2016-2017 tax year dates

The 2016/2017 tax year begins on the 6^th April 2016.

Getting to know when the important 2016/2017 tax year dates are will help you to avoid any unnecessary penalties and make sure you don’t overpay tax.

You can find many of the essential tax dates below. Not all of the dates will apply to everyone so pick out which one’s effect you and put them in your financial diary.

April 2016

6^th – Happy New Tax Year!  The 2016/2017 tax year begins. If you have property income or are self-employed, get your paperwork in order for the tax year 2015-16. Likewise if you think you have overpaid tax through PAYE you can now start to claim it back.

Your new 2016/2017 tax code will also be used from this date.

May 2016

31^st – Employees receive a copy of their P60 from their employers. This is the one you must not lose; it is the proof of how much tax you have paid (like a receipt).

July 2016

6^th – Employees get their P11d documents from their employers. This is another one you need to keep safe; it shows any ‘benefits in kind’ that you got from your work (like a company car).

31^st – Pay the second part of your 2015-16 self-assessment bill. You’ll get a fine if you miss this deadline.

–      This isn’t the same if this is the first year you are completing a Self-Assessment tax return.

October 2016

5^th – If you are new to renting property or being self-employed, this is the deadline to register your new status with HMRC. You need to send a SA1 form to declare non-self-employed income. If you are now self-employed, you need to fill in Form CWF1.

December 2016

30^th – HMRC does allow taxpayers to spread a tax bill up to £3,000 across 12 months in your PAYE tax code. If you want to take advantage of this system, you need to submit your Self-Assessment tax return by this date.

January 2017

31^st – deadline for online submission of your 2015-16 Self Assessment tax return.

–      Time to settle your 2015-16 tax bill, the final ‘balancing payments’ must be received by this date.

–      Deadline to pay 2016-17’s first self-assessment instalment – ‘payment on account’.

February 2017

1^st – You will get an automatic £100.00 fine if you ignored a tax return sent to you by HMRC before 1^st November 2016. Whatever you owe now starts to accumulate interest.

April 2017

5^th – Good-bye 2016-17 tax year!

–      Last chance to submit a PAYE tax refund claim for 2012-13 tax year.

–      If you overpaid tax in the 2011-12 tax year in Self Assessment, this is your deadline to claim it back.

6^th – Happy new tax year

–    The 2017/2018 tax year begins and HMRC will send out Self Assessment tax returns and ‘notices’ for the 2016-17 tax year – don’t ignore them!

Whilst they are not as exciting as birthdays or holiday flight times, getting these essential dates marked on your calendar can seriously reduce stress levels when it comes to organising your financial year.

Whether it’s on your tablet, phone or kitchen wall, your calendar needs to notify you of preparation time and HMRC deadlines. Select the dates that apply to you from the list above and decide when you need to start finding your receipts, calling HMRC or arranging an appointment with your tax expert.

We all dread filling forms without any mistakes and dealing with government agencies; but you really can make your own life easier with just a little bit of forward planning.

Tax Rebates

Understanding the important tax year dates will help to ensure you don’t miss out on tax refunds you may be owed. You have four years to reclaim overpaid income tax through PAYE so reclaiming what you are owed sooner rather than later is recommended.

Find out what you might be eligible for in our services and what to do next to start the claims process.