Contractor UK tax year dates to remember

Introduction –UK tax dates

Firstly, there are various UK tax year dates and UK financial year dates to consider as a UK contracting professional. Indeed, these are important dates to remember when you run your own UK business. Basically, the dates in question are the filing dates for taxes and accounts for your company. Indeed, this will apply whether you run your own contractor limited company or are a sole trader. What’s more, in each case, there are certain tax year (UK) dates which you need to be aware of. Furthermore, for a limited company contractor, the main filing dates are official Companies House filing deadlines. In addition, there is the Corporation Tax deadline, as well as a date for filing a limited company tax return. Furthermore, if you are VAT registered or indeed run a PAYE scheme for your contracting business, you should be organised as there are additional filing requirements to meet in respect of this.

Initial thoughts on UK tax year dates

What to think about first

Before we go into more detail, it is key to bear in mind that when you are a director who runs your own company, you must remember any important company filing dates. Indeed, in the UK, companies are required to meet certain deadlines. Basically, a UK company pays taxes, files official accounts, and files tax returns with the UK authorities. As a result, there are deadlines to meet in each case for a business owner. However, if a limited company misses filing dates for taxes and accounts or Companies House filing deadlines it can face interest or penalties. Likewise, a self-employed person can face fines too if they are late filing their personal tax return. Consequently, it is important that the tax year dates (UK) and deadlines are always met in respect of UK personal and company tax filing.

Further initial thoughts

You may be setting up your own company for the first time or have been in business for a while. Indeed, if you have been in business for a while, you should ne aware of your various filing dates. However, if you are a new business owner, all of the relevant filing dates will be new to you and something for you to bear in mind for the future. Therefore, the details in this article can be a handy reference point, especially for new business owners. What’s more, many of the dates in here apply to sole traders, as well as limited company filing requirements.

Certainly, when you run a company, you must know the official Companies House filing deadlines as well as the HMRC Corporation Tax deadline. In addition, you should be aware of the payment dates when you file a tax return (limited company).

Basically, the dates for Companies House accounts filing requirements, filing company documents, and paying company taxes come around once per year at different times. Therefore, it would be a good idea to make diary or calendar notes. As a result, you can keep track of these official dates.

Secondary thoughts

In many cases, when you have your accountant, they will look after you day to day. In addition, they will help you meet the deadlines. Basically, they will inform you of the Corporation Tax deadline and Companies House filing deadlines. What’s more they will inform you of any other filing deadlines. Moreover, they will inform you how much tax you owe and the date you need to pay this. Further, they will also notify you what filing dates you need to make in terms of official documents, such as company accounts.

However, it is sensible to keep track of your main filing dates yourself. As a result, you can follow up with your accountant if the need arises. Basically. You could list the important dates in your diary, be that a digital diary or paper one. In addition, you could set reminders in a digital diary so that it prompts when important dates are coming up.

Preliminary considerations

Automatic registration and Business Tax account

When you set up your own company, your business is automatically registered for Corporation Tax as part of the registration process. Therefore, at this point, HMRC will give you login details for your Business Tax account. Certainly, it is essential to be aware that once you have set this up, you will also have the option in due course to register with HMRC for other taxes. Therefore, in the main, this will include VAT and PAYE/NIC. In addition, it could include other taxes too, such as CIS.

As a UK contractor, it is good idea to have your own Business Tax account with HMRC. As a result, you will have an overview of your business taxes. Furthermore, you can keep track of the amounts are due. In addition, you can also track any due dates for your company taxes. To sum up, your Business Tax account will be up to date at all times. What’s more when you or your accountant file a company return such as Corporation Tax or VAT, such a return and the amount due will then show on your account.

Tax year-end

In the UK, there is a tax year that runs from certain dates in the calendar year. Basically, in the United Kingdom, the tax year end date is the last date in the tax year. In addition, the date after this is the first day of the tax year. Therefore, when there are any changes to UK tax allowances or tax rates this is the date when they will usually take effect. Therefore, the UK tax year end date is:

• 5 April for the UK personal tax year end. This is the date that UK personal tax returns are made up to each year. Basically, if you are required to file a personal tax return, this falls under the UK Self Assessment system. Furthermore, when you complete a UK personal tax return it will include your income from 6 April to 5 April. Therefore, for 2022/23, it will cover your income received from 6 April 2022 to 5 April 2023. Likewise, for 2023/24 it will cover your income from 6 April 2023 to 5 April 2024. What’s more, when there are changes by the government to personal tax rules, they will come in from the start of a new tax year.

