The first tax return deadline for 2018 returns is approaching… 31st October 2018.
Although this deadline is for people submitting a paper tax return, it is a good deadline for everyone to use.
HMRC print the statements of account after the end of October, before sending these out in December, so to ensure they are accurate the return has to have been processed beforehand.
The deadline to pay tax for 2017/18 is 31st January 2019, so leaving the return later can result in an unwelcome shock with limited time to prepare for payment if it is unexpected.
We have seen tax changes come through this year on those with Buy to Let properties, so their tax liability may be higher than before.
One point that also catches people out are payments on account. When you have a significant tax liability, then HMRC also ask for in-advance payments towards the 2018/19 liability. These can add 50% to the amount you may have initially thought was due by 31st January 2019, so having the actual figures at an early date will be of benefit.
