Any amount still outstanding should be paid by 31 July 2010 or it will incur a second 5% surcharge (the first was charged at 28 February 2010).
  • Interest at a rate of 3% will also be charged on late payments.
  • Those who are experiencing genuine payment problems may be able to reach an agreement with HMRC to waive the surcharge and extend the timeline but this is dependent on the individual case.

Payment On Account (POA)

  • The second self assessment payment on account (POA) for 2009/10 is due on 31st July 2010. The first was due at 31 January 2010.
  • Interest is due on late POAs but there are no surcharges.
  • Self-employed people who have experienced losses may be able to reduce their POAs. For example, if your 2009/10 income is less than your 2008/09 income you may qualify for a reduction.
  • 2009/10 POAs can be reduced by filling out the SA303 form or by contacting HMRC. However, be realistic – anyone who is found to be manipulating the system is at risk of incurring heavy penalties.

The key thing for all these requirements is not to put your head in the sand. If you are experiencing delays or payment problems, the best thing to do is to be completely upfront with HMRC. You may be able to reach an agreement with them to waive penalties but this is strictly only for genuine cases.