Now that we are into autumn, there are several upcoming tax deadlines relating to the 2015 tax return(covering the year to 5th April 2015):
October – Tax Returns
October is the first deadline month for submitting 2015 tax returns, it is also the deadline month for notifying HMRC that you have to complete a tax return.
November – Statements of Account
HMRC send out the statements in December, but usually print these out earlier ready for posting in batches. It is important that the tax position is already agreed by November so that the statement will be accurate.
December – Coding of Tax
If you have a tax liability it may be possible to pay this interest free over a year by monthly instalment from 6th April 2016 onwards, provided you have a suitable taxable source of income. However the deadline for requesting this falls in December and can sometimes be missed.
January – Tax Payments
Finally, to close off the 2015 tax year, we have the balancing payment of tax due in January 2016. Depending on the tax position there could also be an additional payment on account required for 2015/16 – again something that can be missed and result in an unexpected tax bill.
It is also important to have your tax position finalised as soon as possible, so that you can plan for the future and also implement any changes to reduce your tax bill next year.
