Tax Deadlines and Important Dates for Small Businesses in London

Running a small business in London can be incredibly rewarding, but it also brings a number of difficulties, especially when it comes to tax deadlines and important dates. Keeping track of these dates guarantees you remain compliant with HMRC regulations and avoid unnecessary penalties. This guide aims to provide you with a clear understanding of the key tax deadlines and important dates you need to be aware of.

Key Tax Deadlines

 

1. Self-Assessment Tax Returns

For sole traders, partners, and individuals with additional income:

• 5th October: Deadline to register for self-assessment if you’re a new business owner or need to file a tax return for the first time.
• 31st October: Deadline for submitting paper self-assessment tax returns.
• 31st January: Deadline for submitting online self-assessment tax returns and paying any tax due. This date also marks the deadline for paying the balance of tax owed for the previous tax year and the first payment on account for the current tax year.

2. Corporation Tax

For limited companies:

• 9 months and 1 day after the end of your accounting period: Deadline for paying your corporation tax.
• 12 months after the end of your accounting period: Deadline for filing your company tax return (CT600).

3. VAT Returns

If your business is VAT registered:

• Quarterly VAT returns: These are typically due one month and seven days after the end of your VAT quarter. For example, if your VAT quarter ends on 31st March, the return is due by 7th May.

4. PAYE and National Insurance

For employers:

• Monthly: PAYE and National Insurance contributions are generally due on the 22nd of each month if paying electronically or the 19th if paying by cheque.
• 19th April: Deadline for submitting final Full Payment Submission (FPS) for the previous tax year

5. Annual Accounts

For limited companies:

9 months after the end of your financial year: Deadline for filing your annual accounts with Companies House.

Important Dates Throughout the Year

 

January

• 31st January: Online self-assessment tax return submission and tax payment deadline.

March

• 31st March: End of the financial year for many businesses. 

April

• 6th April: Start of the new tax year.
• 19th April: Final FPS submission deadline for the previous tax year. 

July

• 6th July: Deadline for submitting P11D and P11D(b) forms detailing benefits and expenses provided to employees.
• 31st July: Deadline for making the second payment on account for self-assessment taxpayers.

October

• 5th October: Self-assessment registration deadline for new businesses.
• 31st October: Paper self-assessment tax return submission deadline. 

December

• 31st December: Filing deadline for companies with a financial year ending on 31st March to submit annual accounts to Companies House.

Tips for Managing Your Tax Deadlines

 

Managing tax deadlines can be daunting, but with the right strategies, you can stay on top of them with ease. Here are some tips to help you:

• Set Reminders: Use a digital calendar or tax software to set reminders for key dates.
• Stay Organised: Keep all your financial records, receipts, and invoices well-organised throughout the year.
• Seek Professional Help: Engage with a professional accountant to ensure you meet all deadlines and optimise your tax position.
• Plan Ahead: Avoid last-minute rushes by preparing your accounts and tax returns well in advance.

Conclusion 

 

Navigating the landscape of tax deadlines and important dates is critical for the smooth operation of your small business in London. Staying organised and proactive can help you avoid penalties and ensure your business stays compliant with HMRC regulations. If you ever feel overwhelmed, remember that expert assistance is just a call away.

At Majestic Accountants, we specialise in delivering high-quality accounting and tax advisory services tailored to small to medium-sized businesses in London. Our experienced chartered accountants and tax advisors are dedicated to helping you manage your finances effectively and meet all your tax obligations seamlessly. Contact us today to learn how we can support your business in achieving financial success.