Key dates for the UK tax year
When does the UK tax year start?
The UK tax year, also known as the fiscal year, begins on the 6th of April and ends on the 5th of April the following year. The start of the financial year is the date where most new tax rates or rules come into effect.
What is the HMRC self-assessment registration deadline?
If you need to complete a tax return and have not sent one before, you must tell HMRC by the 5th October after the tax year ends. There are a number of reasons that you might need to submit a Tax Return which mainly arise when you have other income that isn’t taxed through the PAYE system such as salaries and pensions. Examples might be having income from a rental property or being self employed. Once you have your Unique Taxpayer Reference you are ready to look at filing your Tax Return, which we are always happy to help you with.
The deadline for submitting a tax return is midnight 31st January after the tax year has finished, so for the 2022/23 tax year, your tax return needs to be filed by 31 January 2024. If you need some advice on what you need to give your accountant to help you with your self-assessment, take a look at our blog.
When do I need to pay my tax?
Personal tax liabilities that aren’t being collected through the PAYE system need to be paid on or before 31 January each year, along with the filing of your tax return. If your tax liability is more than £1,000 for any given year, you would also need to make a payment on account towards the following years tax bill, that being 50% in the January and a further 50% in July which can lead to having a higher tax bill than you initially expected! If you know what the next year might look like, talk to your accountant about anything that can be done to reduce your tax bill, or reduce those payments on account as well.
Company tax return
If you have a limited company, you have a few more key dates to be aware of. Your company’s financial year lasts for 12 months, usually ending on the last day of the calendar month one year on from the date your company was formed.
Important dates to keep in mind:
· 9 months from your year-end date, you must submit your annual accounts to Companies House.
· 9 months and 1 day after year-end you must pay your company’s Corporation Tax bill.
· 12 months from year-end you must file your CT600 Company Tax return to HMRC.
Key dates to remember
· 4 April – PAYE registration deadline.
· 6 April – the start of the new financial year.
· 31 May – Companies must provide employees with a P60.
· 6 July – Deadline for employers to report employee benefits and expenses.
· 5 October – Deadline to register for self-assessment.
· 31 January – Deadline to submit self-assessment tax returns online.
If you’d like a little help to keep on top of your accounting, get in touch with us and see what we can do for you.