October is an important month for new business start-ups and new property owners in particular. Plus, there are other October deadlines due for different tax obligations too – are you fully aware? 

1 October

Unless paid by quarterly instalments, this is the deadline date for Corporation Tax relating to periods ending 31 December 2019.  If you have a tax liability which you are struggling to pay, you should contact HMRC to arrange a “Time To Pay” arrangement.  Please do not just ignore it, as HMRC will ultimately seek enforcement action if no dialogue occurs. 

5 October

This is the date by which you must register for Self Assessment if you began trading in the previous tax year. If you have become self-employed or are partly employed and partly self-employed, HMRC will want to check your status so it’s vital that you register.

However, some people with only a small amount of self-employment income can use the trading allowance format and need not register with HMRC. Subcontractors in the construction sector who register with the Construction Industry Scheme can have tax deducted from their payments but still need to pay their National Insurance Contributions. There is also an exception for examiners and moderators.

You must notify HMRC if you have income that hasn’t been taxed or capital gains of more than £12,300 so that you can be sent a notice to file a tax return for the 2019/20 tax year.

If you rent out a property, you will also need to file a tax return.  In the first year of being a landlord, 5 October is the latest date to register for Self Assessment in order to file a tax return for the previous tax year.

31 October

If you still file your Self Assessment tax return by paper, this is the deadline for submitting it. If you miss this deadline, at least you can register online and file your return by 31 January instead.

Late registration penalties

You may be penalised if you don’t register by the deadline date for Self Assessment and you could also be charged interest on the tax you owe if this is paid late.

But if you miss the October deadline but still get registered as self-employed, submit a tax return by the 31 January deadline and pay the tax due on time, you are unlikely to receive a penalty.

To make sure you don’t run the risk of fines and penalties, check-in with the tax experts at CRM to ensure you know the deadlines you need to adhere to. Call the team on 01865 379272.

Sage Accountant Partner Logoiris kashflowFreeagent