Filing dates for taxes and accounts

Introduction

There are various filing dates for taxes and accounts when you are a director running your own company. If you are setting up your own company for the first time or have been in business a while, the details in this article can be a handy reference point. In a lot of cases though your accountant will help you meet the various filing deadlines.

When you are a director running your own company, you need to be aware of the various dates that you will need to meet. What’s more, your accountant will be able to guide you here and, as a result, make sure that you are on time.

Have a read of my article covering tax tips for contractors for handy tips you should know when you have your own business (this is a member only article and you can read it if you sign up as a member). This includes my latest advice for best tax planning ideas.

The dates to bear in mind for filing dates for taxes and accounts

Thoughts   

Important to note, your company should save its tax liabilities as it goes along in the company bank account.

There are various dates that you need to bear in mind for the filing of your company’s accounts and other filing requirements. There also dates to meet for personal tax filing. These are all part of your director duties when you run your own company.

Actual filing dates   

Company filing dates 
Action Deadline
First accounts with Companies House filing 21 months after the date you incorporated with Companies House
Annual accounts with Companies House filing 9 months after your company’s financial year ends
Confirmation Statement with Companies House filing 14 days after the date that you make your statement up to
Pay your Corporation Tax (CT) or tell HMRC that your company does not owe any tax 9 months and 1 day after your ‘accounting period’ for CT ends. Please note, 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 do. Likewise, there will be two filing dates. 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
File a CT Return 12 months after your accounting period for CT ends
VAT returns -filing the return and payment to the VAT office 1 month and seven days after your VAT period end if you pay by internet banking. Furthermore, If you pay the VAT by direct debit, this will go through around three days later
PAYE/NIC payments 14 days after the end of the PAYE period
File P11D forms to HMRC online 6 July
Give employee copy of P11D form 6 July
File P11D(b) form to HMRC online 6 July
Pay class 1A NI on benefits 19 July (by cheque) or 22 July (by other payment methods) 
Personal tax filing dates 
Action Deadline
The deadlines for Self Assessment 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
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 next tax year
The balance of your tax payable 31 January following the end of the tax year

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 more than 80% of all the tax due via PAYE on their salary

Fines will apply if you are late filing accounts with Companies House:

Up to 1 month                                                £150

1 to 3 months                                                 £375

3 to 6 months                                                 £750

More than six months                                 £1,500

Furthermore, the penalty will double if you were late filing the previous year.

Example 

Tom’s company was set up on 10 March 2021. He started trading on 10 April 2021, his first set of accounts go up to 30 April 2021 and his company’s VAT quarters end on 30 June, 30 September, 31 December, and 31 March.

First accounts with Companies House filing He will need to file the accounts for the period ended 30 April 2022 by 10 December 2022
Annual accounts with Companies House filing He will also need to file the accounts for the period ended 30 April 2022 by 31 January 2023
Confirmation Statement with Companies House filing The company was incorporated on 10 March 2021. 

Therefore, the statement is made up to 9 March 2022, and as a result, it is due for filing by 23 March 2022

Pay the CT or tell HMRC that your company does not owe any tax He will need to pay the CT by 1 February 2023
File a CT Return The company will need to file accounts and company tax return by 30 April 2023
VAT returns -filing the return and payment to the VAT office The June 2021 VAT return will need to the filing by 7 August 2021. In addition, the liability will need paying to HMRC by 7 August 2021 (10 August 2021 if he is paying by direct debit)
PAYE/NIC payments For the 5 July 2021 PAYE quarter (he files quarterly) the filing and payment need to be with HMRC by 19 July 2021

Final thoughts

Finally, I hope this guide was a helpful overview.

What’s more, if you are a director of your own company, it is handy for reference that summarises the filing dates for taxes and accounts.

Furthermore, you could make some diary notes for the key dates to remember for your company during the year. As a result of doing this, you will hopefully not miss any key dates. Some clients will expect their contractor accountant to provide constant reminders in respect of filing dates. However, this is not practical, and when you run your own company, you should also have in mind when the key dates are for your business.

Link to Contractor Advice UK group on 

LinkedIn    https://www.linkedin.com/groups/4660081/

Published On: March 9th, 2021 / Categories: Company Taxes, First timer guide / Tags: /

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