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HMRC dates you don’t want to miss as a business owner

No matter the size of your business, there are some key HMRC dates you need to keep an eye on. Even if you have an accountant who does your bookkeeping and tax returns, it’s a good idea to have some idea of when these key dates fall.

Here are the dates to keep in mind every year. Plus at the end we’ve included some upcoming future dates to put in your diaries.

31st January

This is the date your Self-Assessment Tax Return needs to be submitted (by midnight). If you are late, then an automatic late filing penalty will be applied to your account, unless you have a valid reason for being late such as ill health that can be substantiated by your GP.

31st January

Once you’ve submitted your Self-Assessment Tax Return you also need to pay 50% of the full tax bill for the previous Income Tax Year by this date. This is called a ‘Balancing payment deadline’.

5th April

The financial year runs April 6th – April 5th for HMRC, therefore these are the dates businesses need to coincide their finances with. April 5th is the last day of the tax year. This covers all items that are income related like bank interest, dividends, PAYE.

6th April

As above, the 6th April marks the start of the new tax year. A good starting point to think about tax planning points for the year in question.

31st May

If you have employees keep in mind this is the deadline to issue a P60 to them. (A P60 is an end of year form that shows how much tax they’ve paid from their salary in the previous tax year). Also, changes to tax coding notices happen from this date based on tax return submission by the taxpayer.

6th July

A P11D form is a document used by an employer to list any expenses or benefits given to directors or employees. It is submitted to HMRC yearly and includes items or services such as private healthcare, company cars or season ticket loans. Remember that some benefits are taxable and others are not.

31st July

This is the deadline for the 2nd payment on your tax account for the Self-Assessment Tax Return you submitted by 31st January. This deadline is for 50% of the full tax bill in relation to the previous Income Tax year liability.

5th October

This is the registration deadline for the previous tax year where you have enjoyed a source of untaxed income like Dividends, for your Self-Assessment Tax Return. Remember you could be charged penalties if you don’t meet this deadline.

31st October

If you’re submitting your Self-Assessment Tax Return by paper, the 31st October is the deadline instead of January 31st. Also it’s the student loan deadline.

31st December

Self-Assessment Tax Return deadline (instead of January 31st) if you, as the taxpayer, would like any tax liability to be collected via your tax code.

Key dates coming soon

April 2024 (MTD for Income Tax Self-Assessment)

MTD stands for ‘making tax digital’. From 2024 you’ll need to use digital software to manage your finance and tax management. It will only apply to those with turnover from self-employment plus gross rental income over £10,000. Ask your accountant if you can apply for exemption.

April 2025 (MTD for Income Tax Self-Assessment)

MTD for Income Tax Self-Assessment will apply for partnerships that have a turnover of over £10,000 per year.

April 2027 (MTD for Corporation Tax (CT)

MTD will apply to you managing your Corporation Tax. But don’t worry, you have plenty of time to prepare, plus this date has not been confirmed yet. Also, the digitisation may expand to other tax services such as Corporation Tax (CT).

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