deadlines tax return and payment

wheelz

I've changed my preference for paying my tax bill from PAYE through direct through my bank (online transfer). What I don't understand is, the deadline for the only tax return is January, yet the deadline for payment (not through PAYE) is also January. That doesn't leave much time for queries etc. How does it work?

agrinnall

You do know that you don't actually have to submit your SA on the deadline day don't you? It's not a target. Why not do it today, that'll give you over 2 months to sort out any queries?

CLAPTON

you have from April 2015 to end of January 2016 to lodge and pay your 2014-15 SA tax

SuperHan

HMRC don't want any further delay in collecting funds.

In the case of companies, tax is due 9 months after the year end, but the tax return only 12 months later which means you can end up guessing how much tax you owe. The sensible thing is to do both within the 9 months. Same goes for SA (ie do it early!)

MDMD

SuperHan wrote: »

HMRC don't want any further delay in collecting funds.

In the case of companies, tax is due 9 months after the year end, but the tax return only 12 months later which means you can end up guessing how much tax you owe. The sensible thing is to do both within the 9 months. Same goes for SA (ie do it early!)

I'm going off the point a little but "Large" companies actually have to pay their tax quarterly, starting 7 months into the year, so they really do have to guess their tax bill. The government are so in need of cash that very large companies will soon have to pay ALL their tax before the year ends.

wheelz

I have paid this week, did my SA a couple of weeks ago. All I know is that you have until January to submit your SA. When I wanted to change my way of payment, I found out over the phone that, I needed to pay before end of January. Just finding it strange that the deadline for submission and payment is the same. I know now.