Essential Accounting and Tax Deadlines for Small Businesses
August 19, 2024
As a small business owner operating in the UK, it is important to stay on top of accounting and tax dates in order to ensure compliance and avoid penalties from HMRC or the companies house.
Below are the key dates to note, including examples for each:
1. Self-Assessment Tax Return (for Individuals, Sole Traders, and Partnerships)
- Registration Deadline: 5 October after the end of the tax year for which you need to complete a tax return.
- Filing Deadline (Paper): 31 October following the end of the tax year.
- Filing Deadline (Online): 31 January following the end of the tax year or 30 December to be eligible (if other conditions are met) for paying tax through the PAYE tax code.
- Payment Deadline: 31 January following the end of the tax year for balancing payment and first payment on account. The second payment on account is due on 31 July.
- Example: For the tax year ending 5 April 2024:
- Registration deadline: 5 October 2024
- Paper filing deadline: 31 October 2024
- Online filing deadline: 31 January 2025
- Payment deadlines: 31 January 2025 (first payment) and 31 July 2025 (second payment)
*Tax year is a 12 month period which runs from 6 April to the following 5 April.
*Class 2 & 4 NICs are paid via Self Assessment by 31 January following the end of the tax year.
From April 2026 when Making Tax Digital (MTD) for ITSA comes into effect, self employed individuals and landlords with a total annual income above £50,000 will be subject to quarterly filing deadlines.
2. Corporation Tax (for Limited Companies)
- Filing Deadline: 12 months after the end of the accounting period.
- Payment Deadline: 9 months and 1 day after the end of the accounting period.
- Example: If your accounting period ends on 31 March 2024:
- Payment deadline: 1 January 2025
- Filing deadline: 31 March 2025
*An accounting period is a duration for reporting accounting functions. It is not necessarily from January to December and could also be longer in the first year of incorporation. The accounting period affects the deadline for filing accounts, corporation tax return filing and payment.
3. Value Added Tax (VAT)
- Quarterly Returns: Usually due 1 month and 7 days after the end of the VAT quarter.
- Example: If your VAT quarter ends on 30 September 2024:
- Return and payment due: 7 November 2024
*As part of MTD, you must keep digital records and submit VAT returns using MTD-compatible software by the usual VAT deadlines.
4. PAYE and National Insurance (for Employers)
- Monthly Payment Deadline: 22nd of the following month if paying electronically (19th if paying by cheque through the post).
- Quarterly Payment Deadline (for small employers): 22nd of the month following the end of the quarter.
- Example: PAYE for June 2024:
- Payment due: 22 July 2024
*P11D and P11D(b) forms are due for submission on 6 July following the end of the tax year. Payment deadline is 22 July (19th if paying by cheque through the post).
*Class 1 NICs are paid alongside PAYE each month or quarter.
5. Capital Gains Tax (CGT)
- Residential Property:
- Payment Deadline: Within 60 days of completion of the sale.
- Other Assets:
- Reporting Deadline: Self-assessment tax return deadlines apply (31 January).
- Example: If you sell a residential property on 1 July 2024:
- CGT payment due: 30 August 2024
6. Annual Accounts (for Limited Companies)
- Filing Deadline: 9 months after the end of the financial year.
- Example: If your financial year ends on 31 March 2024:
- Accounts filing deadline: 31 December 2024
7. Confirmation Statement (for Limited Companies)
- Filing Deadline: Every 12 months from the date of incorporation or the last confirmation statement.
- Example: If your last confirmation statement was filed on 1 July 2023:
- Next filing deadline: 1 July 2024
Summary of Important Dates (Example for 2024-2025):
- 5 October 2024: Registration deadline for self-assessment.
- 30 August 2024: CGT payment due for residential property sold on 1 July 2024.
- 22 September 2024: PAYE payment due for August 2024.
- 31 October 2024: Paper filing deadline for self-assessment tax return.
- 7 November 2024: VAT return and payment deadline for the quarter ending 30 September 2024.
- 30 December 2024: Online filing deadline for self-assessment tax return to be eligible (if other conditions are met) for paying tax through the PAYE tax code. If paying through the PAYE tax code, no other payment will be required by the 31 January payment deadline.
- 31 December 2024: Filing deadline for annual accounts (for year ending 31 March 2024).
- 1 January 2025: Corporation tax payment deadline (for year ending 31 March 2024).
- 31 January 2025: Online filing deadline for self-assessment tax return; balancing payment and first payment on account due.
- 31 July 2025: Second payment on account due for self-assessment.
These dates provide a comprehensive overview of key deadlines for UK small business owners.
Never miss a deadline again!
Remember to mark these on your calendar to ensure compliance.
Tips:
- Where the deadline falls on a weekend or bank holiday, the submission or payment is still required by that date.
- Corporation tax payment is due before the tax return submission. However, the tax return should be prepared in order to determine the corporation tax due for payment.
For any specific questions on the deadlines or help with any of the above accounting, tax or compliance services, please contact us.
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