Key Tax Dates and Deadlines for Small Businesses
This is not a complete or comprehensive list of all accountancy dates. It is a summary of the key tax dates and deadlines for small businesses. For specific advice, please contact us. For further information or reading visit www.hmrc.gov.uk
Current and Upcoming Key Dates
|Payment of tax for companies with a 31 March year end
|Deadline for Self Assessment Tax Returns
|Balancing payment for previous tax year ending on 5 April
|First payment on account for current tax year ending on 5 April
|Tax due on gains made
|Online filing deadline for Self Assessment Tax Returns
|Payment of tax for companies with a 30 April year end
|Payment of tax for companies with a 31 May year end
|Payment of tax for companies with a 30 June year end
|Final Full Payment Submission (FPS) or Employer Payment Submission (EPS) Deadline
|Payment of tax for companies with a 31 July year end
|Deadline for Early Year Update (EYU)
|Deadline for distributing P60s to employees
|Payment of tax for companies with a 31 August year end
|Payment of tax for companies with a 30 September year end
|P11d deadline for submission to HMRC and distribution to employees
|payment on benefits and expenses reported on forms P11d (non electronic means)
|payment on benefits and expenses reported on forms P11d (electronic means)
|Second payment on account for tax year finished on previous 5 April
|Payment of tax for companies with a 31 October year end
|Payment of tax for companies with a 30 November year end
|Payment of tax for companies with a 31 December year end
|payment of tax to which a PAYE settlement relates (non electronic means)
|payment of tax to which a PAYE settlement relates (electronic means)
|Normal filing deadline for "paper" tax returns
|Payment of tax for companies with a 31 January year end
|Payment of tax for companies with a 28 or 29 February year end
|Dates depending on accounting reference date
|14th of the month
|possibly payable if paying by quarterly instalment payments
|14th of the month
|payment relating to previous month or quarter (non electronic payment means)
|17th of the month
|payment relating to previous month or quarter (electronic payment means)
|last day of the month
|12 month filing deadline for CT600 - Corporation Tax Returns
Other Variable Dates
PAYE and Class 1 NIC Deadlines
The monthly payment of PAYE and Class 1 NICs by approved electronic methods is the 22nd of each month.
There are no fixed times of the year to pay VAT, each business is different. Payment dates depend on the type of business you are in, the VAT scheme you are in and the choices you have made. You may pay VAT monthly, quarterly or annually.
Corporation Tax Deadlines
The deadline for a private limited company to file a Corporation Tax Return (CT600) is twelve months after its financial year ends.
If a private limited company’s profits are at an annual rate of up to £1.5 million then the deadline for payment of the amount of Corporation Tax due is nine months and a day after the company’s accounting period end date.
If a private limited company’s profits are at an annual rate exceeding £1.5 million then the company must pay Corporation Tax in quarterly instalments in the year, unless:
- the company’s annualised net tax liability is less than £10,000; or
- the company’s annualised profits for the current year do not exceed £10 million and either of the following applies:
- this is the company’s first accounting period; or
- for the previous accounting period, either the company’s annualised rate of profits did not exceed £1.5 million or its annualised net tax liability did not exceed £10,000.
Where quarterly instalments are necessary for a financial year, two instalments will be due before the year end and two after. The Corporation Tax liability will need to be estimated in advance of the 1st instalment and a quarter of this amount paid on each payment date. The Corporation Tax estimate must be updated as the company progresses through the financial year and future instalments updated with top-up payments due for earlier quarters. The final quarterly payment will be the company’s actual Corporation Tax liability for the financial year less the total of any payments made.
For a financial year, the four quarterly instalments are due:
- 1st instalment - six months and thirteen days after the first day of the financial year;
- 2nd instalment – three months after the date of the first instalment;
- 3rd instalment - three months after the date of the second instalment i.e. 14 days after the last day of the accounting period
- 4th instalment – 3 months and 14 days after the date of the last day of the financial year.
Please contact us for specific guidance on payment dates where a company’s accounting period is not a financial year. The above thresholds reduce where a company is part of a group or has associated companies. Please contact us to discuss how this will affect your company.
Disclaimer: This guide and the information within it have been produced as a helpful reference point. The information and comments provide illustrations only and your specific circumstances are best discussed face to face. No action should be taken without seeking the appropriate professional or legal advice. The authors accept no responsibility whatsoever for any loss occasioned by anyone acting on information contained within this App. Please contact us for further information.