With HMRC penalty regimes becoming more strict and increased penalties for the late filing of your Self- Assessment Tax Return and late payment of your PAYE tax and NIC, it is becoming more important to be aware of the key deadlines to ensure that you and your business meet your responsibilities on time, avoiding costly mistakes. These are some of the key deadlines for small business that you need to be aware of:
- 31 October 2013. This is the deadline for the submission of the paper Self-Assessment Tax Return for the year ended 5 April 2013. Chances are if Rawlinsons is looking after your tax affairs you will be able to file your return online and this deadline will not affect you. But if you are looking to file the form yourself and would like to send it in by paper, this is the relevant date.
- 31 January 2014. This is the deadline for the online submission of your Self-Assessment Tax Return. The form needs to be with HMRC by this date to avoid the automatic penalty of £100. This penalty used to be reduced if your unpaid tax was lower than £100 but this is no longer the case. The flat £100 is payable unless you have an exceptional reason for being late! The penalties for late submission increase the later the return becomes, with HMRC introducing daily penalties if your return is more than 3 months late. Your balancing tax payment is due by this date, as well as first payment on account. So it is important to get organised and make sure that you know your tax bill well in advance of this date, so you can prepare to make the payments. HMRC will charge you interest and possibly surcharges if these amounts aren’t paid on time.
- 31 July 2014. This is the due date of your second payment on account, which is usually the same figure as your first one that was due at the end of January. Again, HMRC will charge you interest if you pay this amount late.
PAYE Deadlines: With the introduction of RTI this year, employers have to report their payroll information by submitting Full Payment Submissions (FPS) and Employer Payment Summaries (EPS). These submissions and other returns and reports have variable due dates and are sent directly to HMRC using payroll software, or HMRC Basic PAYE Tools. Please talk to our team at Rawlinsons Payroll & HR Ltd to get advice on when these submissions are due.
If you pay your PAYE and Class 1 NIC monthly by approved electronic records, they are due by the 22nd of each month, or 19th for non-electronic. If you can pay quarterly, the due dates are 22 January 2014, 22 April 2014, 22 July 2014 and then 22 October 2014. (Again these dates move forward to the 19th if you pay by a non-electronic method).
- 6 July 2014. This is the deadline for your Forms P9D, P11D and P11D(b) for the year ended 5 April 2014 to reach HMRC. These forms declare any benefits and expenses paid to your employees for the year. You must also give your employee a copy of their form. Form 42 (or other related forms) should also reach HMRC by this date. These forms report any share-related benefits provided to employees.
Corporation Tax Deadlines: If you run a limited company, you will also be required to submit a Corporation Tax return (known as a CT600) for your business and pay over the company’s tax bill, with the actual due dates depending on your company’s particular accounting period end date.
The corporation tax payment is actually due before the return needs to be filed. The payment is normally due nine months and a day after the end of your company’s accounting period end date, with the form not being due until 12 months after your accounting period end date. If you are unsure about this, please contact Rawlinsons for advice.
VAT Deadlines: Each business will have different deadlines for paying VAT and submitting their returns, as there are no fixed dates for VAT. Depending on the type of business you have and some of the choices you can make, you might pay (or claim) VAT monthly, quarterly or annually.
To find out more about the choices you can make for your business and the deadlines that will be important to you, please get in touch.