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The accountancy filing and payment deadlines you need to know about

Running a business is hard work, especially if you also need to keep up to speed with all your accountancy filing and payment deadlines. After all, if you’re late by even a couple of days, you risk being fined!

So, to help you out, we’ve put together this handy list of the key ones you should be aware of.

Filing accounts with Companies House

  • 9 months after your company’s financial year end.
  • If you are filing first year accounts for a new company, then you have 21 months from your company’s incorporation date.

If you aren’t sure when your company’s year end is, visit the Companies House website, search for your company and it will show you all the information you need.

Corporation Tax deadlines and payments

  • Company Tax returns must be filed 12 months after your accounting period. In most cases, a company’s financial year will be the same as your accounting period for Corporation Tax, so your Company Accounts will be completed at the same time.
  • Payment is due nine months and 1 day after the end of your accounting period.

VAT returns

  • Monthly or quarterly returns must be submitted and paid 1 month and 7 days after the end of your VAT period.
    So, if your quarter ended on 30 June, then you must submit your return and make the payment by 7 August. Remember to leave time for the payment to reach HMRC’s accounts. 

Self-Assessment Returns

  • Paper tax returns are due by 31 October 2022
  • Online tax returns are due by 31 January 2023
  • Payment is due by 31 January 2023

 

This will change in 2024 when Making Tax Digital for Income Self-Assessment will replace the current system. Find out how those changes will affect you.

Other dates worth knowing about

  • Confirmation Statement for limited companies: this needs to be done annually and falls on the anniversary of the last confirmation date
  • End of personal/payroll tax year: 5th April
  • Start of new tax year: 6th April
  • Provide P60 to all employees for previous tax year: 31st May
  • Pay Class 1A National Insurance contributions to HMRC (for previous tax year): 19th July
  • Pay Capital Gains Tax: 31st January
  • PAYE and National Insurance Payments: 19th of each month (or 22nd for electronic payments) or quarterly depending on the payment cycle.

 

If this sounds like a lot of accountancy filing and payment deadlines to remember, that’s because it is and is one of the reasons why having an accountant is such a great idea. Not only will we make sure you never miss any deadlines (and avoid any nasty penalties!), we will also give you plenty of notice about what information we need and by when, so you aren’t rushing around at the last minute.

So, if you fancy having one less thing to worry about, get in touch to find out more about our accountancy services.

filing and payment deadlines

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Breaking even – checking the numbers

In previous newsfeeds we have described how you can calculate the level of turnover you need to create in order to meet all your costs whether they be fixed costs (rent, rates etc.,) or variable costs (goods you need to buy to convert into goods you sell).

For example, if your fixed costs are £50,000 per annum and your variable costs are 25% of your turnover, the annual turnover you need to breakeven will be £200,000. The formula is:

Annual fixed costs divided by 25 (the gross profit)

Bereavement Support Payment

The amount of Bereavement Support Payment you can claim will depend on your relationship to the person who died and when you make your claim.

Your payments will be paid into your bank, building society or credit union account.

If you were married or in a registered civil partnership with the person who died

If you were receiving Child Benefit when your partner died (or did not get it but were entitled to it), you will get the higher rate.

This is made up of:

a first payment of £3,500;

Tax codes for employees

The P9X form is used to notify employers of the tax codes to use for employees. The latest version of the form has been published and shows the tax codes to use from 6 April 2023. The form states that the basic personal allowance for the tax year starting 6 April 2023 will, as expected, be £12,570 (£12,570 in 2022-23) and this means that the tax code for emergency use will remain at 1257L.

The basic rate limit will be £37,700 (£37,700 in 2022-23) except for those defined as Scottish taxpayers

Properties not let at commercial rates

There are special rules where a property is let at less than a commercial rate or isn’t let on commercial terms. These rules also apply if a property is occupied rent free or at less than a commercial rate, for example, a property is occupied by a family member at a reduced or nil rent.

In these circumstances, HMRC can take the view that unless the landlord charges a full market rent for a property and imposes normal market lease conditions, it is unlikely that the expenses of the property are

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