Understanding your tax deadlines and responsibilities

1 September, 2023 · 5 min read
Dead Simple Accounting

Staying on top of your finances is no easy feat, especially when you're faced with an array of dates, and it's hard to know which ones are truly important for your specific business situation. But don’t panic – Dead Simple have written this guest blog post to help you navigate the maze of deadlines and responsibilities. Let's dive in and mark these essential milestones on your calendar!

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Self Assessment (aka Personal Tax) Year End – 5th April

For self-employed individuals, sole traders, or partners in a business partnership, the fiscal year-end for Self Assessment is a critical date. Your tax year runs from 6 April to 5 April the next year. Once that year-end has passed, it's time to gather your financial records and gear up for that all-important Self Assessment tax return. Keep in mind, the online submission deadline is 31 January following the tax year end. To avoid any last-minute panic, be on top of your game by organising your finances and submitting the return well before that 31 January buzzer goes off!

Self Assessment (aka Personal Tax) Payments on Account – 31st January & 31st July

Payments on account are something to keep in mind when it comes to personal tax, especially if you're dealing with a hefty self-assessment tax bill. HMRC might ask you to chip in advance for your upcoming taxes if the bill is big enough. This means you split the payment into two parts: the first chunk is due by 31 January, covering roughly half of what they think you'll owe for the year, and the second half is due by 31 July.

Corporation Tax Payment and Return Deadlines

Let's talk about a heavyweight contender in the financial arena – corporation tax for Limited companies. Once your accounting period ends, you've got precisely nine months and one day to show the taxman what you're made and pay your corporation tax. The deadline for filing corporation tax returns is 12 months from the conclusion of your company's accounting period. However, we highly recommend taking proactive action by aiming to complete this process within the initial 9 months as well. By doing so, you not only ensure you’re getting everything sorted on time, but you also allow for a buffer period to address any unforeseen complexities that might arise.

Annual Accounts Filing Deadline

Limited companies need to file their annual accounts with Companies House within nine months of the end of their accounting period. Don't let this date slip through the cracks, as it could result in penalties or loss of limited liability status.

VAT Return and Payment Dates

For businesses registered for Value Added Tax (VAT), keeping track of your VAT return and payment dates is vital. The frequency of reporting depends on your VAT accounting period, whether it's monthly, quarterly, or annually. The most common VAT periods are on a quarterly basis, and the payment deadline is scheduled at 1 month and 7 days after the end of the VAT period. Don't let these dates sneak up on you; plan ahead to ensure a smooth process.

Payroll Deadlines

If you have employees on your team, make sure you're on top of your payroll deadlines. Provide payslips to your employees on or before payday, so they receive their hard-earned money on time. And remember to accurately deduct income tax and National Insurance and submit the information to HMRC. The payment deadline is the 22nd of the following month, so be prompt to avoid penalties and maintain compliance.

Pension Auto Enrolment Dates

As an employer, you have a responsibility to enrol eligible employees into a workplace pension scheme and contribute towards it. The timing of this process depends on your company's staging date, so plan accordingly.

In conclusion

Navigating the world of finance requires staying on top of the vital dates and responsibilities. By marking these important milestones on your calendar, you'll ensure a smoother financial journey and stay on top of tax regulations. Remember, early planning and organisation are the keys to success in managing your finances effectively. Stay proactive, seek professional advice when needed, and keep those financial deadlines in check for a successful financial future!

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