Income Tax Deadlines in 2017

Companies pay corporation tax. Directors pay income tax. If you are a company director, then you may well have two different types of tax return to do.

Your income tax return is based upon a fixed period ending on 5 April each year. The return for the year ended 5 April 2016 needs to be submitted by 31 January 2017, or a fine of £100 will be imposed. To submit your income tax return, you need a Unique Taxpayer Reference which is a 10-digit number in a format like 12345 67890. It is not the same as your UTR for the purposes of corporation tax, which may also be a 10-digit number. This may be confusing, but it’s the system.

If you don’t have an income tax UTR, then you can apply for one, which may take 7-10 days. If you have left it this late (24 January), then you would do best to get £100 ready and look at the next deadline. This is 2 March 2017, when any income tax due needs to be paid off, or a 5% surcharge will be made. There is still plenty of time to anticipate this deadline if you act NOW!

We can use new technology to prepare accounts at high speed, and the 7-10 days period to get a UTR is frustrating for us as well. We aim to be the local accountants Carlisle companies can turn to when they want something done quickly.