Important Tax Dates

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The main submission dates which must be adhered for individuals and Limited Companies

Dont forget the taxman - important tax dates.

(Please note: this article is for guidance only - please speak to your accountant or check HMRC website for latest dates/figures.)

As a business owner, as well as having the pressure of achieving sales targets, credit control, marketing etc, you have the added burden of ensuring you comply with the numerous filing deadlines and administration duties which are placed upon you.

This article highlights the The main submission dates which must be adhered for individuals (sole traders, partnerships and directors of companies) and for limited companies/businesses:

Filing Deadlines for Individual

30th Sept. Submission of your self assessment tax return, if you want the Inland Revenue to calculate you personal tax liability for you.

31st Jan. Filing deadline for your self assessment tax return. If your tax return is not submitted by this date, then you will receive an automatic £100 filing penalty.

Final payment date for your previous years tax liability and your first payment on account of next years liability.

28th Feb. You will incur an additional surcharge if your tax liability and payment on account to 31st January are still outstanding.

31st July. Final payment date for your second payment on account.

Filing Deadlines for Companies/Businesses

Starting a Business. You need to notify the Inland Revenue with 3 months of commencing as self employed, otherwise you will incur a filing penalty.

Corporation Tax. Corporation Tax Return, Computations and Full Accounts need to be submitted 12 months after your accounting year end (*). If your corporation tax return is not submitted by this date then a filing penalty will be incurred.

Corporation Tax Liability. Needs to be paid in full 9 months and 1 day after your accounting year end (*).

Payroll P35s, P14s, P11s must be submitted by 19th May following the tax year. Filing penalties will be incurred for late submission and will increase each month.

Your monthly PAYE & NI liability must be paid by 19th of the following tax month.

Each employee must be given a P60 by 31st May following the tax year.

Forms P11d, P11d (b) and P9d, used for reporting benefits in kind, must be submitted by 6th July following the tax year. Filing penalties will be incurred for late submission and will increase each month.

Class 1a National Insurance, payable on benefits in kind must be paid by 19th July (for payments posted) or 22nd July (for electronic payments) following the tax year.

Companies House Accounts need to be submitted 10 months after your year end (*). If your accounts are not submitted by this date then a filing penalty will be incurred. This penalty will increase over time.

Your companies Annual Return is due on the anniversary of your incorporation (unless submission date changed) and you have one month is which to submit the document.

VAT. You must submit your quarterly VAT returns and pay any liability by the end of the following month. These deadlines are extended slightly if you submit and pay on line.

* - if your accounting period is longer than 12 months or if it is your first set of accounts, the filing deadline maybe different and therefore you should discuss with a qualified accounts.