• 31 March for the company tax year. Therefore. This is the date that any changes in company tax rates will take effect. As a result, if the government changes the Corporation Tax rate, it will take effect on 1 April.

Financial year-end

Besides the tax year, there is also your company year end. In addition, this is also known as the financial year. Indeed, this is the date that your company accounts are made up to each. What’s more, it is usually the last date of a calendar month.

You can set the company year-end yourself when you set your company up. However, you can also change it at a future point in time. What’s more, if you do not choose a company year-end when your company is set up, it will automatically default to the end of the calendar month in which your company was incorporated. Certainly, this is how a company year end is chosen. Therefore, you should be this in mind for your own company.

If your company was incorporated on 20 July 2023 and you did not set your year-end, it would automatically default to 31 July 2024. As a result, you would file your accounts up to 31 July each year in future. However, you could decide to change the company year-end at a future date.

UK tax year dates -being organised from the outset

It is good if you like to be organised, in terms of filing requirements for your company. What’s more, when this is the case, you could make a note all the relevant dates that your company needs to meet. Indeed, your accountant will help ensure you are on time. However, there is nothing wrong with knowing the various due dates yourself because you can then keep a track of these.

Any official mail for the company from Companies House or HMRC will be posted to the registered office. As a result, such mail could include reminder letters from the authorities. Indeed, such mail could be about filing deadlines or tax enquiry-type letters.

Please read our article that covers tax tips for limited company contractors. Certainly, this includes all of our latest handy tips and advice. What’s more, you should know these when you have your own business because it is good to be organised. Furthermore, this article includes our latest guidance for the best tax planning ideas.

The UK tax year dates in respect of filing dates for contractor taxes and accounts

First thoughts  

The UK tax year runs from 6 April to 5 April. Therefore, the 2022/23 tax year, which started on 6 April 2022, will run to 5 April 2023. Likewise, for 2023/24, the tax year that starts on 6 April 2023 will run to 5 April 2024.

When you are in business, you could be a sole trader or a director of a limited company. Therefore, you may have an annual personal tax requirement. As a result, you will more than likely have to complete a UK Self Assessment tax return each year.

When you have our own business, you have to choose a year-end, either as a sole trader or a limited company. However, this does not need to be the same as the personal tax year. Basically, it is much simpler to have your year-end on 5 April in a personal tax context. What’s more, the majority of self-employed people will choose 31 March or 5 April as their business year-end.

Second thoughts

It is important to remember that your company should save its tax liabilities as it goes along in the company bank account. Indeed, when you do this as a UK contractor, you should aim to keep safe the funds for your contractor taxes. However, it is better to save these in a company savings account. Certainly, this is a good idea so that they are separate from the regular funds of your business.

As mentioned earlier, there are various HMRC dates and Companies House filing deadlines. What’s more, you should bear these in mind in respect of filing your company’s accounts and any other filing requirements. In addition, these are all part of your director’s duties when you run your own company. However, there are also dates to meet for your personal tax filing, which is your responsibility as an individual. To sum up, it is good to be aware of any filing dates during each calendar year.

Making Tax Digital (MTD)

MTD is a fairly new UK government initiative. What’s more, the move to MTD in the UK is now well underway. Basically, MTD is all about reporting tax digitally to the government. Indeed, this is now in place for all VAT-registered businesses including UK contractors. What’s more, specialised online account software is used to do this. Therefore, at present a business can use this type of software to file VAT returns and PAYE returns.

As mentioned, UK contractors with their own company now file their VAT returns under MTD. Basically, they will use online software to do this. What’s more such software makes company record keeping much easier than using previous ways to keep business records.

In addition, there are current plans to extend this to landlords and self-employed businesses (ITSA). This will now happen from 6 April 2026 for those with income over £50,000 mandated to join first, a change from the original £10,000 limit. In addition. for those with income over £30,000, this will now be mandated from April 2027. What’s more, the scope also has plans to extend this to company tax returns in the future too. This was originally planned for April 2026; however, it now looks even further away.

