A tax year, also known as a fiscal year, is the 12-month period which starts 6th April, and ends 5th April the following year. Budget statements made to announce updated tax rates and allowances normally cover this period.
There are several important dates to remember throughout the tax year, and these can vary depending on what sort of business you run, and whether you use contractors, employ staff, or you’re VAT registered.
If you don’t think you’ll be able to pay your tax bill on time, contact HMRC as soon as possible. You might be able to set up a Time to Pay payment plan. It’s usually much better to speak to HMRC before the deadline, helping to avoid any additional penalties on top of your tax bill.
Running your own business means there’s a lot to think about, but keeping track of tax dates and reporting deadlines throughout the year is essential. We’ve put together a calendar to help you stay on top of the key tax year dates which apply to your business.
These deadlines are the latest dates you should take action to avoid penalties, but there might be times when acting earlier is better for your business! If you’re one of our clients, we’ll send reminders to let you know when important deadlines are on the horizon.
You'll need to sign-up for Self Assessment if you need to submit a tax return for the first time. The deadline to register is 5th October following the end of the tax year you need to report on.
For example, if you need to report income you received in the 2023/24 tax year (6th April 2023 – 5th April 2024), make sure you register for Self Assessment no later than 5th October 2024.
This depends on whether you submit your tax return online or through the post, and whether you want to pay your tax bill through your tax code.
You don’t have to wait for the deadline (and there are lots of good reasons why submitting it earlier might be better), and can file your Self Assessment return after the end of the tax year it relates to. Just make sure you submit it on time to avoid penalties!
Missing the submission deadline usually results in an automatic £100 penalty. Further penalties will be added if more time passes without filing your tax return.
Learn more about how our Self Assessment accounting services can help you.
The last date to finish paying your Self Assessment tax bill is 31st January following the end of the tax year that you owe money for.
For example, the deadline to pay your 2023/24 tax bill (6th April 2023 – 5th April 2024) is 31st January 2025. The payment deadline won’t change, even if you submit your tax return much sooner.
If your tax bill is more than £1,000 you might also need to make payments on account. These are advance payments towards the following year’s tax bill, so can come as a nasty shock if you’re not prepared!
If you need to make advance payments towards next year's Self Assessment tax bill, the second instalment is due by 31st July.
For example, if you are making payments on account for your 2023/24 tax return (6th April 2023– 5th April 2024), the second instalment is due before midnight on 31st July 2024.
Running your own limited company means there are several tax dates to be aware of, though reporting deadlines vary from one company to another depending on when your year end is.
You must submit annual accounts to Companies House no later than 9 months from the date that your company's financial year ends.
For example, if your company's year end is 31st March 2024, your annual accounts are due 31st December 2024.
Company Tax Returns must be submitted to HMRC within 12 months of the company's financial year ending.
So, if year end is 31st March 2024, you must submit your return before 31st March 2025.
The bit that confuses most people is that the deadline to pay Corporation Tax is actually earlier than the last date for submitting your tax return. You’ll need to pay your company’s tax bill within 9 months and 1 day of the financial year ending.
Using our example year-end date of 31st March 2024, the deadline to pay your Corporation Tax bill is 1st January 2025.
The due date for submitting your confirmation statement is normally one year on from the date your company was formed, or from the date of your last statement. You have 14 days after the due date to file.
VAT registered businesses must make regular Making Tax Digital VAT submissions to HMRC. Most businesses make submissions on a quarterly basis, but this can vary depending on the type of VAT scheme that you use.
The deadline to make a monthly or quarterly submission and pay any VAT owed is one calendar month and seven days following the end of the VAT period that the return relates to.
For example, if your VAT period ends 31st March, the deadline to make a submission for it is 7th May. The VAT payment to HMRC must also have cleared by that date too, so make sure you give yourself enough time!
If your business uses the VAT Annual Accounting Scheme you’ll send a submission once a year, but you'll need to make regular advance payments (either monthly or quarterly) towards your expected VAT bill.
Your business must sign up to become VAT registered if its total taxable turnover for the preceding 12-month period reaches the £90,000 registration threshold.
You’ll need to register as an employer for PAYE if any of your employees are paid £123 a week or more, even if you’re the only employee. You must become PAYE registered before the first payday, up to a maximum of 2 months beforehand.
You should make a Full Payment Submission (FPS) on or before each payday to tell HMRC about any payments and deductions you make to employees. You’ll also need to tell HMRC if you’re making the last one of the tax year (which ends 5th April).
Send an Employer Payment Summary (EPS) by the 19th of every month to tell HMRC about any statutory payments or the apprenticeship levy that you’re reclaiming for the previous tax month. A tax month starts on the 6th and finishes on the 5th of the following month.
For example, if you need to submit an Employer Payment Summary (EPS) for the tax month which starts 6th June and ends 5th July, the deadline is 19th July.
Any increases to National Minimum Wage or the National Living Wage normally take effect at the start of a new tax year. A tax year starts 6th April, and ends the following 5th April. You can check the latest rates for minimum pay in our guide.
The deadline to send PAYE deductions and employer National Insurance Contributions to HMRC is the 22nd of the following month (or the 19th if you pay by post).
For instance, if you report payroll data for March, you’ll have until 22nd April to pay online.
Contractors who pay subcontractors must submit a CIS Return to tell HMRC about their subcontractors' pay and deductions by the 19th after the tax month ends. For example, if you need to send a return for the tax month 6th May to 5th June, it must reach HMRC by 19th June.
CIS deductions must be paid to HMRC by the 22nd (or the 19th if you’re paying by post) after the tax month ends.
For example, an online payment for deductions relating to the tax month 6th May to 5th June must reach HMRC by 22nd June.
Make sure subcontractors receive their CIS statement within 14 days of the tax month it relates to ending. For CIS reporting purposes a tax month runs from the 6th to the 5th, so CIS statements should be issued by the 19th of the following month. It's the same as the CIS Return deadline.
