Tax Year dates

Introduction

There are various UK tax year dates to bear in mind, when it comes to paying taxes and filing official accounts, when you are a director who is running your own company. Whether you are setting up your own company for the first time or you have been in business for 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 set up your own company, as part of the registration process you will be automatically registered for Corporation Tax. At this point HMRC will give you login details for your Business Tax account. When this is set up you will also have the option in due course to register with HMRC for other taxes, such as VAT or PAYE/NIC.

If you like to be organised in terms of filing requirements for your company, you could make a note of all the relevant dates that your company needs to meet. As mentioned, your accountant will help make sure that you are on time but there is nothing wrong with knowing the various due dates yourself.

Please note, any official mail for the company regarding from Companies House or HMRC will be posted to the registered office. Such mail could include reminder letters in relation to filing deadlines or tax enquiry type letters.

Please have a read of our article that covers tax tips for contractors for handy tips and advice that you should know when you have your own business. This includes our latest advice for the best tax planning ideas.

The UK tax year dates to bear in mind in respect of filing dates for taxes and accounts

Thoughts   

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

As mentioned, 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 UK tax year dates filing dates

Company tax year dates -filing dates 
Action Deadlines for filing and paying any tax you owe
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
File a Confirmation Statement with Companies House filing 14 days after the date that you make your statement up to
File a Corporation Tax Return The Corporation Tax deadline is 12 months 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
 Corporation Tax due date or tell HMRC that your company does not owe any tax You need to pay the CT within 9 months and 1 day 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 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 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 year dates -filing dates 
Action Deadline
The deadlines for Self- Assessment tax return for paying income tax 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 next tax year
The balance of your tax payable 31 January following the end of the tax year

Self Assessment payments on account and fines

When you are registered for Self Assessment, you may need to make payments on account. Therefore, 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

Example of filing dates for a new company just set up

Tom’s company was set up on 10 March 2022. He started trading on 10 April 2022, his first set of accounts go up to 30 April 2023 and his company’s VAT quarters end on 30 June, 30 September, 31 December, and 31 March.

UK tax year dates for Tom to remember

First accounts with Companies House filing

He will need to file the accounts for the period ended 30 April 2023 by 10 December 2023
Annual accounts with Companies House filing He will also need to file the accounts for the period ended 30 April 2023 by 31 January 2024
Confirmation Statement with Companies House filing The company was incorporated on 10 March 2022.

Therefore, the statement is made up to 9 March 2023, and as a result, it is due for filing by 23 March 2023

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 a Corporation Tax return 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 the filing by 7 August 2022. In addition, the liability will need paying 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

Penalties

Self Assessment fines for late filing of your tax return and paying any tax that is due 

The following fines will apply when you are late filing your personal tax.

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 tax due
3 months late (30 April) Daily penalty £10 per day for up to 90 days (maximum £900)
6 months late (31 July) 5% of tax due or £300, if greater
6 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 tax payer 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 tax due, or £300 if greater.
deliberate but not concealed 70% of 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

The following fines will apply if you are late filing your accounts with Companies House:

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 were late filing the previous year.

Final thoughts

Finally, we hope this guide was a helpful overview of the UK tax year dates.

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

Furthermore, you could make some diary notes for the key tax year dates to remember for your company during the year. As a result of doing this, you will hopefully not miss any deadlines. Some clients will expect their contractor accountant to provide constant reminders in respect of filing dates. However, this is not always 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 /

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