Cash flow is a fundamental part of any small business and is often one of the main causes why so many fail so early on in their journey. Avoiding any unessacary costs is vital so the last thing you need is a late penalty fee shoved through your letterbox for missing a key financial deadline!!
Running your business is busy and dare I say it, completely chaotic at times and things can very easily slip our minds. But HMRC and other regulatory authorities don’t mess about with these and if any happen to flag up late on your calendar you may end up with some hefty penalties!! Depending on the submission, this can be applied if only one day late and nobody needs that!
As a small business one of the key things you need to know is your accounting deadlines! Here we take you through your key dates so get your pen and paper ready and get prepared!
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1) Self Assessment tax return.
If you are filing online then this needs to be submitted and balance paid by the 31st January and details your income and expenses for the previous tax year. If you are submitting a paper return then this is due much earlier before the 31st October. Online filing has so many advantages so if you can register for an online account and get started. You must register for Self Assessment with HMRC by the 5th October. If you wish for any income tax to be collected via PAYE (under £3,000 only) you must submit your return by 30th December.
Have a look at our blog ‘Self Assessment – are you ready?’ for more information on submitting your return and get prepared well in advance to avoid any penalties! https://www.cedarhouseaccounting.co.uk/self-assessment-are-you-ready
2) Payments on Account.
When you have submitted your self assessment tax return you will be ask to pay your first instalment towards your next tax bill known as payment on account. Therefore the first instalment is due on the 31st January and the second on the 31 July.
4) VAT returns.
The deadline for submitting your VAT return and paying it are usually the same and are due 1 calendar month and 7 days after the end of your accounting period. Make sure you allow enough time for the payment to reach HMRC as this could still attract a penalty! AS everyone’s accounting period will be different, it is best to check your VAT online account as this will give you details of when you are due to submit your current return and when payments must be cleared by. The only time this may differ is if you use the annual accounting scheme. For more information or to log in to your account, visit www.gov.uk
5) Corporation tax
If you are registered as a limited company, partnership etc you will be required to pay Corporation tax. Corporation tax returns must be filed 12 months following your financial year end. However, note that the actual payment for any corporation tax due is 9 months and 1 day following the end of the financial year.
6) PAYE
If you make any payments to your employees, you must file these details each month on or before the payment is made to that employee. Any PAYE and NI must reach HMRC by either the 19th of the following month if paying by cheque or the 22nd if paying electronically. If either of these dates fall on a weekend or a bank holiday then payment is due on the last working day BEFORE the weekend or bank holiday. At the end of each tax year, an employer must also issue P60’s to all employees by the 31st May and submit any P11D forms to HMRC by the 6th July. Any NI due on these benefits must be paid by the 22nd July (if paying electronically).
7) CIS
If you or your company is registered under the Construction Industry Scheme (CIS) then you must pay over any deductions that you have made by the 22nd of each month (19th of each month if paying by post).
8) Annual Accounts and Confirmation statements
These are again individual for each business so its best to check with Companies house for your specific deadlines. Annual accounts are due to be filed 9 months after your companies financial year end. Your confirmation statement is usually due a year after either the date your company was incorporated or the date you filed your last annual return.
Why not subscribe to our monthly newsletter and receive a full calendar by month of all the need to know deadlines?!
