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Important tax deadlines to be aware of

By PaperRocket Accounting, Sep 25 2018 12:26PM

If you have never run your own company before, then the variety of different taxes and their corresponding deadlines may feel like a lot to get your head around. With this in mind, below we have compiled a detailed list of the various different taxes and their relevant deadlines to help ensure that you never get on the wrong side of HMRC!



Corporation tax


What is it?


Your corporation tax is calculated as (currently) 19% of your annual company profit. This is the company income less any allowable expenses.



How often is it calculated?


Annually. Each year, you are required to prepare company accounts and corporation tax return(s) to declare your company profits for that company year. It is when these accounts/returns are prepared that you will be in a position to calculate your company corporation tax liability for the year.



When is the deadline?


9 months and 1 day after your company year end date.



VAT


What is it?


If you are VAT registered, you will need to add 20% VAT onto all vatable invoices. This needs to be collected and paid over to HMRC, less any VAT that you have incurred on business expenses.



How often is it calculated?


Quarterly. When you register for VAT you will be told which quarters you will need to submit returns for. Each quarter, you will need to calculate the amount of VAT you have charged on invoices for that quarter, less the VAT on any allowable expenses for that quarter.



When is the deadline?


1 month and 1 week after your VAT quarter end date.




PAYE/NI


What is it?


If you have employees that you are paying a salary that attracts tax and/or national insurance, you will need to deduct any tax/employees national insurance at source on behalf of your employee, and pay that over to HMRC together with any employers NI that may be due.



How often is it calculated?


Every time you pay a salary, the tax/ni on it will need to be calculated. Most salaries are paid monthly, so this will usually be calculated each month. However, if the total amount of tax/ni due to HMRC is less than £1,500 per month, then you only need to pay this over quarterly (if more than £1,500, it will need to be paid monthly).



When is the deadline?


If paying electronically, the 22nd of the month following the end of relevant quarter, or month if paying monthly (the 19th if paying by cheque).



P11d


What is it?


If you provide ‘benefits in kind’ to your employees, then these will need to be declared on a P11d form and the employee will be required to pay tax on this, with the employer also having to pay additional employers NI.



How often is it calculated?


Annually. Each year a P11d will have to be completed to declare any benefits for the previous tax year.



When is the deadline?


22nd July for any employers NI due (if paying electronically). The P11d itself needs to be filed by 6th July. Any additional tax on benefits payable by the employee will be paid via an adjustment to their tax code.




Self Assessment



What is it?


If you are a limited company director, or if you have any income that is not taxed at source, then you are required to complete a self assessment tax return to HMRC, declaring all income for the personal tax year.



How often is it calculated?


Annually. For any year that you are a company director, or receiving untaxed income, you must complete a self assessment tax return. The personal tax year runs from 6th April to the 5th April, and this is the same for everyone, unlike company accounting years.



When is the deadline?


31st January of the following year. This is the deadline for the return and any balancing tax liabilities. However, in certain situations, you may have to make payments on account which are due twice a year, by 31st July and 31st January.




PaperRocket Accounting provide accounting and tax services to professional limited company contractors and freelancers working in the UK.


We offer our clients a choice of four all-inclusive fixed fee monthly packages which cover all of their accounting and tax needs (so no hidden costs or surprise bills!). All of our accounting packages include a monthly subscription for a cloud accounting software subscription provided by the awarding winning FreeAgent.


Each of our clients is given their own dedicated qualified accountant with unlimited access in person, telephone, or by email.


We pride ourselves on our client satisfaction and customer service and were shortlisted as 'Welwyn Hatfield Business of the Year 2018' in the SME Hertfordshire awards, 'Small Practice of the Year 2016' in the AccountingWEB practice excellence awards, as well as FSB Hertfordshire Service Excellence finalists in 2015 and 2016.


To find out how we can help you please get in touch now.


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