Q: What are my deadlines?

Key Deadlines for Sole Trader & Limited Company’s

Personal Tax

• Tax Payments
• Why are payments on account so confusing?
• Tax Return Deadlines

Limited Company Tax

• Deadlines for Filing Company Accounts and Payment of Corporation Tax to HMRC
• Deadlines for filing Company Accounts with Companies House
• P11D Deadlines
• Annual Return Deadlines
• P35 Deadlines
• VAT

Tax Payments

31st January - You must pay any tax you owe by 31 January following the end of the tax year.

For example, for the tax year 2010-11 (ending on 5 April 2011) you must pay any tax you owe by 31 January 2012.

You’ll need to pay one or both of the following:

• any tax you still owe for the previous tax year
• the first of two ‘payments on account’ (see why payments on account are so confusing)

Payments on account are part payments towards your next tax bill. HMRC won’t always require you to pay these – it’ll depend on the amount of tax due and the kind of income you receive.

31st July -

This is your deadline for making any further payments on account if HMRC have asked you to.

For example on 31 July 2011, you’d make your second payment on account for the 2010-11 tax year.

Why are payments on account so confusing?

www.hmrc.gov.uk/sa/understand-statement.htm

Tax Return Deadlines

Paper Returns need to be in with HMRC by the 31^st October

Online Returns need to be lodged by the 31^st January

Limited company tax

Deadlines for Filing Company Accounts and payment of Corporation Tax to HMRC:

• pay by 9 months after the end of your company Corporation Tax accounting period
• file by 12 months after the end of your company Corporation Tax accounting period

For example, if your company financial year runs from 1 April 2011 to 31 March 2012, and your Corporation Tax accounting period is the same, you must:

• pay your Corporation Tax for that period by 1 January 2013
• file your Company Tax Return for that period by 1 April 2013

Deadlines for Filing Company Accounts with Companies House:

• Your abbreviated or dormant accounts need to be lodged with Companies House within 9 months.

As the earliest date for filing the accounts lies with Companies House we will ensure we have both sets of accounts completed for HMRC and Companies House within 9 months.

P11D Deadline

A P11d is to record any expenses or benefits you have payrolled.

You should file your P11D or P11Db (If there are no expenses to report on) as soon as they are ready. They are due by 6 July and if you miss the deadline you may receive a penalty.

Any payments resulting in the P11D should be made by the following:

19^th July – Postal payments must reach your HMRC Accounts Office

22^nd July -Cleared electronic payments must reach HMRC bank account

Annual Return Deadline

An annual return is a snapshot of general information about a company’s directors, secretary (where one has been appointed), registered office address, shareholders and share capital.

Every company must deliver an annual return to Companies House at least once every 12 months

P35 Deadlines

All employers are required to file their Employer Annual Return (P35 and P14s) online. The Return must be filed by 19^th May.

VAT

The dates which VAT is due is normally every three months.

If your quarter for VAT is April, May and June then your VAT Return is due by the 31^st July and also payment needs to be with HMRC at this time.

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Other useful links:

See How to pay my tax