Staying informed about critical tax deadlines is essential for individuals and businesses alike. This article outlines the key tax dates and obligations for Self-Assessment taxpayers and Limited Companies in the UK.
Self-Assessment Deadlines
For individuals required to file a Self-Assessment tax return, the following deadlines are crucial:
Registration Deadlines
- 5 October: If you need to complete a Self-Assessment tax return for the first time, you must register with HMRC by 5 October following the end of the tax year in question.
Filing Deadlines
- 31 October: Paper tax returns for the previous tax year must be submitted by this date.
- 31 January: Online tax returns for the previous tax year are due by this date.
Payment Deadlines
- 31 January: Balancing payment for the previous tax year and the first payment on account for the current tax year are both due.
- 31 July: Second payment on account for the current tax year.
Limited Company Deadlines
Limited Companies face specific tax obligations and filing requirements. Below are the essential deadlines:
Corporation Tax Deadlines
- 9 Months and 1 Day After Year-End: Corporation Tax must be paid.
- 12 Months After Year-End: Corporation Tax returns (CT600) must be filed with HMRC.
Companies House Deadlines
- Annual Accounts: These must be filed within 9 months after the company’s financial year-end.
- Confirmation Statement: This document, which confirms the accuracy of a company’s information, must be filed annually.
VAT Deadlines
Value Added Tax (VAT) registered businesses must adhere to these key dates:
- VAT Returns: Usually due one month and 7 days after the end of your VAT accounting period. For instance, for a quarter ending on 31 March, the deadline would be 7 May.
- VAT Payments: Payments must be made by the same deadline as the VAT return, unless you have arranged a Direct Debit.
PAYE (Pay As You Earn) Deadlines
Employers using PAYE to deduct Income Tax and National Insurance from employee wages need to be aware of the following:
- RTI Submissions: Real Time Information (RTI) submissions must be made on or before each payday.
- Monthly PAYE Payment: PAYE payments must reach HMRC by the 22nd of the following month if paying electronically, or by the 19th if paying by post.
- End-of-Year Reporting: By 19 April, submit any corrections or updates for the previous tax year’s PAYE records.
General Tips to Stay Compliant
- Set Reminders: Use calendars or digital reminders for each deadline.
- Hire Professionals: Accountants and tax advisors can help ensure all filings are accurate and on time.
- Use Software: Accounting and tax software simplifies the process of staying compliant.
- Act Early: Don’t wait until the last minute to file or make payments, as this increases the risk of mistakes and penalties.
