Milestones
and deadlines

Welbeck Street, London

The timeline below shows the key milestones and deadlines associated with paying an Annual Allowance tax charge.

Step 1

Deadline Calculator

You need to work out your Annual Allowance.

You need to check whether you have exceeded your Annual Allowance.

Have you exceeded your Annual Allowance?

Step 1 > No > Outcome

Outcome

You do not have to do anything else — but we recommend that
you keep a note of any Carry Forward figures for next year.

Step 1 > Yes > Step 2

You need to register for and complete a Self Assessment form – you can do this here.

5th October: The deadline for registering for Self Assessment if you’re not already registered.

Do you want to use Scheme Pays ?

Step 1 > Yes > Step 2 > No > Outcome

Outcome

31st January 2021: Deadline for submitting your Self Assessment Tax return and paying your Annual Allowance to HMRC.

Step 1 > Yes > Step 2 > Yes > Step 3

9th October 2020: Deadline for requesting a Scheme Pays quote – you can do this here.

16th November 2020: Date by which we will issue your Scheme Pays quote.

Do you still want to use Scheme Pays?

Step 1 > Yes > Step 2 > Yes > Step 3 > No > Outcome

Outcome

31st January 2021: Deadline for submitting your Self Assessment Tax return and paying your Annual Allowance to HMRC.

Step 1 > Yes > Step 2 > Yes > Step 3 > Yes > Outcome

Outcome

11th December 2020: Deadline for returning your Scheme Pays nomination form.

31st January 2021: You still have to submit your Self Assessment Tax return to HMRC by this deadline.


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