Who should file tax returns:
- Individuals (employees with hobby or side hustle, sole traders or self-employed) that earn £1000 or more
- Employees who want to claim income tax relief
- Individuals with annual income of £100k or more
- Unincorporated landlords
- Partners in a business partnership
- Directors of a company
What period are you reporting on: 6 April to 5 April
Filing deadline: 31 January after the end of the tax year
Payment deadline: 31 January after the end of the tax year
What payment is due on 31 January: Tax liability (including national insurance contribution) for the period and first payment on account
Payments on account: This is an advance payment of the following year’s tax liability, which is paid in two instalments
- First payment on account (payable on January 31, as mentioned above) is 50% of the tax liability for the previous tax year
- Second payment on account (payable on July 31, about three months after the end of the tax year) is 50% of the tax liability for the previous tax year
How to pay your tax liability: By bank transfer, by Credit card
Where to pay your tax liability:
- Online via HMRC website,
- On the free HMRC app,
- Through your tax code (only applicable if you an employee who is taxed through PAYE, you submitted your online tax return by 30 December and your tax liability
More information about self-assessment tax returns can be found here
Send an email to hello@bancservices.co.uk if you have any other questions.