Tax returns
Taxes do not need to be taxing
Personal Tax return
Corporation Tax return
HMRC
FREQUENTLY ASKED QUESTIONS (FAQ) ON PERSONAL TAX RETURN
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What is a Personal Tax return?
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A Personal Tax return is also known as a Self-Assessment Tax return. It is system by which Her Majesty's Revenue & Customs (HMRC) collects Income tax.
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What is a tax year?
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A tax year runs from 6th April to the following 5th April.
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Who must send a Personal Tax return?
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You are required to send a Personal Tax return to HMRC if:
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You work for yourself (also known as Sole Trader or self-employed) and earn more than £1,000
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You are a partner in a business partnership.
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What is the deadline for submitting a Personal Tax return?
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If you are posting your Personal Tax return in paper form, then the deadline is 31st October in the same tax year. However, if you are submitting your Personal Tax return online, then you have up to 31st January following the end of the tax year.
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By when do you have to pay your Personal Tax?
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You have to pay your Personal Tax by 31st January following the end of the tax year. You may also be required to make a second payment by 31st July following the end of the tax year.
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What are the penalties for submitting your Personal Tax return or paying your tax bill late?
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Late filing
Missed filing deadline
Penalty
3 months late
6 months late
12 months late
12 months and tax payer deliberately withholds information
£100
Daily penalty of £10 up to 90 Days
Greater of 5% of Tax due or £300
Greater of 5% of Tax due or £300
Greater of 100% of tax due or £300 for deliberate and concealed withholding of information.
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Greater of 70% of tax due or £300 for deliberate and concealed withholding of information.
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Late payment
30 Days late
6 months late
12 months late
Penalty
5% of Tax due
5% of Tax outstanding at that date
5% of Tax outstanding at that date
FREQUENTLY ASKED QUESTIONS (FAQ) ON CORPORATION TAX RETURN
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What is Corporation Tax?
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Corporation Tax is paid by businesses in the UK. It is based on their annual profits. This is similar to income tax for individuals.
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What are the deadlines for filing Corporation Tax return with HMRC?
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Your company Corporation Tax return along with your Accounts need to be filed with HMRC 12 months after the end of the accounting period it covers.
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However, for the first year of trading, a corporation tax return needs to be prepared for the first 12 months starting from the date your company was incorporated. A second set of corporation tax return needs to be prepared for the remaining period.
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When does Corporation Tax need to be paid?
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Be careful Corporation Tax payment is normally due 9 months after the end of your Corporation Tax Accounting period.
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What are the penalties for late Corporation Tax return filing with HMRC?
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Please refer to Accounts section.