Key tax and accounting deadlines

HMRC Making Tax Digital Tax VAT

KEY DEADLINES

 

There are many tax and accountancy deadlines throughout a year.  This blog aims to breakdown these deadlines in to different categories so you can easily see which are applicable to you and/or your business.

 

Self-Assessment

The tax year runs from 6 April to 5th April. This is the period that tax returns are reported on.

 

31st October – you must submit your tax return by this date if you would like to paper file your tax return.

30th December – if you are also employed, and you would like your tax to be paid through your PAYE tax code, your return must be submitted by this date.

31st January – your tax return to the previous 5th April, should be submitted by this date.  You must also pay the balance of tax you owe from that year and along with your first payment on account for the next tax year.

31st July – This is the date your second payment on account is due.

 

You do not need to make payments on account if your total tax bill is less than £1000 or if you have already paid more than 80% of your tax bill, for example, through PAYE.

Payments on account are half of the previous year’s tax due.

 

Companies

 

Key deadlines for companies depend on when their company year end is.

Filing accounts – this must be done within 9 months of the company’s year end or 21 months from the date of incorporation, when a company is newly formed.

Corporation tax payment – the payment is due 9 months after the company’s year end or 21 months from the date of incorporation, when a company is newly formed.

Submission of corporation tax return – 12 months from the company’s year end.

A company can change its year end, by completing a form AA01.  A year end can be extended to be a maximum of 18 months but only once in a five-year period.  A year end can be shortened without such restrictions.

 

VAT

 

VAT is usually submitted and paid on a quarterly basis.  If your VAT quarters are for example, March, June, Sept and December, then your VAT payments are due on 7th May, August, November and February.  You therefore have one month and seven days to submit the return and pay the VAT.  If you pay by Direct Debit, the tax is not taken until 10th.

Other VAT schemes with different payment dates include the annual and monthly schemes.  Payment dates for these schemes are different and Lloyd Piggott are happy to advise you further if these are applicable to you.

For information regarding different VAT schemes, please see our blog – Which VAT scheme should I use? https://lloydpiggott.co.uk/which-vat-scheme-should-i-use/

 

Payroll

Payroll can be processed over different periods such as weekly, bi weekly, four weekly or monthly.

You should report your Full Payment submission (FPS), which tells HMRC about payment to your employees, on or before your employees pay date.

Employer Payment Summary’s (EPS) should be filed if you have reclaim’s such as CIS or Maternity/Paternity pay.  This should be submitted by 19th of the month following the month end of 5th.

PAYE, CIS & NIC’s are payable by 22nd of each month (or 19th if paying by post), unless an alternative such as quarterly payments have been agreed with HMRC.

 

P11D’S

Form P11d’s are used to inform HMRC about benefits given to employees and to apply tax to these benefits.  P11d’are completed to the end of the tax year, being 5 April and they must be filed by 6 July.

Any Class 1A National Insurance owed on expenses or benefits must be paid by 22nd July (19th July if you pay by cheque).

 

Employment Related Securities (Form 42)

A form 42 must be submitted if shares have been transferred in the year to a person who has obtained those shares by virtue of their employment.  There are several exemptions from completing the form but assuming a form is needed, all transfers in the year to 6 April should be reported by 6 July to avoid a late filing penalty.

If you have any questions regarding the above or if Lloyd Piggott can be of any further assistance, please do not hesitate to contact us on 0161 236 7677.