The tax year constantly repeats, so there are some key tax dates for businesses that you need to be aware of every year. Missing them can prove costly, so we’d advise getting them into your diary, and carrying them forward from year to year.

We prompt clients in good time for each, but extra reminders are never a bad thing!

In this brief post we’re looking at what and when those key dates are.

Limited Companies

Accounting Period End plus 12 months

The filing deadline for your Corporation Tax Self Assessment Tax Return.

This may be different if your Company is in it’s first year of trading, or if your company has been dormant, so be sure to seek advice on the filing deadline that will apply.

Accounting Period End plus Nine months and one day

The payment due date for the Company to pay its Corporation Tax for the previous Accounting Period.

As mentioned above, this may be different if your Company is in its first year of trading, or if your Company has taxable profits above a certain limit, when the Corporation Tax liability is to be collected in instalments.

You can review the various ways to pay your Corporation Tax Bill.

Partnerships

31st January

The filing date for your online Partnership Tax Return each year.

VAT

One month and seven days after the VAT Period ends

The filing deadline and payment due date for your VAT Return.

There are penalties that will apply if VAT is paid late or if Returns are submitted after the due date.

You can check the ways to pay your VAT.

This deadline can vary, so please check that you’re working to the right dates!

Employment Taxes

Monthly

19TH MONTHLY – Employers PAYE and National Insurance payments are due to be made to HMRC. This date can be pushed to the 22nd if you pay these amounts electronically.

Annually

5th April – Update your employee records and payroll software for the new tax year.

31st May – Give each employee a P60 for the year to the 5th April just passed.

6th July – Deadline for forms P11D and P11D(b) to be submitted to HMRC. If you’re a client of ours, we can prepare these for you, often from the information the already appears in your accounting system.

19th July – Deadline for the payment of Class 1A National Insurance Contributions (NIC) to HMRC, arising from the preparation of the P11Ds and P11D(b) above.

If you’re unsure of how these Key Tax Dates for Businesses apply to you, please get in touch. Whilst they are usually set, they can change depending on circumstances, so don’t get caught out!