Running your own business means there’s a lot to think about, but keeping track of tax dates and reporting deadlines throughout the year is essential. We’ve put together a calendar to help you stay on top of the key tax year dates which apply to your business. These deadlines are the latest dates you should take action to avoid penalties, but there might be times when acting earlier is better for your business, so we explain the ins and outs below!
A tax year, also known as a fiscal year, is the 12-month period which starts 6th April, and ends 5th April the following year. It’s slightly different to the UK government’s financial year which runs from 1st April to 31st March. Budget statements made to announce updated tax rates and allowances normally cover this period.
There are several important dates to remember throughout the tax year, and these can vary depending on what sort of business you run, and whether you use contractors, employ staff, or you’re VAT registered.
What happens if I can’t pay my tax bill on time?
If you don’t think you’ll be able to pay your tax bill on time, contact HMRC as soon as possible. You might be able to set up a Time to Pay payment plan. It’s usually much better to speak to HMRC before the deadline, helping to avoid any additional penalties on top of your tax bill.
What tax dates do I need to remember for Self Assessment?
Most people pay tax through their employers but if you earn money another way, such as from self-employment, dividends, partnerships, or property, you might also need to submit a Self Assessment tax return.
There are several tax dates to be aware of for Self Assessment including the registration date, and the submission and payment deadlines.
What is the deadline to register for Self Assessment?
If you’re not already registered for Self Assessment and need to submit a tax return, you must register by 5th October following the end of the tax year you need to report on.
For example, if you need to report income you received in the 2022/23 tax year (6th April 2022 – 5th April 2023), make sure you register for Self Assessment no later than 5th October 2023.
What is the last date to submit my Self Assessment tax return?
This depends on whether you submit your tax return online or through the post, and whether you want to pay your tax bill through your tax code.
You don’t have to wait for the deadline (and there are lots of good reasons why submitting it earlier might be better), and can file your Self Assessment return after the end of the tax year it relates to. Just make sure you submit it on time to avoid penalties!
31st October – Paper return forms
30th December – To pay your bill through your tax code
31st January – Online submissions
Submit your paper-based tax return form by midnight 31st October
If you prefer to file your Self Assessment using a paper return form, the deadline to submit is 31st October following the end of the tax year that the return relates to.
For example, the deadline to submit a paper return for the 2022/23 (6th April 2022 – 5th April 2023) tax year is 31st October 2023. Don’t forget to include any relevant supplementary pages to report different types of income!
Submit online by midnight 30th December to pay self-employed tax through PAYE
The deadline to submit online is normally 31st January but you’ll need to submit slightly earlier, by midnight on 30th December, if you want to request that HMRC collect the tax you owe through PAYE.
Rather than paying your tax bill directly to HMRC, the tax you owe will instead be collected from your wages alongside the usual tax deductions that your employer makes (or from your pension payments).
File your online Self Assessment tax return by midnight 31st January
The reporting deadline for Self Assessment tax returns submitted online is midnight 31st January following the end of the tax year covered by the return. So, if you need to submit an online return for the 2022/23 (6th April 2022 – 5th April 2023) tax year, the last date to file is midnight on 31st January 2024.
What happens if I miss the Self Assessment submission date?
Missing the submission deadline usually results in an automatic £100 penalty. Further penalties will be added if more time passes without filing your tax return.
When do I need to pay my Self Assessment tax bill?
The last date to finish paying your Self Assessment tax bill is 31st January following the end of the tax year that you owe money for.
For example, the deadline to pay your 2022/23 tax bill (6th April 2022 – 5th April 2023) is 31st January 2024. The payment deadline won’t change, even if you submit your tax return much sooner.
If your tax bill is more than £1,000 you might also need to make payments on account. These are advance payments towards the following year’s tax bill, so can come as a nasty shock if you’re not prepared!
What tax year dates are important for limited companies?
Running your own limited company means there are several tax dates to be aware of, though reporting deadlines vary from one company to another depending on when your year end is.
