All the important dates through the year for financial reporting to HMRC.
First up is the Full Payment Submission (FPS), this must be submitted to HMRC online on or before the employee's pay date whether this is weekly, fortnightly or monthly. If you have any amendments to make to the FPS once it is submitted, then you must do this as soon as possible.
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The Employer Payment Submission (EPS) should be submitted to HMRC by the 19th of the following month to show the reduction in amount payable which was previously submitted on the FPS. You should also submit the EPS if you have not paid any employees in that month. Finally, after both the FPS & EPS have been submitted the PAYE bill will be payable by the 22nd (or the 19th if you are paying by post) of the following month.
For most companies with a December year end the VAT quarter ends will be March, June, September and December. The VAT return deadline for submission and online payment is always one calendar month plus 7 days after the quarter end date. Therefore, a company with a March VAT quarter end, the VAT return will be due for submission and payment by 7th May. If you pay by Direct Debit the payment will be taken from your account a couple of days after the 7th. Check out the HMRC calculator for the exact date!
The deadline for submitting your Corporation Tax return to HMRC is 12 months after the end of the accounting period it covers. This is usually your Year End. If it is not already and you wish to bring this in line with your year end this can be done in two returns since you cannot submit a return covering a period of more than 12 months.
For companies with taxable profits of £1.5 million or less, payment of your Corporation Tax is due 9 months and 1 day after the end of your reporting period. This means that unlike Self-Assessment your Corporation tax is due to be paid before it is due to be submitted.
If your company has taxable profits of more than £1.5 million then your Corporation Tax will be payable in four instalments as set out by HMRC.
You must file a statement with Companies House at least once a year, but you can choose to file statements more often. The confirmation statement covers a 'review' period of no more than 12 months. A new company will have a review period starting from the date of incorporation and ending 12 months later. The statement must be filed within 14 days of the end of the review period. If you submit a statement before the end of the 12 months, then the next review period begins the day after the last statement was made and will then end 12 months after that.
If you are a contractor your CIS return showing payments made to sub-contractors should be submitted to HMRC monthly by the 19th of the following month. Remember CIS is calculated on 'tax months' and should therefore be submitted as 06th to the 05th, reaching HMRC by the 19th. If you are a sub-contractor, you can claim a refund of CIS deductions through your EPS submission which will reduce the amount you owe to HMRC by the amount of CIS you have suffered.
There are a few important dates for Self-Assessment which are worth noting down:
31 January – Your self-assessment return for the previous tax year must be submitted to HMRC online by midnight as well as payment for your first payment on account towards your current year tax bill. This is usually 50% of your tax bill for the previous tax year. You will also need to pay your 'balancing payment' which is the balance outstanding for your tax bill for the previous tax year, after considering the two payments on account made last year.
06 April – It is the start of the new tax year. You should soon receive your paper tax return from HMRC if you are to complete one.
31 July – Your second payment on account will now be due. As in January this is 50% of your previous year's tax bill. The balancing figure will be payable by the end of January in the following year.
05 October – If you a registering for Self-Assessment for the first time this year then you must do so by 05 October.
31 October – Any paper tax returns must be submitted to HMRC by 31 October. There are a couple of exceptions. These are if you had not received your Notice to File by 31 July or if you have specifically been told by HMRC that you are not allowed to submit your return online.
30 December – If you owe less than £3,000 in tax, you have submitted your tax return online by 30 December, or 31 October for paper returns and you already pay tax through PAYE then you can pay your Self-Assessment bill through your PAYE tax code. HMRC will automatically set this up if you meet all the criteria. Please note, there are a couple of circumstances which mean you cannot pay your tax bill through your tax code. These are if you don't have enough PAYE invoice to cover it, the tax element that you pay would be more than 50% of the total PAYE income or you end up paying more than double the tax you would pay otherwise.
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