accounting work

Are these important tax dates in your calendar?

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All businesses in the UK have a duty to be compliant with the relevant authorities, like HMRC, submitting and reporting in a timely manner. Of course, HMRC will issue fines and charges if any deadlines are missed, so it is crucial to ensure that all dates are noted for the tax year ahead.

With this in mind, we’ve put together a list of some of the dates that should be firmly in your diary:

The start of the year

Let’s start with the big and obvious one – the new tax year begins on 6th April each year.

Self-assessment

Tax returns that are being completed for the tax year 2015-16 must be submitted to HMRC by 31st January 2017. This is also the date for outstanding self-assessment tax payments. Failure to comply will result in an instant £100 penalty, with further charges if the tax return or payment remain outstanding.

Payments on account are also due to be paid to HMRC, with the first payment due by 31st January 2017 and the second payment to be made by 31st July 2017.

PAYE

If your company has employees, you will be operating PAYE under the Real Time Information system. There are various forms that need to be completed by specific deadlines, and payments which must be made by the relevant deadline. Penalties will be issued by HMRC to those who don’t remain compliant with the requirements. A Full Payment Submission needs to be submitted to HMRC before the new tax year commences. If you outsource or have a payroll software programme, you will have this report produced for you, whereas manual systems will require you to produce your own report.

Employees of your company will need to be issued with a form P60 that details their pay for the previous year. This form has to be produced by 30th May 2017 for the tax year 2016-17. Employees will also require forms P9D and P11D if they are in receipt of any employee benefits and expenses. These forms should be provided by 6th July 2017.

Outstanding payments for 2016-17 National Insurance Contributions have to be paid to HMRC by 19th July 2017.

Corporation Tax

Deadlines for Corporation Tax are often calculated around the accounting period. Your company tax return has to be submitted to HMRC 12 months following the end of the relevant accounting period. The bill for Corporation Tax has to be paid 9 months and a day after the accounting period.

There are many relevant dates that should be entered in your business calendar to avoid missing important deadlines and being issued with a fine. If you would like to discuss these or any other relevant deadlines, please call to arrange an informal interview.