UK small business owners are busy people. They are usually up to their neck in the day to day tasks of running their company and looking towards the future. Sometimes it can be easy to miss an important deadline or forget the submission dates for your tax information.

To help you out, we have compiled a list of key tax dates and important deadlines that small business owners should keep track of. While this list doesn’t include absolutely every accountancy date you may need, it does list the most crucial ones that you will be expected to meet, or face penalties for missing them.

Yearly Key Date

January:

1st Payment of tax for companies with a 31 March year end

31st Deadline for Self Assessment Tax Returns

31st Balancing payment for previous tax year ending on 5 April

31st First payment on account for current tax year ending on 5 April

31st Tax due on gains made

31st Online filing deadline for Self Assessment Tax Returns

February:

1st Payment of tax for companies with a 30 April year end

March:

1st Payment of tax for companies with a 31 May year end

April:

1st Payment of tax for companies with a 30 June year end

19th Final Full Payment Submission (FPS) or Employer Payment Submission (EPS) Deadline

May :

1st Payment of tax for companies with a 31 July year end

19th Deadline for Early Year Update : EYU

31st Deadline for distributing P60s to employees

June:

1st Payment of tax for companies with a 31 August year end

July:

1st Payment of tax for companies with a 30 September year end

6th P11d deadline for submission to HMRC and distribution to employees

31st Second payment on account for tax year finished on previous 5 April

19th payment on benefits and expenses reported on forms P11d : paper format

22nd payment on benefits and expenses reported on forms P11d : electronically

August:

1st Payment of tax for companies with a 31 October year end

September:

1st Payment of tax for companies with a 30 November year end

October:

1st Payment of tax for companies with a 31 December year end

19th payment of tax to which a PAYE settlement relates : paper format

22nd payment of tax to which a PAYE settlement relates : electronically

31st Normal filing deadline for paper tax returns

November:

1st Payment of tax for companies with a 31 January year end

December:

1st Payment of tax for companies with a 28 or 29 February year end

Important monthly 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 : paper format

14th of the month payment relating to previous month or quarter : electronically

17th of the month payment relating to previous month or quarter : electronically

17th of the month payment relating to previous month or quarter : electronically

Last day of the month : 12 month filing deadline for CT600 – Corporation Tax Returns

Other Notable Dates

PAYE and Class 1 NIC Deadlines

The monthly payment of PAYE and Class 1 NICs by electronic methods is the 22nd of each month.

VAT Deadlines

Your VAT payment date will depend on the type of business you run. Your payment date will be set by the VAT scheme you follow and how you chose to set it up. Many businesses can choose to pay VAT either on a monthly basis, quarterly or annually.

Corporation Tax Deadlines

If you run a private limited company, your deadline to file your Corporation Tax Return (CT600) is twelve months after the financial year ends. If your company 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.

Should your private limited company profits rate exceed £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.

Quarterly Installments

If your company needs to pay quarterly instalments for a financial year, it will need to pay two instalments before the end year and then two after.

You will need to estimate your Corporation Tax liability in advance of the first instalment and then pay a quarter of this calculation on each payment date.

You will be able to update your Corporation Tax estimate as your company moves through the financial year and you get a better idea of turnover and profits. Your future instalments can be updated with any necessary top-up payments that are due for earlier quarters where estimated Corporation Tax was lower than was actually achieved. Your final quarterly payment will then be the the actual Corporation Tax liability less the total payments made for the financial year.

Financial year quarterly instalment dates

For an given financial year, the four quarterly instalments are due for payment as follows:

• 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.

The above listed information is a general account of common deadlines and Tax payment dates. Your company may have an accounting period that is not a financial year. In this case you should seek further help and guidance about meeting your tax obligations from an accountant.

Further Reading:

What is an EROI Number and Do I Need One?

What if you Miss your Confirmation Statement Date?

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