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Key deadlines

Payment deadlines

Self assessment 2015/16 2014/15
1st payment on account 31 January 2016 2015
2nd payment on account 31 July 2016 2015
Balancing payment 31 January 2017 2016
Capital gains tax 31 January 2017 2016
National insurance
Class 1A NIC 19 July 2016 2015
Class 1B NIC 19 October 2016 2015

Notes

  1. Payments on account for 2015/16 are based on 2014/15 self-assessed Income tax and Class 4 NIC.
  2. Employment income is charged to both income tax and to Class 1 NIC.
  3. Tax and NIC are normally paid by the employer through the PAYE system, under which the PAYE code makes adjustments for tax reliefs due and some tax due on other income.
  4. An employee who has overpaid or underpaid tax at the end of the year will normally receive a tax calculation from HMRC on form P800 and shortly afterwards receive a tax repayment, or be asked to pay any tax due.
  5. If the tax underpaid is no more than £3,000, the underpayment can be settled through PAYE in the following tax year.
  6. Missing any payment dates leads to interest being charged at 3%.
  7. Missing the balancing payment date by 30 days will lead to a 5% penalty.
  8. When the balancing payment is six or 12 months late further 5% penalties apply.

Filing deadlines

For tax year 2014/15
Issue P60s to employees 31 May 2015
File P9(D), P11D and P11D(b) 6 July 2015
Paper version of self-assessment return 31 October 2015
Online self-assessment return 31 January 2016

Notes

  1. Where taxpayers submit the 2014/15 self-assessment tax return by 30 December 2015 they can request that any underpaid tax, within limits, is collected through PAYE code in the following tax year.
  2. A late filing penalty of £100 will be issued if the self-assessment return is not submitted within the deadlines indicated above. This applies even if no tax is due.
  3. Further late filing penalties are due if the self-assessment return is more than three, six or 12 months late.