Important Dates for Sole Traders

As a self-employed person, you will use the self assessment system to declare your income and calculate tax. We’ve provided a summary of the important dates for HMRC deadlines this year.

31st January

All tax returns filed online must be submitted by this date. The first payment on account for the tax year ending the following 5 April is due. For example, the first payment on account for the 2017/18 tax year is due by 31 January 2018.

5th April

The tax year ends on 5 April and shortly after this date anyone who is required to file a tax return will receive a notice advising that you must file a tax return for the tax year just ended.

31st July

The second payment on account for the tax year ending the previous 5 April is due. For example, the second payment on account for the 2017/18 tax year is due by 31 July 2018.

5th October

The 5 October is the date by which you need to notify HMRC that you have income that has not been taxed before you received it or capital gains in excess of £11,300 (2017/18). This is so that HMRC can send you a tax return.

31st October

If you are sending HMRC a paper tax return this must be submitted by the 31 October. If you send the form after this date there will be a penalty even if you have no tax to pay.

30 December

If you file your tax return online, you will need to submit it by this date if you have employment or pension income and want HMRC to collect the self-employed tax through your tax code. This may be possible where you owe less than £3,000. If your income is more than £30,000, even more tax may be collected through your tax code.

Find out about our Tax Returns services so you don’t have to worry about deadlines.

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