Key Dates

Income Tax

  • 31 January 2016 – 2015/16 First Payment on Account
    • Automatic 5% surcharge on any 2014/15 tax outstanding
  • 28 February 2016 – Automatic 5% surcharge on any 2014/15 tax outstanding

Capital Gains Tax

  • 31 January 2016 – 2014/15 capital gains tax
  • 31 January 2017 – 2015/16 capital gains tax

Corporation Tax

  • Small Companies – Payable 9 months and 1 day after end of the accounting period
    • Form to be filed 12 months after the year end
  • Large Companies – Payable in quarterly instalments if annual profits are over £1.5m, commencing six months and 13 days from the start of the accounting period with the balance nine months and one day after the end of the accounting period.

Penalties apply for late submission of tax return. Interest and penalties will also accrue for late payment of tax due.

Company accounts

Submission due 9 months after the company year end unless it is the company’s first year in which case filing is due 9 months after incorporation

Penalties Private company

  • £150 – one month late
  • £375 – Over month but less than three months late
  • £750 – Over three months but less than six months late
  • £1,500 – Over six months late

Inheritance tax

  • Payable six months after the end of the month of death or chargeable transfer
  • For chargeable lifetime transfers between 6 April and 30 September, due date is 30 April in the following year.