There are several key tax deadlines throughout the year to be aware of. In order to keep on top of your accounting duties and avoid any pesky penalties, be sure to put the following key dates in your diary.
IMPORTANT UPDATE: Due to coronavirus, you may be able to delay (defer) some tax payments without paying a penalty. For the latest information on this, visit gov.co.uk.
(If in doubt, always ask a qualified accountant.)
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1st - Corporation Tax Payment due
Corporation tax is due on January 1st if your company’s year-end is March 31st.
14th - Form CT61 filed and paid
The CT61 form is for the interest, alternative finance payments, manufactured payments or distributions your company has paid for the quarter ending December 31st 2019.
31st - Self Assessment return and tax bill deadline
Self-employed people must submit their Self Assessment tax return to HMRC by this date for income earned between April 2018 and April 2019.
31st - First Payment on Account
The first payment on account for the 2019/20 tax year is also due by the end of the month. You’ll also have to pay any outstanding tax from the previous year.
5th - 2019/20 tax year ends
The 2019-20 tax year ends on Sunday 5th April 2020. Time to get planning!
31st - Second Payment on Account due
The rest of your tax is due following your first payment at the beginning of the year.
1st - Corporation Tax bill due
Your corporation tax is due at the very start of the month if your limited company’s year-end falls on 31st December.
5th - Deadline for filing for Self Assessment (online returns)
Those who are yet to register for self-assessment must do so by October 5th in their second trading year.
14th - Form CT61 must be filed and paid
The CT61 form is for the interest, alternative finance payments, manufactured payments or distributions your company has paid until 30th September 2020.
19th - Income tax and Class 1B NIC payment for PAYE settlements (non-electronic payments)
You’ll have to make your annual payment to cover tax and NI on small expenses or benefits for your employees if you have a PAYE settlement agreement and want to make a non-electronic payment.
22nd - Income tax and Class 1B NIC payment for PAYE settlements (electronic payments)
You’ll have to make your annual payment to cover tax and NI on small expenses or benefits for your employees if you have a PAYE settlement agreement and want to make an electronic payment.
31st October - Deadline for filing for Self Assessment (paper returns)
The due date for those planning to request underpayments of under £3,000 to be collected via PAYE and want to submit paper Self Assessment tax returns.
31st October - Paper Self Assessment tax return submission
Paper tax returns must be submitted by this date. Bear in mind that paper submissions are in the process of being phased out, so we’d recommend going digital if you can.
30th - Deadline to submit Self Assessment returns online if requesting tax to be collected through PAYE code
The due date for if you plan to request underpayments of under £3,000 to be collected via PAYE and want to submit online Self Assessment tax returns.
31st - Corporation Tax returns filed
Corporation tax is due at the very end of December if your limited company’s year-end is 31st December.
31st - Accounts filed for private companies
You’ll have to submit your company accounts for 2019 on this date if your company year-end is 31st March.
Source: Handpicked Accountants
The world of business tax can be difficult to navigate. A qualified accountant can offer you advice on everything, from business tax to financial acquisitions.
Need to register your business as a Limited Company? Check out our handy checklist.