Tax Year dates, HMRC year end accounts & Companies House filing deadlines

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Introduction

There are various UK tax year dates and UK financial year dates to consider when you run your business. The dates in question are the filing dates for taxes and accounts for your business. This will apply whether you are a limited company or a sole trader and, in each case, there are certain dates in the UK tax year which you need to be aware of.

If you are a director who runs your own company, you must remember any important company filing dates. In the UK, companies are required to meet certain deadlines, when they pay taxes and file official accounts and tax returns with the UK authorities. If a limited company misses filing dates for taxes and accounts it can face interest or penalties. Therefore, it is important that the deadlines are always met.

Whether you are setting up your own company for the first time or have been in business for a while, the details in this article can be a handy reference point. Above all, when you run a company, you must know the official Companies House filing deadlines as well as the HMRC filing and payment dates. These dates for filing company documents or paying company taxes come around once per year at different times. Therefore, it would be a good idea to make diary or calendar notes so that you can keep track of the official dates.

UK tax year dates -initial thoughts

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

When you set up your own company, you will be automatically registered for Corporation Tax as part of the registration process. At this point, HMRC will give you login details for your Business Tax account. 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. 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. Therefore, 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. The tax year end date is:

  • 5 April for the personal tax year.
  • 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. This is the date that your company accounts are made up to each year and it is usually the last date of a calendar month.

You can set the company year-end yourself when you set your company up or change it at a future point in time. If you do not set your 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.

Therefore, if your company was incorporated on 20 July 2022 and you did not set your year-end, this would automatically default to 31 July 2023 and you would file your accounts up to 31 July each year in future unless you decided to change the company year-end.

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. As mentioned, your accountant will help ensure you are on time, but 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 about filing deadlines or tax enquiry-type letters.

Please read 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 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 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.

You will need to choose a year-end when you have your own business, either as a sole trader or a limited company. This does not need to be the same as the personal tax year. However, 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. When you do this as a contractor, you can separate the funds for your contractor taxes from the regular funds of your business.

As mentioned, there are various dates you need to bear in mind for 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. 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. MTD is all about reporting tax digitally to the government. Notably, this is now in place for all VAT-registered businesses. In addition, there are current plans to extend this to landlords (ITSA) on 6 April 2023. In addition, there are other plans to expand this to the UK personal tax return as company tax returns.

UK tax year dates -filing dates with the UK authorities

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 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.
File a Corporation Tax Return (and full accounts) with HMRC The Corporation Tax deadline is 12 months after your accounting period for CT ends. This is the date by which you need to file the company tax return and HMRC year-end accounts. 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. 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 must pay the CT within nine months and one day after your ‘accounting period’ for CT ends.

Routine returns

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 dates -filing dates
Deadline
Action
The deadlines (also known as the HMRC tax year dates) for the 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 following tax year.


Self-Assessment payments on account
 

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

Example of UK tax year dates for a new company just set up 

Tom’s company was set up on 7 April 2022, and he started trading on 10 April 2022. Notably, his first set of accounts goes up to 30 April 2021. In addition, his company’s VAT quarters end on 30 June, 30 September, 31 December, and 31 March.

The tax year dates (UK) 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 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.
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 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

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 

The following fines will apply when you file and pay your tax 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

The following fines will apply if you miss the Companies House filing deadlines in respect of your company accounts:

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

The following are the annual requirements and respective penalties for late filing in respect of filing accounts and the company tax return with HMRC.

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 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

If your company tax return is late three times in a row, 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. 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. 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. What’s more, if you are a director of your own company, it is handy for a reference point that summarises the important dates 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 expect their contractor accountants to provide constant reminders regarding 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: August 1st, 2022 / Categories: Company Taxes, First timer guide /

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