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Introduction –UK tax dates
There are various UK tax year dates and UK financial year dates to consider when you run your business. Basically, the dates in question are the filing dates for taxes and accounts for your business. Indeed, this will apply whether you run your own contractor limited company or a sole trader. However, in each case, there are certain tax year (UK) dates which you need to be aware of. What’s more, 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 or registered or indeed run a PAYE scheme there are additional filing requirements to meet.
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, when a company pays taxes, files official accounts, and files tax returns with the UK authorities there are deadlines to meet in each case. However, if a limited company misses filing dates for taxes and accounts or Companies House filing deadlines it can face interest or penalties. As a result, it is important that the tax year dates (UK) and deadlines are always met in respect of company tax filing.
UK tax year dates -initial thoughts
You may be setting up your own company for the first time or have been in business for a while. Therefore, the details in this article can be a handy reference point for limited company filing requirements. However, when you run a company, you must know the official Companies House filing deadlines as well as the HMRC Corporation Tax deadline and payment dates when you file a tax return (limited company). Certainly, 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.
In many cases, when you have your accountant, they will help you meet the deadlines. Basically, they will inform you of the Corporation Tax deadline and Companies House filing deadlines as well as any other deadlines. In addition, they will inform you how much tax you owe and the date you need to pay this. What’s more, 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 and then you can follow up with your accountant if the need arises.
Automatic registration and Business Tax account
When you set up your own company, you will be 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 note 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.
Tax year-end
The tax year end date is the last date in the UK tax year. In addition, the date after this is the first day of the tax year, when any changes to UK tax allowances or tax rates will usually take effect. Therefore, the tax year end date is:
- 5 April for the UK personal tax year end.
- 31 March for the company tax year.
Financial year-end
Besides the tax year, there is also your company year or what 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 and you should be this in mind for your own company.
If your company was incorporated on 20 July 2022 and you did not set your year-end, it would automatically default to 31 July 2023. In addition, 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
If you like to be organised in terms of filing requirements for your company, you could 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.
Please note that 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, these 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. Certainly, you should know these when you have your own business. In addition, 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.
When you are in business, you could be a sole trader or a director of a limited company. As a result, you will more than likely have to complete a UK Self-Assessment tax return each year.
You have to choose a year-end when you have your own business, 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.
It is important to note 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 so that they are separate from the regular funds of your business.
As mentioned, there are various HMRC dates and Companies House filing deadlines. What’s more, you should bear these in mind when filing your company’s accounts and 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.
Making Tax Digital (MTD)
The move to MTD in the UK is now well underway. Basically, MTD is all about reporting tax digitally to the government. Certainly, 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.
In addition, there are current plans to extend this to landlords (ITSA) on 6 April 2023. Furthermore, there are other plans to expand this to the UK personal tax return. In addition, the scope will extend to company tax returns too.
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. Therefore, the key dates to bear in mind are as follows:
| When do you need to file accounts with Companies House? | Within 9 months after your company year-end. | ||
| On which date do you need to file a company tax return and accounts with HMRC? | Within 12 months after your company year-end. | ||
| When is the due date for Corporation Tax payment to HMRC? | Within 9 months and 1 day after your company year-end. | ||
UK tax year dates -filing dates with the UK authorities
There are various other dates for a UK business in terms of filing with the authorities. Therefore, the key dates to bear in mind are as follows:
| Company tax year (UK) dates -filing dates | |
| Action | Deadlines for filing and paying any tax you owe. |
| Companies House accounts filing dates | |
| First accounts with Companies House filing (shortened version of the complete reports) | 21 months after the date you incorporated with Companies House. |
| File Annual accounts with Companies House (shortened version of the complete reports) | Nine months after your company’s financial year ends. |
| File a Confirmation Statement with Companies House | 14 days after the date that you make your statement up to. |
HMRC filing and payment date(s) |
|
| File tax returns for limited company. This is when you will file a Corporation Tax Return and file company accounts (HMRC) | The Corporation Tax deadline is 12 months after your accounting period for CT ends. Therefore, the Corporation Tax deadline is the date by which you need to file the tax return (limited company) and HMRC year-end accounts. However, please note that accounting periods for CT cannot be longer than twelve months in length. Therefore, if your accounts cover a period longer than twelve months (this could be your first set of accounts depending on when you start trading and set your year-end), there will be two returns to complete. In addition, there will be two Corporation Tax deadlines. In conclusion, the first of these will be for the first twelve months of trade, and the second one will be for the remaining period up to the company year-end. |
| Corporation Tax due date or tell HMRC that your company does not owe any tax | You must pay the CT within nine months and one day after your ‘accounting period’ for CT ends. |
| Routine returns for a business | |
| VAT returns -filing the return and payment to the VAT office | One month and seven days after your VAT period end if you pay by internet banking. Furthermore, when you pay the VAT by direct debit, this will go through around three days later. |
| PAYE/NIC payments | You need to pay the tax and National Insurance within 14 days after the end of the PAYE period. |
| File P11D forms to HMRC online | 06-Jul |
| Give employee copy of the P11D form | 06-Jul |
| File P11D(b) form to HMRC online | 06-Jul |
| Pay Class 1A NI on benefits | 19 July (by cheque) or 22 July (by other payment methods). |
| Personal tax year filing and payment dates | |
| Action | Deadline |
The deadlines (also known as the HMRC tax year dates) for the Self-Assessment tax return in respect of paying income tax and Self Assessment payment dates are as follows: |
|
| Registering under Self-Assessment | 5 October following the end of the tax year. |
| Filing a paper tax return | 31 October following the end of the tax year. |
| Filing a tax return online | 31 January following the end of the tax year; therefore, for 21/22, the deadline is 31 January 2023. |
| Making the first payment on account | 31 January following the end of the tax year. |
| Making the second payment on account | 31 July following the end of the following tax year. |
Self-Assessment payments on account
When you are registered for Self-Assessment, you may need to make payments on account. Indeed, payments on account for your personal tax (Self-Assessment), as shown above, will be due 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. Therefore, if you want more information about payments on account, please discuss these with your accountant. Certainly, they will be able to explain how these payments work and whether you need to make such payments to HMRC.
