Key Tax Dates and Deadlines for Self-Assessment and Limited Companies

UK

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

  1. Set Reminders: Use calendars or digital reminders for each deadline.
  2. Hire Professionals: Accountants and tax advisors can help ensure all filings are accurate and on time.
  3. Use Software: Accounting and tax software simplifies the process of staying compliant.
  4. Act Early: Don’t wait until the last minute to file or make payments, as this increases the risk of mistakes and penalties.
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