A company’s financial year is a 12-month period which ends on the last day of the calendar month. This is normally one year on from the date the company was formed, although it can sometimes be changed by special request. Your tax reporting responsibilities include:
Submitting annual accounts to Companies House: 9 months from your year-end date
Filing your CT600 Company Tax Return to HMRC: 12 months from year end
Paying your company’s Corporation Tax bill: 9 months and 1 day after year end
Providing a confirmation statement to Companies House: 12 months from the date of formation (or your last statement)
When do I need to submit annual accounts?
Annual company accounts are a collection of financial statements summarising a company’s activity over its financial year. You must submit these to Companies House no later than 9 months following the company’s year-end date.
For example, if your company’s year end is 31 March 2023, your annual accounts are due 31st December 2023.
What is the Company Tax Return deadline?
The deadline to submit the Company Tax Return (sometimes known as the statutory filing date) is 12 months from company’s year end.
So, if year end is 31 March 2023, you must submit your return before 31 March 2024.
When do I need to pay my Corporation Tax bill?
The bit that confuses most people is that the deadline to pay Corporation Tax is actually earlier than the last date for submitting your tax return. You’ll need to pay your company’s tax bill within 9 months and 1 day of the financial year end.
You’ll need to check and confirm that your Companies House record is up to date by submitting an annual confirmation statement. The due date for submitting your confirmation statement is normally one year on from the date your company was formed, or the date of your last statement. You have 14 days after the due date to file.
When is the VAT reporting deadline?
VAT registered businesses must make regular Making Tax Digital VAT submissions to HMRC. Most businesses make submissions on a quarterly basis, but this can vary depending on the type of VAT scheme that you use.
The deadline to make a monthly or quarterly submission and pay any VAT owed is one calendar month and seven days following the end of the VAT period that the return relates to.
For example, if your VAT period ends 31 March, the deadline to make a submission for it is 7th May. The VAT payment to HMRC must also have cleared by that date too, so make sure you give yourself enough time!
If your business uses the VAT Annual Accounting Scheme you’ll send a submission once a year, but you’ll need to make regular advance payments (either monthly or quarterly) towards your expected VAT bill.
What tax dates do employers need to be aware of?
As an employer you’ll need to stay up to date with any changes to tax and National Insurance rates, as well as important reporting and payment deadlines.
Employers and the new tax year
The new tax year starting on 6th April each year often means changes to National Minimum Wage, National Insurance rates and thresholds, and Income Tax thresholds – all essential knowledge for employers!
It’s worth noting that payroll reporting periods normally work on the basis of a tax month, starting on the 6th, and finishing on the 5th of the following month.
Making Full Payment Submissions (FPS)
Employers should make a Full Payment Submission (FPS) about any payments and deductions made to each employee every time they’re paid. You’ll need to tell HMRC if you’re making the last one of the tax year (which ends 5th April).
Employer Payment Summary
Send an Employer Payment Summary (EPS) by the 19th of every month to tell HMRC about any statutory payments or the apprenticeship levy that you’re reclaiming for the previous tax month. A tax month starts on the 6th and finishes on the 5th of the following month.
For example, if you need to submit an Employer Payment Summary (EPS) for the tax month which starts 6th June and ends 5th July, the deadline is 19th July.
Send PAYE deductions to HMRC
The deadline to send PAYE deductions and employer National Insurance Contributions to HMRC is the 22nd of the following month (or the 19th if you pay by post).
For instance, if you report payroll data for March, you’ll have until 22nd April to pay online.
Submit a report through your payroll software or file a P11D form with HMRC by 6th July for each employee you provided with expenses or benefits in the previous tax year (which ended on 5th April), and copy this information to your employees.
You’ll also need to submit a P11D(b) form to declare the total amount of Class 1A (Employer) National Insurance you owe on benefits in kind.
Essential CIS dates for contractors
Contractors using subcontractors in the construction industry must register for the Construction Industry Scheme, and deduct tax from the payments they make to their subcontractors.