There's a lot to think about when you're running a business. So pop these key tax year dates into your calendar or bookmark this page so that you stay on track and avoid any problems. Make sure you pay attention to the correct dates based on whether your business is a company or if you’re trading as a sole trader or self-employed.
Corporation tax payments due for accounting year ending 31 March
Monthly deadline for electronic remittance to HMRC of PAYE, NIC, CIS
First income tax payment on account deadline
Monthly deadline for electronic remittance to HMRC of PAYE, NIC, CIS
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What are the important tax year dates for a sole trader or self-employed person?
In the UK, the tax year starts on 6 April each year and ends on 5 April the following year. For example, 2023 - 2024 tax year starts on 6 April 2023, and ends on 5 April 2024.
There are important tax due dates you should remember if you’re a sole trader or self employed:
Self-assessment filing date
The online filing date for your self assessment tax return is 31 January following the tax year to which it relates, for example your 22-23 tax return (which covers the period from 6 April 2022 to 5 April 2023) is due on 31 January 2024.
If you are filing a paper return the filing due date is 31 October following the end of the tax year, so for 22-23 tax year this will be 31 October 2023.
If you are filing online, are an employee as well as being self-employed or a sole trader, and you wish HMRC to collect the tax you owe via your tax code you must submit your tax return by 30 December following the end of the tax year, i.e. 30 December 2023 for the 22-23 tax return.
What if I miss the self assessment filing date?
If you miss the deadline you will receive a fixed £100 penalty. If you are more than 3 months late daily penalties start to accrue, with these daily penalties increasing if you are more than 6 months late and again if you are more than 12 months late.
HMRC has a handy calculator for estimating your late payment interest and penalties here.
If you can’t make payment on time, get in touch with HMRC or an accountant to see if you can set up a payment plan using installments.
When do I need to pay my self assessment tax bill?
Your tax liability is due to be paid to HMRC before 31 January following the end of the tax year (the same date as your tax return is due for filing).
Unless it is your first year of being self employed, your tax bill is less than £1,000 or your tax bill is collected at source you will need to pay your tax in instalments. For the 22-23 tax year your first instalment is due on 31 January 2023 and the second instalment is due on 31 July 2023, with a balancing payment (if needed) paid on 31 January 2024.
What are the important tax year dates for a company?
If you operate your business through a company there are more tax key dates that you need to bear in mind due to the additional compliance requirements associated with running a company.
The tax due dates for a company depend on your year end date. Please note, these dates are for businesses with a year end date of 31st March and are to be used as a guide only. Contact your accountant for due dates as they relate to your situation.
Confirmation statements must be filed at least once every 12 months and must be filed within 14 days of the end of the review period. The review period is either the date your company was incorporated or the date you last filed your confirmation statement.
When do my company’s financial statements need to be filed?
Your financial statements are due for filing with Companies House 9 months after the end of your accounting period, if you're a private company or LLP. For companies with a year end of 31 March 2023 your accounts are therefore due for filing on 31 December 2023.
If your first accounts cover a period of more than 12 months, you must deliver them to Companies House within 21 months of the date of incorporation, or 3 months from the accounting reference date - whichever is longer.
If you miss the filing deadline you will be charged penalties, with the penalties increasing when your accounts are more than 3 months late and more than 6 months late per the below. Please note these penalties are for private companies and LLPs, not public companies.
What about my company’s tax?
Your company’s tax return is due for filing 12 months after the end of the accounting period, so for a company with a 31 March 2023 year end your tax return is due for filing with HMRC on 31 March 2024.
If you miss the this tax due date you will face penalties as follows:
Your tax bill, however, is due to be paid earlier. Assuming your company is not deemed to be large, your tax liability is due to be paid to HMRC within 9 months and 1 day of the end of the accounting period. If you’re a large company you can find out more about paying your tax liability here).
So a company with a 31 March 2023 year end must pay its tax liability by 1 January 2024.
Interest will be charged on late paid tax.
When do I need to file my VAT returns?
VAT returns are typically filed on a quarterly basis, and the deadline for submitting the return and paying any VAT owed is one calendar month and seven days after the end of the quarter.
For example, if the quarter ended on March 31st, the deadline for submitting the VAT return and paying any VAT owed would be May 7th.
How can I file my taxes?
There are several ways to file your taxes. You can choose to either file your taxes yourself or via an accountant or a tax agent.
- DIY: you can choose to either file online through your Government gateway account. You can find more details on HMRC’s website.
- Via an accountant or a tax agent: if you are working with an accountant or a tax agent, they can take care of your taxes.
With the introduction of Making Tax digital for VAT you must submit your VAT returns through MTD-compatible software such as Xero. You can either do this yourself via your software or engage an accountant or tax agent to do this for you.
Keeping track of tax deadlines
Business owners mark tax deadlines as important on their calendars to receive notifications as they approach. With our painless tax questionnaire, we streamline the entire process of asking relevant business information and eliminate tons of paperwork you need to submit. You will also be supercharged by your own Beany accountant and friendly admin team throughout the whole process to ensure you maximise your tax deductions and don’t overpay taxes.
Meeting your tax deadlines
It’s important to plan ahead for the tax season. Beany accountants recommend setting aside 30% of your gross income for taxes (e.g., VAT, corporation tax and income tax) in a separate bank accountant to ensure you won’t face any cash flow problems during tax times. It’s also important to keep accounting records such as receipts, bank statements, and invoices. You should keep these records for at least 6 years as per HMRC’s requirement.
Get started in minutes with Beany today, and let us handle your accounting and tax stress.