Having a business, regardless of its size, means staying on top of so many important dates, from rent day to paying suppliers and ensuring payroll is on track, and on top of that there are plenty of tax dates to keep an eye on. Here are some key HMRC deadlines to add to your calendar.
Tax dates aren’t something you want to think about, but some are deadlines that can’t be missed. We thought it might be helpful to set out some key HMRC deadlines that might affect you and your business.
- 31st January — Self-Assessment Tax Return — Online submission deadline by midnight. If you are late, then an automatic late filing penalty unless you have a valid reason for being late such as ill health that can be substantiated by your GP. Ask your local AIMS Accountant for more reasonable excuses that HMRC would consider.
- 31st January — Balancing payment deadline for those taxpayers who are needed to submit a Self-Assessment return. This deadline is for 50% of the full tax bill in relation to the previous Income Tax year liability Ask your local AIMS accountant if there are ways to reduce this liability.
- 5th April — Last day of the tax year. This covers all items that are income related like bank interest, dividends, PAYE. Usually, frantic tax planning activity are entered into just before this date.
- 6th April — First day of the tax year. A good starting point to think about tax planning points for the year in question
- 31st May — P60 — Employers deadline to issue a P60 to employees. Also, changes to tax coding notices happen from this date based on tax return submission by the taxpayer.
- 6th July — P11d submission deadline for employees that have enjoyed any benefit in kind from their employer. Some benefits are taxable while others are not.
- 31st July — Self-Assessment Tax Return — 2nd payment on account due. This deadline is for 50% of the full tax bill in relation to the previous Income Tax year liability. Ask your local AIMS accountant if there are ways to reduce this liability.
- 5th October — Self-Assessment Tax Return — Registration deadline for previous tax year where you have enjoyed a source of untaxed income like Dividends. There could be late notification penalties if deadline not met.
- 31st October — Self-Assessment Tax Return — Paper submission deadline. Also, a student loan deadline.
- 31st December — Self-Assessment Tax Return deadline if you, as the taxpayer would like any tax liability to be collected via your tax code. Ask your local AIMs Accountant how.
Key dates in the coming years
- April 2024 – MTD for Income Tax Self-Assessment – MTD for income tax will be mandatory for the self-employed and those with income from property. It will only apply to those with turnover from self-employment plus gross rental income over £10,000. Ask your local AIMS Accountant if you can apply for exemption.
- April 2025 – MTD for Income Tax Self-Assessment – MTD for Income Tax Self-Assessment will apply for partnerships that have a turnover of over £10,000 per year.
- April 2027 – MTD for Corporation Tax (CT) – The digitisation may expand to other tax services such as Corporation Tax (CT). This date has not been confirmed yet.
Don’t worry, your local AIMS Accountant will be there to keep on top of these HMRC deadlines and dates for you and remind you what you need to do, they are there to focus on your books so you can focus on running your business. Keeping ahead of deadlines is always a good idea and right now your accountant is probably asking you to start prepping for your self-assessment if you need to do one. The deadline is 31 January 2023 at midnight, but there is no reason not to start getting your information ready today. Check what is required to speed up your return here.
Find your local AIMS Accountants; we take care of it. All your accountancy needs can be left to us, leaving you free to focus on your business. It really is as simple as that.