SNAPSHOT - TAX TABLES (KEY DATES AND RATES)

Tax Returns sent out by HMRC

Tax payers who need to fill in an annual Tax Return 

Daily Penalty of £10, up to a maximum of £900

Taxpayers who have failed to complete their prior year Tax Return

Second payment on account due for current period

Those taxpayers who make regular half-yearly payments on account

First tax geared penalty levied for failing to submit a prior year Tax Return before this date

Taxpayers who have not yet completed and sent back their prior year Tax Return

Further 5% late payment penalty on tax still outstanding for prior year

Late payers of tax still due for prior year

Filing deadline for completing and returning paper Tax Returns

Taxpayers who want HMRC to: calculate their tax for current period; and collect tax owing for current period of less than £3,000 through their code number in following period

Non-mandatory filing deadline for 2019/20 online Tax Returns

Online filers who want HMRC to collect tax owing for current year of less than £3,000 through their code number in following year

Filing deadline for current year online Tax Returns. Payment date for the balance of tax due for current year and the first payment on account for following year

Taxpayers sent a current year Tax Return. Taxpayers who need to settle either of these liabilities

First penalty notices issued for the late filing of a current year Tax Return

Taxpayers who were sent a current year Tax Return.

First 5% late payment penalty imposed for failing to pay tax due by 31 January and still outstanding on 3 March

Late payers of tax for current year

Standard Rate      12%

Contracted out      10.6%

Weekly       £166

Monthly      £719

Annual       £8,632

Weekly       £962

Monthly      £4,167

Annual       £50,000

Contributions levied on weekly earnings in excess of £962: 2%

Reduced rate for married women and widows with a valid election certificate on earnings below upper earnings limit. 5.85%

Rates for men and women over state pensionable age: Nil

Weekly flat rate £3.00

Small earnings exception £6,365

On profits between £8,632 and £50,000: 9%

On profits in excess of £50,000 2%