Important tax dates for doctors and dentists

Why the need to file and pay on time?

HMRC are clamping down on any kind of tax abuse and are very much looking to herd all “sheep”, that is all UK tax payers, into the same pen, where by there is little to no room for error. Late filing is very much a thing of the past. With electronic filing now and instant access to everything, ignorance is not a reason to defer. And as for late payments, well, HMRC is already exceeding their targets to recoup unpaid taxes.

Dates for the diary

The bottom line is, get organised, file on time, pay on time and you become a low risk target for problems, including investigations by HMRC.

January 31 

The final day for self-assessment returns relating to the previous year ended 5 April, to be filed. Additionally, it’s the final date for you to part with your cash, as the following tax payments are due:
  1. The tax liability based on the results of your filed tax return to the previous 5 April, PLUS
  2. The first Payment on Account, which is typically calculated as 50% of the tax liability.

TIP 

HMRC could have you marked even if you are within the 31 January deadline but are consistently close to missing it. 

April 5

The end of the personal tax year and the date that you draw a line in the sand for what is declared for that year under self-assessment. This could relate to:
  • Business income, expenses and profit
  • Income earned from investments in stocks and shares
  • Interest earned from savings
  • Income, expenses and profit earned from property
Whilst it appears a random date to use as a cut-off, there are historical reasons behind this, however 31 March is broadly accepted as a replacement cut-off date for those who choose.

April 6

The start of the new tax year. Often used by business owners as a date to change and improve systems and processes in their practice, keep better books and records and be more business focused! A date for tax related “new year’s resolutions” if you like!

July 31

The date where the 2nd Payment on Account is due for payment. As the Payment on Accounts are essentially estimates, if you can get your accounts and tax finalised prior to this date, it means you can pay based on an accurate figure.

TIP

Good to know if your business has taken a dip one year from the year before.

October 5

The date to report any sale or disposal of assets by. Even if there was no profit made.

October 31

The final date for filing a paper version of the self-assessment tax return. But this is almost obsolete now.

Varying dates for dentists and doctors trading as a limited company

Limited companies also have strict requirement to keep on top of deadlines. There is more bespoke attention required and an accountant really is helpful to assist in management of these requirements.

March 31

Typically the simplest date for a limited company year-end so as to tie it in with the self-assessment tax year. However, it technically can be any date. The year-end triggers the following events though:
  • 9 months – corporation tax payment due with HMRC
  • 9 months – accounts due for filing with Companies House
  • 12 months – corporation tax return due for filing with HMRC
For a bespoke calendar of dates based on your own personal circumstances, please contact the team at Figurit. Or for more information, download our FAQ sheet on “Managing your Important Dates in 2014”.