Self-assessment and IR35 deadlines

As many small business owners will know, 31 January is a key tax deadline. This is the date by which electronic tax returns?must?be submitted to HMRC.

This date is?the deadline not just for your electronic tax return, but also for:

  • electronic filing?of 2016/17 self-assessment returns for individuals, partnerships and trustees;
  • paying the balance?of any tax and NI self-assessment liability for 2016/17;
  • paying the?first payment on account?of any tax and NI self-assessment liability for 2017/18;
  • paying any?tax and NI?self-assessment liability?owing for 2015/16, to avoid a third fixed or tax geared penalty;
  • making?amendments to 2015/16 self-assessment returns?for individuals, partnerships and trustees;
  • making an?end-of-year (EYU) RTI submission?for IR35 related deemed employment pay for 2016/17;
  • paying any?outstanding?PAYE tax and NI for 2016/17 in respect ofIR35 liabilities?on deemed employment pay.

HMRC charges a?fixed penalty of ?100?where self-assessment returns are received after the 31 January deadline. Where a self-assessment liability is paid later than the normal due date HMRC will?charge interest?(currently at 3% simple per annum). It can also?charge late payment penalties?equal to 5% of any tax outstanding for more than a year from the date that the balancing payment was due.?If the amendment deadline has passed, you cannot amend a return unless, following an enquiry, HMRC makes an amendment first.

If you can’t accurately calculate the deemed employment payment by the end of the tax year to which it relates, you have until the following 31 January to submit final figures and pay any balance of tax and NI due.

Should you require tax advice or support with planning for tax payments and deadlines, help is available on our tax planning pages.