With so many dates in your calendar, you’d be forgiven for losing track of a few. But, unfortunately, your business tax deadlines aren’t the ones you can afford to miss.
Now that the 2023/24 tax year has begun, you’ve got a ‘clean slate’ (to some extent), so now is a better time than any to have a friendly reminder of the upcoming tax dates for the next few months.
Pop these in your diary.
Corporation tax
First things first, if you’re running a limited company, you’ll have to send in your corporation tax return to HMRC every year. But, depending on your company’s profits, your payment date may change.
Corporate tax payments are as follows:
- Small companies – due nine months and one day after the end of your accounting period.
- Large companies (profits > £1.5 million) – first payment due six months and 13 days after the first day of your accounting period. Quarterly instalments to follow.
- Very large companies (profits > £20m) – first instalment two months and 13 days after the first day of your accounting period. Quarterly payments to follow.
So, if your company’s year-end falls on 31 March 2023, you have until 1 January 2024 to settle your bill.
Self-assessment
If you’re a sole trader, you’ll have to remember your upcoming deadlines for your self-assessment tax return.
The good news is that you have a while before any deadline starts darkening your doors. That said, we recommend getting as early a start as possible.
You must register for your self-assessment by 5 October 2023. Once you’re registered, you have until midnight on 31 October for your paper tax return deadline. HMRC must receive it by this date, so send it off with plenty of time to spare.
For online payments and returns, you’ll have until midnight on 31 January 2024. It may be a while away, but it’s surprising how quickly it will come around.
Payments on account
If you make advance payments to your outstanding self-assessment balance (known as payments on account), there’s usually a second deadline on 31 July. Careful, though, if you’re late making this payment, you may incur a penalty!
VAT
Similar to corporation tax, your VAT return date will vary depending on your reporting cycle. Remember that the online portal for annual returns will close in May 2023, making it mandatory for all VAT-paying businesses to follow MTD rules.
The deadline for submitting a VAT return is usually one month and one week after the end of your accounting period. This is also the deadline for paying HMRC.
So, for a quarterly accounting period of January to March 2023, you will have until 7 May to submit your return and settle your bill.
PAYE
If you pay a team of employees, you’ll have to pay your PAYE bill to HMRC. Monthly payments are due by the 22nd of the following tax month or by the 19th if paying by post. Quarterly returns are due on the 22nd after the end of your financial quarter.
You also have until 31 July for any PAYE settlement agreement submissions.
Don’t fall behind
As we said at the start, there are so many dates to keep track of. It’s unsurprising if some fall through the cracks. Sadly, letting these deadlines escape you can prove costly. With our help, though, you’ll never miss a filing deadline again.
Get in touch to discuss your business taxes for 2023/24.
