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What Are The Important Dates In The UK Tax Year?

tax year dates

Keeping on top of key tax dates is an important part of managing your finances and tax obligations in the UK. From sole traders, partnerships and the directors of limited companies, there are several key dates in each tax year and calendar year that you need to be aware of including:

  • April 6th – Start of the new tax year
  • July 31st – Deadline for making payment on account for self-assessment
  • October 31st – Deadline for filing self-assessment tax return by paper
  • January 31st – Deadline for online self-assessment tax return and paying income tax/NICs due
  • April 5th – End of the tax year
  • January 1st – VAT return and payment due for quarter ending December 31st
  • April 1st – VAT return and payment due for quarter ending March 31st
  • July 1st – VAT return and payment due for quarter ending June 30th
  • October 1st – VAT return and payment due for quarter ending September 30th
  • April 19th – Deadline for submitting online PAYE return and making payments due
  • May 31st – Final payments due on PAYE liabilities
  • End of May – Deadline for providing P60 forms to employees
  • 12 months after company year-end – Deadline for filing corporation tax return
  • 9 months + 1 day after company year-end – Deadline for corporation tax payments

From making the start and end of the tax year for filing deadlines, providing employees with key tax documentation, making income tax, national insurance and VAT payments on time, having a solid grasp on the dates ensures that you can meet your tax obligations with HMRC and avoid penalties for late filing or payment.

In this article we will be covering those important dates as well as answering some commonly asked questions regarding taxes.

What are the UK tax year dates?

The UK tax year itself starts from 6th April – 5th April the following year. It’s during this time that your business accounts should reflect all expenses and revenues earned within this period.

For example, for the tax year 2023/2024, the tax year begins on April 6th 2023 and it will end on April 5th 2024.

These dates reflect the UK tax year. It affects anyone including sole traders, partnership or directors of a limited company.

There are many other dates that you should know within the UK tax year. We’ll take a look at some of the important dates below.

  • 6th April – This date marks the start of the tax year in the UK.
  • 31st July – This is the deadline for making a payment on account for self assessment. It’s a critical date because failure to do this may result in serious penalties.
  • 31st October – This is the deadline for filing your self assessment tax return by post. Make sure you have sent the relevant documents to avoid penalties.
  • 31st January – Just three months later and it’s already time to file your self assessment tax return online and pay any income and National Insurance Contributions that are due.
  • 5th April – This is on 5th April. How did it feel? Whether you had fun or not remember to end your accounting for the tax year on this date.It’s the final critical date for your tax assessment.

When is the self assessment tax return deadline?

Are you part of a partnership or a sole trader? Are you a director of a limited company? Well, you must complete your annual self-assessment tax return and submit it by 31st January, every year. The deadline is applicable regardless of how much or little you earned throughout the year, except for new traders who have a £1000 profit allowance.

By this date, any income tax and National Insurance Contributions due will have to be paid as well. It’s recommended that you do this with plenty of time to spare to allow for banking delays, postal delays or any other errors that need rectifying.

You’ll be hit with a £100 penalty fee if you miss the deadline, so it really does make sense to file and pay on time.

What are the 2022-23 tax year dates?

The 2022/23 tax year runs from 6th April 2022 to 5th April 2023. Make sure all your business accounts are duly updated. They must reflect the expenses incurred and income earned during this period. Make sure the data is accurate.

Your self assessment tax return for this period has to be submitted by 31st January 2024, while any income tax and National Insurance Contributions have to be paid by this date also. Failure to do this will result in hefty penalties.

What are the 2023-24 tax year dates?

The 2023/24 year for taxes lasts from April 6, 2023, to April 5, 2024. It’s vital to have your business accounts reflect the correct time frame. With that said, it will be necessary to submit your self assessment tax return by January 31st of 2025. You should also pay any income tax and any National Insurance Contributions due by this date too.

What are the UK VAT dates?

VAT stands for Value Added Tax. You pay it when you supply goods or services to customers if your annual turnover (the amount of money your business makes within a year) is above £85,000. If earning over this threshold, then you will be required to register and charge VAT on your sales. You must have proper business records to ensure that you have accurately captured your VAT requirements.

The following dates are the key points for UK VAT:

  • January 1 — On this day you must pay VAT returns and payments for the previous quarter which ends on December 31.
  • April 1 — Similar to January 1st, you must do the same thing here but for a quarter ending on March 31st.
  • July 1 — Once again paying VAT returns and payments is necessary on this day but for a quarter ending on June 30th.
  • October 1 — Lastly, you must pay VAT returns and payments once again but this time for a quarter ending on September 30th.

