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Important UK Tax Year Dates and Filing Deadlines to Avoid Penalties and Complications

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In the UK, the tax year runs from 6th of April to 5th of April following year, however, the introduction of Making Tax Digital mandates electronic filings to avoid penalties.

It is important for business owners to keep in mind the tax year dates and the relevant deadlines because the UK’s tax system requires everyone to consider the filing deadlines. 

If a person misses a due date, it results in fines and complications. The same applies if you submit self-assessment tax returns, are paying corporation tax, or dealing with VAT. Thus, getting help from a professional, such as MMBA Accountants, can help the tax filers a great deal.

Let’s have a look at what you need to know about important UK tax year dates, including deadlines for self-assessment tax, and filing returns.

Table of Contents

Tax Year Dates in the UK

In the UK, the tax year starts on 6 April, and it ends on 5 April of the year coming ahead. Here is a simple breakdown of it: the tax year 2024-25; which typically begins on 6 April 2024 will be ending on 5 April 2025.

However, it is extremely important to understand when the tax year starts, and the tax year ends to manage personal finances and business accounting. Therefore, one must not overlook compliance with UK Tax Regulations.

Self-Assessment Tax Returns

A self-employed, a landlord, or a person having income that isn’t taxed through PAYE, must submit their self-assessment tax returns. The key deadlines for both filing and paying taxes include:

  • 31 October: The last day to submit your assessment tax return for the previous tax year when you are filing a paper return,
  • 31 January: The last day to submit your assessment tax return for the previous tax year when you are filing an online return. This is also the deadline for paying that year’s tax liability and the First Payment on Account for the next year.
  • 31st July: The deadline to pay the Second Payment on Account for your advance payment of tax.


Filing a self-assessment tax return on time helps you avoid fines and penalties. For those people who are looking for the convenience of an online process, submitting your tax return online is comparatively fast and it helps in achieving accurate calculations.

Capital Gains Allowance

The accounting period is defined as the period for which a company organises its accounts and prepares financial statements. It is usually one year for corporation tax purposes but need not be more than this. 

If your accounting period is more than 12 months, then for tax, the accounting period will be divided into two and each of them will be regulated by different rules.

Corporation Tax

Corporation Tax is a tax paid by businesses, particularly limited companies, on their profits. The amount of tax owed depends on the company’s earnings, and the tax is typically due nine months and one day after the end of the company’s financial year.

Companies must file their annual accounts and Corporation Tax Return with HMRC (Her Majesty’s Revenue and Customs) to determine the amount of tax payable. Failure to meet deadlines can lead to penalties or interest charges. 

So, its important to have guidance about corporation tax to avoid these penalties.

Making Tax Digital

This is a digital concept. With the Making Tax Digital, businesses must submit VAT returns and other tax reports electronically. If your business is VAT-registered, you’ll need to file quarterly returns, and your accounting period determines your reporting deadline.

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the tax year details

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Tax Digital Program

The Tax Digital program makes paying taxes easier and more accurate. However, it is important for businesses that they must now follow these rules. Even more taxes will be filed digitally in the future. Businesses should know the latest tax rules because many things have changed.

Taxpayers must adhere to various payment deadlines during the fiscal year. Some significant deadlines include::

  • 31 January: This is the final day to pay any tax owed for the previous tax year. This includes any balancing payments (Tax liability for the year – Advance tax of following year) or 1st advance payments for the current tax year.
  • 31 July: The second advance payment on account for the current year is due.


If you owe more than £3,000 in income tax and want HMRC to collect it through your tax code, you need to submit your self-assessment tax return by 30th December. Failure to meet these deadlines may result in penalties and interest on the unpaid amounts.

Payment on Account

Furthermore, if your tax liability is £1,000 or more, HMRC requires you to pay your tax in advance through two installments, these are known as “Payment on Account”. 

These payments are due on specific dates, typically in January and July each year. This system is in place to help spread the tax burden throughout the year, rather than waiting until the end of the tax year to pay the full amount.

Lastly, the advance tax payments are mandatory for individuals whose total tax liability exceeds £1,000, ensuring that HMRC receives a portion of the tax owed before the final balance is due.

New Tax Year and End of the Tax Year

The start of the new tax year on 6 April marks the beginning of the period when you can file your previous tax return. You can file your previous tax return once the new tax year begins. 

In the UK, the tax year runs from April 6th to April 5th of the following year. After the new tax year starts, individuals are required to file their tax returns for the previous tax year, which has just ended on April 5th. 

This allows HMRC to assess your income, deductions, and tax liabilities for that period. The deadline for submitting your tax return is typically January 31st following the end of the tax year.

Key Considerations for Businesses

If you operate a business, there are important dates beyond personal self-assessment deadlines that you need to be aware of. For instance, Businesses are generally required to file VAT returns every three months, although some businesses, particularly larger ones or those with more complex VAT affairs, may request to file monthly returns. 

VAT returns must be submitted within one month and seven days after the end of the VAT accounting period. If the business owes VAT, the payment must be made by the same deadline as the return filing date to avoid penalties or interest charges.

Meeting these deadlines is crucial if one wants to avoid penalties and interest. Even then, if you’re not sure then you can contact HMRC or a tax professional for assistance. Taxation rules can be complex, particularly for new businesses navigating their first financial year.

Penalties for Missing Deadlines

Missing a filing deadline can result in penalties. Penalties for late filing of company tax return are:

  • 1 day late: £100 penalty
  • 3 months late: An additional £100 penalty
  • 6 months late: HMRC will estimate your Corporation Tax bill and add a penalty of 10% on the unpaid tax
  • 12 months late: Another 10% penalty on any unpaid tax
  • If late 3 times in a row: The £100 penalties increase to £500 for each late return


If your tax return is more than 6 months late:

  • HMRC will send a “tax determination,” which is their estimate of how much Corporation Tax you owe.
  • You cannot appeal against this determination.
  • You must pay the estimated Corporation Tax and file your return.
  • HMRC will recalculate any interest and penalties after you file your tax return.


Timely tax payments are quite important for compliance and avoiding problems pertaining to legal matters. But you must remember, late payments can disrupt cash flow, so plan and budget accordingly.

Conclusion

In the UK, the tax system has important dates to remember throughout the year. Moreover, these dates include the start and end of the tax year, as well as deadlines for paying taxes like self assessment and corporation tax. 

Keeping track of these dates, such as January 31st and July 31st, can help you avoid penalties and manage your finances better.

If you need help, don’t hesitate to contact HMRC or a professional such as MMBA Accountants to make sure you meet all tax requirements.

FAQs about the UK Tax Year Dates

When are the key deadlines for self-assessment tax returns?

There are two important deadlines that you must remember. For paper returns, the deadline is 31 October of the tax year. However, the deadline for online returns is 31 January of the following year.

If you miss a deadline, it can result in automatic fines, interest charges on unpaid amounts, and potential additional penalties. So, you must take care of the deadlines to file the tax before deadline.

You can file your self-assessment tax return online through HMRC’s website or by submitting a paper form. Both these methods are viable; however, one is online (hassle-free) and other is manual (requiring physical presence).

MTD is an initiative to improve the efficiency of the tax system by requiring the businesses to keep digital records and submit VAT returns electronically.

The penalties for late payments of taxes include interest charges and additional penalties. You can also face daily fines, in case the payment is more than three months late.

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