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Tax Calender
It is a summary of the key tax dates and deadlines for small businesses. For specific advice, please contact us.
January 2024
31 January - Deadline for Self Assessment Tax Returns
31 January - Balancing payment for previous tax year ending on 5 April
31 January - First payment on account for current tax year ending on 5 April
31 January - Tax due on gains made
31 January - Online filing deadline for Self Assessment Tax Returns
April 2024
19 April - Final Full Payment Submission (FPS) or Employer Payment Submission (EPS) Deadline.
May 2024
31 May - Deadline for distributing P60s to employees.
July 2024
6 July - P11d deadline for submission to HMRC and distribution to employees
19 July - Payment on benefits and expenses reported on forms P11d (non electronic means)
22 July - Payment on benefits and expenses reported on forms P11d (electronic means)
31 July - Second payment on account for tax year finished on previous 5 April
PAYE and Class 1NIC Deadlines
The monthly payment of PAYE and Class 1 NICs by approved electronic methods is the 22nd of each month.
VAT Deadlines
There are no fixed times of the year to pay VAT, each business is different. Payment dates depend on the type of business you are in, the VAT scheme you are in and the choices you have made. You may pay VAT monthly, quarterly or annually.
Corporation Tax Deadlines
The deadline for a private limited company to file a Corporation Tax Return (CT600) is twelve months after its financial year ends.
If a private limited company’s profits are at an annual rate of up to £1.5 million then the deadline for payment of the amount of Corporation Tax due is nine months and a day after the company’s accounting period end date.
If a private limited company’s profits are at an annual rate exceeding £1.5 million then the company must pay Corporation Tax in quarterly instalments in the year, unless:
- the company’s annualised net tax liability is less than £10,000; or
- the company’s annualised profits for the current year do not exceed £10 million and either of the following applies:
- this is the company’s first accounting period; or
- for the previous accounting period, either the company’s annualised rate of profits did not exceed £1.5 million or its annualised net tax liability did not exceed £10,000.
Where quarterly instalments are necessary for a financial year, two instalments will be due before the year end and two after. The Corporation Tax liability will need to be estimated in advance of the 1st instalment and a quarter of this amount paid on each payment date. The Corporation Tax estimate must be updated as the company progresses through the financial year and future instalments updated with top-up payments due for earlier quarters. The final quarterly payment will be the company’s actual Corporation Tax liability for the financial year less the total of any payments made.
For a financial year, the four quarterly instalments are due:
- 1st instalment - six months and thirteen days after the first day of the financial year;
- 2nd instalment – three months after the date of the first instalment;
- 3rd instalment - three months after the date of the second instalment i.e. 14 days after the last day of the accounting period
- 4th instalment – 3 months and 14 days after the date of the last day of the financial year.