Example of UK tax year dates for a new company
Tom’s company was set up on 7 April 2022, and he started trading on 10 April 2022. Therefore, his first set of accounts will be made up to 30 April 2023. In addition, his company’s VAT quarters end on 30 June, 30 September, 31 December, and 31 March.
| The tax year (UK) dates for Tom to remember | |
| Companies House accounts filing dates | |
| First accounts with Companies House filing | He will need to file the accounts for the period ended 30 April 2023 by 7 January 2024. |
| Annual accounts with Companies House filing | He will also need to file the accounts for the period ended 30 April 2024 by 31 January 2024. |
| Confirmation Statement with Companies House filing | |
| The company was incorporated on 7 April 2022. | |
| Therefore, the statement is made up to 6 April 2023, and as a result, it is due for filing by 20 April 2023. | |
HMRC filing and payment date(s) |
|
| Corporation Tax due date or tell HMRC that your company does not owe any tax | He will need to pay the CT by 1 February 2024. |
| File tax returns for limited company. This is when Tom will file a Corporation Tax Return and file company accounts (HMRC) | This is when he will file a tax return (limited company).
The Corporation Tax deadline will be 30 April 2024. |
| VAT returns -filing the return and payment to the VAT office | |
| The June 2022 VAT return will need to be filed by August 2022. In addition, the liability will need to be paid to HMRC by 7 August 2022 (10 August 2022 if he is paying by direct debit). | |
| PAYE/NIC payments | |
| For the 5 July 2022 PAYE quarter (he files quarterly), the filing and payment need to be with HMRC by 19 July 2022. | |
Routine returns for Tom’s business |
|
| VAT returns -filing the return and payment to the VAT office | One month and seven days after your VAT period end if you pay by internet banking. Furthermore, when you pay the VAT by direct debit, this will go through around three days later. |
| PAYE/NIC payments | You need to pay the tax and National Insurance within 14 days after the end of the PAYE period. |
| File P11D forms to HMRC online | 06-Jul |
| Give employee copy of the P11D form | 06-Jul |
| File P11D(b) form to HMRC online | 06-Jul |
| Pay Class 1A NI on benefits | 19 July (by cheque) or 22 July (by other payment methods). |
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:
| Late Filing | Late Payment | Penalty |
| Miss the filing deadline of 31 January | Automatic £100 | |
| Miss the next filing date of 28 February to file your return and pay any tax due | 30 days late | 5% of the tax due |
| Three months late (30 April) | Daily penalty £10 per day for up to 90 days (maximum £900). | |
| Six months late (31 July) | 5% of the tax due or £300, if greater. | |
| Six months late | 5% of any tax outstanding at that date. | |
| 12 months late (31 January the following year) | 5% of any tax due or £300 if greater, unless the taxpayer is held to be deliberately withholding information that would enable HMRC to assess the tax due. | |
| 12 months late | Based on behaviour: | |
| Deliberate and concealed withholding 100% of the tax due, or £300 if greater. | ||
| Deliberate but not concealed 70% of the tax due, or £300 if greater. | ||
| Reductions apply for prompted and unprompted disclosures and telling, giving and helping. |
Companies House fines for late filing of accounts
There are fines when your company misses the Companies House filing deadlines in respect of filing your company accounts. What’s more, these increase the later you are at filing your company accounts. Therefore, the following fines will apply if your company is late:
| Up to 1 month (28 February) | £150 |
| 1 to 3 months | £375 |
| 3 to 6 months | £750 |
| More than six months | £1,500 |
| Furthermore, the penalty will double if you filed late the previous year. |
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. Indeed, once again 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:
| What must a company director do? | Deadline |
| Pay the Corporation Tax or advise HMRC that the company does not owe any tax | Nine months and one day after your ‘accounting period’ for which the Corporation Tax period ends. |
| File a Company Tax Return | 12 months after your `accounting period’ for which the Corporation Tax period ends. |
| Time after your Corporation Tax deadline | The penalty |
| 1 day | £100 |
| 3 Months | Another £100 |
| 6 Months | HMRC will estimate your CT bill and add a penalty of 10% of the unpaid tax. |
| 12 months | HMRC will add another 10% of any unpaid tax. |
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.
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, it is 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 tod 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, and a key point when you run your own company, you should also know when the important dates are for your business.
Link to Contractor Advice UK group on
