Tax Year dates

Introduction

There are various UK tax year dates to bear in mind, when you run your own business. If you are a director who is running your own company you will need to bear in mind of these dates, when it comes to paying taxes and filing official accounts.

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. Above all, it is important that you know the official dates for filing company documents or paying company taxes. Certainly, it would be a good idea to make diary or calendar notes so that you can keep track of the official dates.

In many cases, when you have your own accountant, they will help you meet the various filing deadlines. They will inform you how much tax you owe and when you need to pay this by. In addition, they will also inform you what filing dates you need to make in terms of official documents, such as company accounts. As mentioned though, it is sensible to keep track of your main filing dates too and the you can follow up with your accountant, if the need arises.

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. Key to note, once you have set this up, you will also have the option in due course to register with HMRC for other taxes. In the main, this will include VAT and PAYE/NIC.

Being organised

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. As a result, such mail could include reminder letters from the authorities in relation to filing deadlines or tax enquiry type letters.

Please have a read of our article that covers tax tips for contractors. This includes many handy tips and advice that you should know when you have your own business. In addition, 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

Initial thoughts   

The UK tax year runs from 6 April to 5 April. Therefore, the 2021/22 tax year which started on 6 April 2022 will run to 5 April 2023. When you are both a sole trader or a director of a limited company, you will need to complete a UK Self-Assessment tax return each year.

When you have your own business either as a sole trader or limited company, you will need to choose a year end. This does not need to be the same as the personal tax year, however in a personal tax context it is much simpler to have your year end on 5 April. 

It is important to note, your company should save its tax liabilities as it goes along, in the company bank account. When you do this, you can separate the funds for company taxes from the normal funds of your business.

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. In addition, these are all part of your director duties when you run your own company. There also dates to meet for your personal tax filing and these are your responsibility as an individual.

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 (shortened version of the full accounts) 21 months after the date you incorporated with Companies House
File Annual accounts with Companies House (shortened version of the full accounts) 9 months after your company’s financial year ends
File a Confirmation Statement with Companies House

File a Corporation Tax Return (and full accounts)

14 days after the date that you make your statement up to

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.

Routine returns

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 income tax payable

Paying Capital Gains Tax (generally)

Paying Capital Gains Tax on the sale of second properties

31 January following the end of the tax year

31 January following the end of the tax year

Within 60 days of selling the property if the completion date was on or after 27 October 2021.

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

This is an area that often causes confusion. Therefore, if you would like to know more information about payments on account, please discuss these with your accountant.

Example of filing dates for a new company just set up

Tom’s company was set up on 10 March 2022 and he started trading on 10 April 2022. Notably, his first set of accounts go up to 30 April 2021. In addition, 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

The following fines will apply, when you are late filing and paying 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 point that summarises the important dates that you need to remember for payment of taxes and official document filing dates.

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 a key point is when you run your own company, you should also have in mind when the important 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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