How is cryptocurrency taxed in the UK?
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Accounting Calendar for Contractors and Freelancers
March 12, 2022
Being a freelancer is exciting as you get the freedom to choose the work, the clients, the working hours, and even the workplace. But being a freelancer also means that you need to stay on top of the taxes. You need to prioritize your self-assessment returns because there’s no employee over you to provide regular pay and make tax deductions.
If you are self-employed or a freelancer based in the UK, you need to keep these key dates in mind throughout the financial year.
22nd January: PAYE and NIC’s
Deadline to pay PAYE and NICs for the quarter ending 5th Dec
31st January: Self-Assessment Submission
It is the most important date for the freelancers, as you have to submit the self-assessment return to HRMC, which shows how much you earned and need to pay in tax in the previous tax year. 31st January is also when you have to make the first payment of your tax bill.
1st February: Penalty
If you fail to file the self-assessment tax return before 1st February, you are penalized £100.
5th April: End of Tax Year
The end of the tax year is important for freelancers as new tax rates and allowances usually change each year.
6th April: New Tax Rules
The new tax year starts from 6th April, which means the new tax rates will come to effect from this date.
22nd April: PAYE and NICs
Deadline to pay PAYE and NICs for the quarter ending 5th April.
22nd July: PAYE and NICs
Deadline to pay PAYE and NICs for the quarter ending 5th July.
31 July: Second Payment on Account
The deadline for making your second payment of your tax bill is on 31st July each year.
5th October: Self-Assessment
If you have never submitted a self-assessment tax return before then this is a critical date for you. You need to tell HRMC about the untaxed income by this date.
22nd October: For PAYE and NICs
Deadline to pay PAYE and NICs for the quarter ending 5th October.
VAT Return:
You need to file VAT returns every 3 months according to the accounting period.
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