What are the most important UK tax year dates and deadlines? Here’s a calendar for self-employment tax year dates.
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It’s important to keep up with dates and deadlines, as missing one could lead to a penalty.
Some of these will be specific to your business, plus you should keep an eye on any legislation changes.
And if a payment deadline falls on a weekend or bank holiday, you might need to pay your bill on the last working day before the deadline.
Below are the self-employed tax dates to note in your diary.
The UK tax year ends on 5 April each year.
The end of tax year is one of the most important tax dates in the calendar. That’s because rates and allowances usually change each year.
For example, the amount you can save in an ISA resets each tax year. If you don’t use your allowance, you lose it. This means it’s important to contribute as much as you can before the new tax year starts.
The Office of Tax Simplification (OTS) has suggested moving the end of the tax year to either 31 March or 31 December. But this will be complicated to do, so don’t expect it to happen for a while.
The new tax year starts on 6 April each year.
5 October – the deadline for registering with HMRC for the previous tax year. For example, if you’ve recently started a business and have self-employed income for 2020-21, you need to register with HMRC by 5 October 2021.
31 October – the paper tax return deadline (as opposed to an online one). The only exceptions to this date are for taxpayers who received their notice to file after 31 July and those who’ve been specifically told by HMRC that they’re not allowed to file online.
30 December – the deadline for submitting and paying your tax bill if you owe less than £3,000 and want HMRC to collect it through PAYE (if you’re an employee and run a business on the side, for example).
31 January – you have until midnight on this date to file your tax return online and pay your tax bill. If you're filing online for the first time, you need a Unique Taxpayer Reference (UTR) and activation code to file a return. You should receive these when you register with HMRC. If you missed the registration deadline though, keep in mind that your UTR and activation code can take up to 20 working days to arrive.
You also need to make your first payment on account on 31 January. This is usually equal to 50 per cent of your tax liability for the tax year just gone. It goes towards the next year’s tax bill.
31 July – the deadline for making your second payment on account.
If you don’t stick to these deadlines you might end up receiving late payment penalties from HMRC.
Starting up – if you start an active (as opposed to dormant) limited company, you need to tell HMRC within three months. You can do this by completing form CT41G. You’ll normally receive this form along with the information pack that HMRC sends out to newly registered companies.
If you start a dormant company (which means you’ve set up your limited company but aren’t trading), you should tell HMRC as soon as possible to avoid being treated like an active company.
Payment deadlines for taxable profits of £1.5 million or less – you need to pay your bill nine months and one day after the end of your corporation tax accounting period. This date is known as the ‘normal due date'.
Payment deadlines for taxable profits of more than £1.5 million – you normally have to pay your corporation tax in four instalments if your total taxable profits exceed £1.5 million. You should speak to HMRC for more information.
Filing your company tax return – you need to file your company tax return within 12 months of the end of your company’s accounting period. This is known as the ‘statutory filing date’.
You need to pay corporation tax before you file your return – unlike Self Assessment, when payment is normally due on the same date as the filing deadline.
Filing annual accounts – the deadline for filing statutory accounts is nine months after the end of your company’s financial year.
Filing your VAT return on paper – most businesses can no longer file a paper VAT return. You need to file online unless:
Filing your VAT return online – the deadline for online filing will normally be one month and seven days after the end of your VAT accounting period. There are exceptions to this – for example, firms using the VAT annual accounting scheme do not qualify for the seven day extension. You can check your VAT return and payment deadlines on your online VAT account.
Paying your VAT bill – you normally need to pay your VAT bill on the same day it’s due. You need to pay electronically if you file online.
If you use the VAT annual accounting scheme – if you use the VAT annual accounting scheme, you file just one return a year, two months after the end of your accounting period. You pay your bill in instalments.
If you make monthly payments, these are due at the end of the fourth through 12th months of your accounting year. This means that you make nine payments. If you make quarterly payments these are due at the end of the fourth, seventh and 10th months of your accounting year, meaning you make three payments.
A balancing payment is then due, along with your return, two months after the end of your VAT accounting period.
Making Tax Digital means that most businesses now need to keep digital VAT records and use software to submit VAT returns.
Monthly PAYE and Class 1 NIC payments – if you’re paying PAYE and Class 1 NICs monthly by an electronic method, payment must reach HMRC by the 22nd of each month. If you’re paying by cheque, payment must reach HMRC by the 19th of each month.
Quarterly PAYE and Class 1 NIC payments – you may be able to pay quarterly if you pay less than £1,500 a month. If you’re paying quarterly, you must pay by the 22nd after the end of the relevant quarter. You should speak to HMRC to find out whether you’re eligible.
Class 1A NIC payments – if you’re paying Class 1A NICs electronically, payment must reach HMRC by 22 July. If you’re paying by post, payment must reach HMRC by 19 July.
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