Below is a comprehensive list of what a small business needs to be remember in the tax year to help keep on the right side of HMRC.
If you work for yourself, you may not have anyone to prompt you to remind you of the important dates you need to remember your obligations.
Some of the dates may change year to year but the deadlines will fall broadly at the same time each year, so these are worth remembering or keeping a note off to keep you on track.
Typical small business tax year in UK
Below is a high level, essential, list of obligations for a small business to follow. Your specific obligations will depend on many factors, so we suggest you speak to an accountant, such as Southside Accounting, to ensure you keep on the right side of the taxman.
1st – Corporation Tax payment deadline (if your limited company’s year end is 31st March)
31st – Self Assessment tax return deadline
31st – First payment on account deadline
7th – The previous year’s last quarterly VAT return filing deadline
6th – The new tax year begins! The Chancellor’s updates via the Budget and Finance Bill will come into force today, such as updates to tax rates, wage rates and minimum pension contributions, amongst other things.
19th – Year-end payroll forms deadline – if you have employees, these all need to be filed and the PAYE paid
7th – This year’s first quarterly VAT return filing deadline
31st – Deadline for issuing any employees with their annual P60s
6th – Deadline for filing P11D (b) and issuing P11Ds to any employees
22nd – Deadline for paying Class 1A NIC. These are due by employers who pay benefits to employees, such as private medical insurance
31st – Second payment on account deadline
7th – This year’s second quarterly VAT filing deadline
7th – This year’s third quarterly VAT return filing deadline
31st – Deadline for filing your company’s annual accounts if your company’s year end is 31st March (the most common year end date). The payment deadline is the day after this, on January 1st!
Southside Accounting supporting small business
Southside Accounting are your local cloud accountants in Wimbledon and London. We’re local, like you. And we’re a dynamic small business. Just like you.
We are fully chartered, certified accountants so we’re well qualified to be the trusted advisers you need to help make your company a success.
All our clients are on the cloud and have access and support on cloud accounting software, in both QuickBooks and Xero.
Our fixed fee structure means there are no surprises. And our smart Service Plans are tailored to meet the particular demands of your business.
Call us to book a free no-obligation meeting today.
We always offer an initial free face to face meeting with prospective clients, so we can get to know you and your business and understand your unique circumstances and business goals.
Written by Shaima Todd.