The key personal tax dates you need to know in 2015

23 January 2015
by begbiestraynor -- last modified 23 January 2015

Although a new calendar year has just begun, we are already well into the current tax year and there are still some matters to address from the previous tax year too. Here are some key personal tax dates that you may need to know for 2015.

January

31st January 2015

For those that are registered for self-assessment, if you haven’t already filed your tax return, online returns for 2013-14 are due by midnight on 31st January 2015.  Even if you don’t have any tax to pay or if you’ve already paid it, you still need to file your tax return.  There are penalties for late filings, so be sure to avoid these by sending them on time.  Late filers can expect to receive an initial fine of £100, regardless of the amount due.  Individuals that file a paper return that are an exception to the 31st October deadline, also have until 31st January 2015 to file their returns.

Final payment of any tax due from the 2013-14 period, known as the balancing payment, is also due by midnight on 31st January 2015.  There are penalties and interest issued on any late payments, so it’s important that you pay on time.  Go to https://www.gov.uk/self-assessment-tax-returns for more information and ways to pay.
The first payment on account of tax for the current 2014-15 tax year is also due on this date. 

March

2nd March 2015

If any balancing payments are still outstanding from the 2013-14 period, then on top of any interest accrued, HMRC will also impose a 5% late payment penalty from this date.

April

5th April 2015

The current tax year ends on 5th April 2015.
This is the last day for individuals to use their ISA allowance for the 2014-15 tax year.

6th April 2015

Start of the new 2015-16 tax year.
Personal tax allowance will increase to from £10,000 to £10,600 from this date for those born after 5th April 1948.
Basic rate limit will go down by £80 from £31,865 to £31,785.
The higher-rate tax threshold, above which individuals will pay 40% tax on their income, will be increased to £42,385 from this date.
For those required to file a tax return, HMRC will issue Self-Assessment Returns and Notices to Complete a Return for the tax year to 5th April 2015. If you are newly self-employed, you’ll need to register with HMRC for tax and National Insurance for this to happen.  To be able to file tax returns online, you’ll need a Government Gateway online account from HMRC.  Go to https://www.gov.uk/register-for-self-assessment for further details on how to register and get an account.

30th April 2015

If your 2013-14 self-assessment return is still outstanding by this date, HMRC will impose further penalties of £10 for each following day that the return is still outstanding up to a maximum of 90 days.

July

31st July 2015

The second payment on account of tax for the 2014-15 tax year is due on this date.
If your income tax self-assessment return for the 2013-14 period is still outstanding, HMRC will impose a further penalty of the higher of £300 or 5% of the tax due, in addition to any penalties already received.

October

5th October 2015

Deadline to advise HMRC that you need to register for self-assessment for the 2014-15 tax year.

31st October 2015

For those due to file paper tax returns for the 2014-15 tax period, these must be filed with HMRC by 31st October 2015, unless an exception has been granted.  See http://www.hmrc.gov.uk/manuals/sammanual/sam120501.htm for more details.

December

30th December 2015

For any tax due under £3000 from the 2014-15 period, rather than making a direct payment you may opt to have the tax collected through your tax code against income in the following year.  If you would like HMRC to collect the tax this way, today is the final date for submission of an online self-assessment return.  This gives HMRC sufficient time to calculate the coding adjustment. 

John Baird is a personal finance and insolvency expert from Scotland Debt Solutions. He specialises in advising people on how to manage their money and deal with their personal debt problems.

Scotland Debt Solutions specialise in helping Scottish residents with personal debt problems. The brand operates under the umbrella of the renowned Begbies Traynor Group which was established in 1989. Scotland Debt Solutions has a vast and experienced team of debt advisors and insolvency practitioners who offer individuals a free initial consultation to talk through their financial worries in an attempt to create a debt-free future.

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