Dates to remember for UK contractors and small business owners

Tax year (UK) dates -important key dates 

The various key dates for a UK limited company will differ depending on when the year end is. Indeed, your business year end could be set at any date of the calendar year. However, most UK businesses will choose a date at the end of a calendar month as their business year end. Therefore, the key dates to bear in mind are as follows:

UK tax year date -filing dates with the UK authorities

Besides the main dates shown above, there are also various other dates for a UK business, in terms of filing with the authorities. Indeed, all of such filings are with either Companies House or HMRC. Basically, a business files accounts with Companies House. Likewise, it will file various tax returns and pay taxes in relation to these to HMRC. Therefore, the key dates for your business to bear in mind are as follows: 

Besides the main filing dates with HMRC and Companies House for the accounts, company tax return and Confirmation Statement there are also other filing dates to bear in mind. Indeed, this will cover VAT, PAYE and other PAYE issues such as the P11D:

Similarly, there are also dates for your personal tax (Self Assessment). Therefore, the dates that you bear in mind are:

Self Assessment payments on account 

When you are registered for Self Assessment, you may need to make payments on account. Indeed, most contractors who take dividends from their company have to make payments on account (POA). Basically, POA are made for personal tax (Self Assessment), as shown above. Therefore, POA will be due to HMRC unless:

• Your last Self Assessment tax bill was less than £1,000.

• You have already paid over 80% of all the tax due via PAYE on their salary.

This is an area that often causes confusion for UK limited company contractors. In addition, it is not straightforward to follow for most directors of limited companies. Therefore, if you want more information about payments on account, please take the time to discuss these with your accountant. Certainly, they will be able to explain how these payments work. In addition, they will be able to tell you whether you need to make such payments to HMRC. Furthermore, they will also be able to check if your can reduce your payments on account.

Example of UK tax year dates for a new company 

Tom started up as a contractor and his company was set up on 7 April 2023. As a result, he started trading on 10 April 2023. Therefore, his first set of accounts will be made up to 30 April 2024. In addition, his company registered for VAT. Furthermore, his company’s VAT quarters end on 30 June, 30 September, 31 December, and 31 March.

Penalties

Self Assessment fines for late filing 

There are various fines when you file and pay your SA tax late. What’s more, these increase the later you are filing your tax return. Therefore, the following will apply when you are late:

Companies House fines for late filing of accounts

There are fines when your company misses the Companies House filing deadlines. Further to this, this due date is in respect of filing your company accounts. What’s more, the fines increase the later you are at filing your company accounts. Therefore, the following fines will apply if your company is late:

It is best practice to make sure your accounts are filed on time with Companies House. As a result, your company will not incur any unnecessary fines. What’s more, you will avoid the risk of your company being struck off which can happen if you are late filing. 

HMRC fines for late filing of accounts and company tax return

There are various fines in place if you are late paying and filing Corporation Tax. Therefore, it is key that these are filed on time each year. Indeed, the fines increase the later you are at filing the documents with HMRC. Therefore, the fines that apply when you miss the Corporation Tax deadline in respect of filing accounts and the company tax return with HMRC are:

It could be the case that your company tax return is late three times in a row. Indeed, when this is the case, the £100 penalties will be increased to £500 each. However, once again, it is best practice to make sure your company tax return is filed on a time. As a result, you will not incur unnecessary fines.

If your company tax return is six months late, HMRC will write and tell you how much Corporation Tax they think that your company must pay. Basically, this is called a ‘tax determination’ and you cannot appeal against it. As a result, you must pay the Corporation Tax that is due and file your company tax return. What’s more, once you have done this, HMRC will re-calculate any interest and penalties which you need to pay.

Final thoughts 

Finally, we hope this guide was a helpful overview of the UK tax year dates for companies and individuals. In addition, it also sets out the current Companies House filing deadlines. What’s more, if you are a UK contractor and director of your own company, this is a handy for a reference point. In conclusion, we summarise the important tax year (UK) dates. Certainly, it includes the Companies House deadlines and when to file a limited company tax return. Furthermore, it also shows when you need to make payment of taxes and any official document filing dates.

Furthermore, it is a good idea to make some diary notes for the key tax year dates to remember for your company during the year. As a result, you will hopefully not miss any deadlines. Finally, some clients expect their contractor accountants to provide constant reminders regarding filing dates. However, this is not always practical. Indeed, a key point when you run your own company, is you should also know when the important dates are for your business.

Besides this guide on UK tax dates, there are many other great guides on this website. Indeed, they cover all sorts of aspects of working as a UK contractor or small business. In addition, they include various tips and advice when you run your own business. What’s more they show you how to operate effectively and tax efficiently.

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