Remember, there might be more dates to pay attention to depending on your situation. As such the submission and filing dates may vary depending on your circumstances. So make sure to check with HMRC before you submit any returns or pay.

What are the important dates for PAYE?

PAYE (Pay As You Earn) is an employer system that is used to deduct tax and National Insurance contributions from employees’ salary before they receive their wages.

Here’s a few key dates for this system:

  • April 6th – is the start of each new tax year. Your accounting period must start from this date.
  • April 19th – The deadline to submit your online PAYE return and make any payments due. This date applies to all UK employers. No matter the company’s size or industry.
  • May 31st – This is the final payment date for PAYE liabilities due

It’s important to note that these dates may vary depending on your individual circumstances, so it’s always best to check with HMRC if you have any questions.

When is the P60 deadline?

As an employer, you must provide each of your employees with a P60 form by the end of May following the end of the tax year. This contains details of their earnings and deductions, so it’s essential to get this sorted in good time.

Penalties for not doing so can be issued, so make sure you speak to HMRC if you have any questions or issues in meeting this deadline.

What are the corporation tax dates?

Corporation tax is a levy imposed on companies’ profits. The key dates here are:

  • The 12th month after your company’s financial year-end – this is when you have to file your company’s corporation tax return.
  • 9 months and 1 day after your company’s financial year-end – this is when payments due on your corporation tax liability should be made.

Remember, these dates might change depending on your circumstances. So if you’re unsure about anything then don’t hesitate to check with HMRC. They are willing to help you get the right dates for your company’s corporation tax.

Why is it important to know these dates?

Understanding UK tax dates is vital to your business and personal tax affairs. You’ll need this knowledge to keep your company compliant with all the legal regulations.

Avoiding fines and legal issues is as easy as filing your self-assessment tax return and making any necessary payments on time. Know key PAYE, VAT, and corporation tax dates to help you plan ahead and make sure your business is current with its financial obligations.

By properly filing your returns and being up-to-date on important dates, you’re able to keep your business compliant. This will be a big help in making sure everything moves smoothly while you work hard growing your company.

What is a personal allowance?

Every year the Government sets a personal allowance for all UK taxpayers. It can vary by age, but it’s the amount that someone can earn before they’re charged any income tax.The personal allowance for most people during the 2022/23 tax year is £12,570. This means that most will not be charged any tax for their first £12,570 of earnings.

If you’re lucky enough to earn more than £100,000, then your personal allowance reduces by £1 for every £2 over the £100,000 until it reaches zero.

It’s important to be aware of any updates on your personal allowance every year. This is because it may affect your financial situation.

Will tax brackets change in 2023?

The Government sets different tax brackets each year, based on how much you earn. These are used to calculate how much income tax and National Insurance Contributions (NICs) you need to pay annually.

Each year, the Government decides on its tax brackets. These are bands of earnings that are subject to different percentages of tax payment including income tax and National Insurance Contributions (NICs).

The current tax bracket rates are as follows:

  • Personal allowance – 0% income tax rate Up to £12,570
  • Basic – 20% income tax rate£12,571 to £50,270
  • Higher – 40% income tax rate £50,271 to £150,000
  • Additional – 45% income tax rate Above £150,000

As of now there’s no plan to change any of these rates for the upcoming financial year in 2023/24. But of course it’s always good to keep up with government announcements as they can change at any time.

What is a marriage tax allowance?

With this optional scheme, couples can allow part of their personal allowance to be transferred from one person to another. So if one partner doesn’t use all of their personal allowance, the leftover amount can be transferred to the other partner. With this transfer, the earning partner will have a higher personal allowance so they can pay less taxes on their earnings.

Keep in mind that this scheme is only available for married or civil partnered couples making less than £12,570 a year. The partner actually receiving the allowance must also be making between £12,571 and £50,270 a year in order to get all these tax breaks.

Who needs to file a tax return?

If you make money outside of your regular employment, you’ll need to file a tax return. This could be from being self-employed, rental income from being a landlord, or having other sources of income like investments.

HMRC will also send these forms to people who are legally required to file a return. So, if you’re a company director or a higher rate taxpayer, expect one.

Final thoughts

Staying on top of key tax dates is crucial for individuals and businesses in the UK who want to stay compliant and avoid penalties from HMRC. For sole traders, those working in a partnership, or directors of limited companies and those with additional property income, you need to be aware of the dates outlined in the post above.

To comply with all relevant legislation you need to be aware of the many tax deadlines and understand your personal allowance.If you are an employer, you need to make sure that you collect and issue all relevant documentation on time too. Keeping on top of these dates will ensure that you’re making the most of your finances and avoid penalties for late payment or filing.

Ultimately, these dates help you to plan your operations effectively and maximise returns.

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