If you’re in the process of populating your new 2023 diary, then here are some crucial dates not to be missed….
Self-Assessment Tax Return
Creeping up on us is the self-assessment tax return deadline of midnight on 31st January 2023 for the 2021/22 tax year, which ran from 6th April 2021 to 5th April 2022. You can of course file your self-assessment tax return way ahead of this date, any time after the 2021/22 tax year has finished and all your transactions have been completed.
We encourage our clients to file as early as possible. As well as ensuring you’re not caught out in a last-minute panic or risk receiving nasty fines, it can also help with financial planning – and at Ellacott Morris we love nothing more than sensible financial planning!
Filing your self-assessment tax return may result in some other important dates to be aware of… If your tax bill exceeds £1000 then you will be asked by HMRC to make payments on account for the following tax year, consisting of 2 scheduled payments.
Your first payment on account will also be due before midnight on 31st January, with a second payment required by 31st July. If you are unsure about your self-assessment tax return or your payments on account, then contact Ellacott Morris and we can help answer any questions.
If your tax bill is less that £1000 or if 80 percent or more was taxed at source, then payments on account won’t be requested by HMRC.
It’s important to note that if you’re still filing your tax return using a paper-based method, as opposed to online via HMRC’s website, then your deadline for 2021/22 was 31st October. Paper based tax returns will be phased out with the introduction of HMRC’s Making Tax Digital, now planned to commence in April 2024.
Please note that for the 2022/23 tax year, your self-assessment deadline for online returns will be 31st January 2024, and the same payment on account schedule will also apply.
Self-Assessment Registration Deadline
If you’re thinking about becoming self-employed and plan to to submit a self-assessment tax return, then you must have registered as self-employed with HMRC by 5th October. This is a one-time registration process that will provide you with all the information you need to file future self-assessment tax returns.
PAYE Tax Return Deadline
If you want any tax owed to be collected through PAYE then you must submit your online PAYE return by 30th December 2022 for the 2021/22 tax year. This option is necessary for those who receive income via an employed (through your tax code) and self-employed basis or other means and whose tax bill is below £3000.
Most businesses now file their VAT return online and the deadline for filing is usually one month and seven days after the end of your VAT accounting period. The dates that apply to your business can be checked via your online VAT account.
There are some exceptions to this rule, so it is worth being 100 percent sure of your own requirements. In some rare cases, paper-based VAT returns can still be filed but these may be subject to different deadlines.
PAYE & National Insurance Contribution (NIC) Payment Dates
If you make your PAYE and Class 1 NIC payments electronically then payment must reach HMRC by the 22nd of each month. If you’re making payment by cheque, then payment must reach HMRC by 19th of each month.
Some people may be permitted to pay their PAYE and NICs on a quarterly basis if they pay less than £1500 / month. If you’re paying quarterly, you must pay by the 22nd of the month following the end of the relevant quarter. Contact us to find out if you should be making monthly or quarterly payments and to discuss how to make payments electronically if you’re still making payment by cheque.
For electronic payments of Class 1A NICs, payment must reach HMRC by 22nd July. If you’re paying by post, payment must reach HMRC by 19th July. If you are paying by post, then we’d love to hear from you so we can move your business across to Xero digital accounting and remove the need for any future payments to be made by post.
Corporation Tax Year Dates
The deadline for filing statutory accounts is nine months after the end of your company’s financial year. Unlike self-assessment, you need to pay corporation tax before you file your return.
You will be required to file your company tax return within 12 months of the end of your company’s accounting period. This is known as the ‘statutory filing date’. At Ellacott Morris we work with self-employed clients and limited companies to support all their accounting needs. If you’re unsure about any of your financial obligations, simply give us a call.
It also worth noting that if you start an active limited company, with plans to trade straight away, then you need to tell HMRC within three months. You will need to complete form CT41G. You should receive this form in the HMRC’s limited company information pack that is sent out on registration.
If you start a dormant company (one which is registered but isn’t trading yet) then you should tell HMRC as soon as possible to avoid being classified as an active company – this could cause confusion and complications.
To find out more about payment deadlines for taxable profits for limited companies, speak to one of our tax experts and all will become clear!
Making Tax Digital – A date for everyone’s diary…
The current planned date for Making Tax Digital to come into force is April 2024, but there is no better time to start planning than now! At Ellacott Morris our tax experts are here to help you understand your obligations and support you through any changes. Our Xero cloud accounting software makes light work of digital accounting and ensures all our clients are prepared for the changes that will be implemented by HMRC.
With so many dates, deadlines and responsibilities it can be hard to keep on top of everything and do your day job. That’s why we’re here! Let Ellacott Morris take the strain so that you can focus on making a bigger success of your business.
Get in touch and let’s get a date in the diary to meet up…