31 July – last chance saloon

31 July is an important date in the world of personal tax returns, for three reasons.

Tax return 2013/14: the filing deadline has long since passed, on 31 January 2015. If the return remains unfiled on 31 July 2015 a (further) automatic penalty kicks in of 5% of the tax liability for the year (or £300, if greater).

Payment of tax for 2013/14: whether or not the return has been filed, if any of the tax for 2013/14 remains unpaid on 31 July 2015 a separate (further) automatic penalty of 5% of the tax unpaid becomes due.

Payment of tax “on account” for 2014/15: the second payment on account for 2014/15 is due on 31 July 2015. There is no penalty for failure to pay on time: but (as with all tax), you will be charged interest if you pay late.

If you have any concerns as to your position, please get in touch with your usual BKL contact or use our enquiry form.

David Whiscombe


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