As a sole trader or a director of a UK Ltd company, you must remember a few dates – most of the time, your accountants will remind you.
HMRC fixed the tax return period from 06/04/YYYY to 05/04/YYYY (the following year), and the submission deadline is 31 October (paper-based) or 31 January next year (online).
For example, the submission deadline for the tax year from 06/04/22 to 05/04/2023 is 31 October 2023(paper-based) or 31 January 2024(online). Any tax or NI owed must be paid by 31 January 2024.
Limited companies’ yearend accounts must be submitted to the companies’ houses and HMRC by law.
For the company house, the submission deadline is nine months from the company’s yearend date; if the company’s yearend is 30/06/2023, the submission deadline is 31/03/2024.
For HMRC, the submission deadline is 12 months from the yearend date, but the payment deadline is nine months; therefore, for simplicity, 31/03/2024 is the deadline for 30/06/2023 yearend accounts.
The deadline for the quarterly VAT submission & payment is one month & 7 days from the quarter end, i.e., the VAT quarter ends 30/06/23, and the deadline is 07 August 2023.
The VAT quarter ends 30/09/23; the deadline is 07 November 2023, and so on…
Payroll needs to be submitted each month, either on the calendar month-end or tax month end (which is 5th of the following month) and the PAYE payment to HMRC by 22nd for the last submitted payroll.
Always contact your accountants/agents to avoid any unnecessary penalties/hassle.