Key Dates in the UK Financial Year: A Guide for Small Businesses
Staying on top of important financial deadlines is crucial for managing your business efficiently and avoiding penalties. At Book Biz, we’re here to help you stay organised. Here’s a handy guide to the key dates you need to mark in your calendar for the UK financial year.
1. 6th April – Start of the New Tax Year
The UK tax year runs from 6th April to 5th April the following year. This is when new tax rules and allowances come into effect, so it’s a good time to review your financial plans.
2. 31st May – P60 Deadline
Employers must provide employees with their P60 by this date, summarising their total pay and deductions for the previous tax year.
3. 6th July – P11D and P11D(b) Submission
If you provide benefits to employees (like company cars), you must submit P11D forms to HMRC and give copies to your employees. The P11D(b) form, which declares the Class 1A National Insurance contributions due, must also be submitted.
4. 31st July – Second Payment on Account for Self-Assessment
If you’re self-employed or have additional income, this is the deadline for your second payment on account for the tax year.
5. 5th October – Self-Assessment Registration Deadline
New to self-assessment? You must register with HMRC by this date if you’ve started a new business or have other income that requires self-assessment.
6. 31st October – Paper Tax Return Deadline
If you prefer to file a paper tax return, it must reach HMRC by this date. However, most people file online for ease and extended deadlines.
7. 31st January – Online Self-Assessment Deadline and Balancing Payment
This is the final date to submit your online self-assessment tax return and pay any tax you owe for the previous tax year. It’s also the deadline for the first payment on account for the current tax year.
8. VAT Deadlines
VAT returns are typically due every quarter, with payment deadlines usually one month and seven days after the end of the VAT period. Check your specific schedule in your HMRC online account.
9. Corporation Tax Payment and Filing Deadlines
Corporation Tax is due nine months and one day after the end of your company’s accounting period. The filing deadline for your Company Tax Return (CT600) is 12 months after the end of the accounting period.
10. Payroll RTI (Real Time Information) Submissions
Employers must submit payroll information to HMRC on or before each payday under RTI rules.
Stay Organised with Book Biz
Missing key deadlines can lead to penalties and cash flow issues. At Book Biz, we help you manage your accounts, keep track of important dates, and stay compliant with HMRC requirements
Need help managing your deadlines? Contact BookBiz Today!
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