Running a small business comes with its own set of responsibilities, especially when it comes to navigating tax seasons. HMRC has outlined various dates for your calendar, covering VAT returns, payroll, personal tax returns, and corporate tax filing deadlines. Below is a breakdown of the crucial financial and tax dates for 2024.
Let’s begin by clarifying the UK’s tax year, which operates differently from the regular calendar. This timeframe, often called “the financial year,” is significant for both employed and self-employed individuals. The tax year spans from 6 April to 5 April of the following year, impacting various dates outlined in this guide.
Understanding the tax year is essential to ensuring you meet deadlines without receiving penalties. It might seem complicated, but knowing when your year begins and ends simplifies the calculation of important dates.
Breaking Down the 2023/24 Tax Year:
Start Date: 6 April 2023
End Date: 5 April 2024
Now, let’s look into the details of self-assessment tax returns.
Managing Self-Assessment:
For those in self-employment, as a sole-trader, partner, or business director, the Self-Assessment tax return is a key responsibility. This is your opportunity to take control of taxes and National Insurance Contributions (NICs). Mark the following dates on your calendar:
Registration Deadline: 5 October
Filing Deadline (Paper): 31 October 2024
Filing Deadline (Online): 31 January 2024
Tax Payment Deadline: 31 January 2024
Missing these dates could result in penalties, so make sure you stay on top of your self-assessment obligations.
VAT Responsibilities:
For businesses meeting specific criteria, VAT obligations are a reality. Charging and paying taxes on goods and services require regular VAT returns. Here’s what you need to know:
VAT Registration Deadline: Within 30 days of knowing you’ll surpass the VAT threshold
VAT Payment and Filing Deadlines: Quarterly, one month and seven days after the accounting period
Keeping track of your VAT obligations ensures a smooth financial process
PAYE Guidelines:
If you have employees on your payroll, meeting PAYE obligations is essential. This involves withholding income tax and NICs from employees’ salaries and remitting them to HMRC. Key dates include:
Registration Deadline: 4 April
Remittance (Paper): 19th of each month
Remittance (Online): 22nd of each month
Adhering to PAYE obligations ensures a seamless payroll process.
Reporting Employee Benefits: P11D and Deadlines
If you provide benefits to your employees, P11D forms are necessary. These forms are due three months after the end of the tax year. Key dates include:
P11D Deadline: 6 July
Meeting P11D deadlines ensures compliance with employee benefit reporting
Capital Gains Tax – Sole Traders and Partnerships:
For sole traders and partnerships, capital gains tax may apply when selling assets. The deadline for the 2023/24 tax year is:
Capital Gains Tax Payment Deadline: 31 January 2024
For Residential Properties: 60 days after completion date
Ensure timely payment of capital gains tax to meet your obligations
Corporation Tax:
Annual Duties for Limited Companies
Limited companies face annual obligations, including corporation tax payments. Key dates include:
Registration Deadline: Three months after starting the business
Payment Deadline: Nine months and one day after the accounting period
Tax Return Deadline: 12 months after the accounting period
Understanding and meeting these dates ensures the smooth operation of your limited company
CIS Deductions:
Calculate payments made to sub-contractors between the 6th – 5th of every month
Must be filed and paid to HMRC by the 19th of each month to avoid £100 penalty
CIS deductions suffered figures need to be submitted to HMRC by the 5th of each month to ensure credit is available for CIS or PAYE offsets
CIS Deductions Suffered:
Figures need to be submitted to HMRC by the 5th of each month to ensure credit is available for CIS or PAYE offsets
Overall, staying on top of these business timelines is crucial for a successful financial year. By keeping these dates in mind and meeting your obligations on time, you will contribute to the smooth operation of your business. Make sure you stay organised and mark your calendar with the dates stated above. If you need support with any of the above, don’t hesitate to get in touch today.