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  • Key dates for limited companies
  • Corporation tax
  • Accounts and Confirmation Statement
  • PAYE and National Insurance Contributions (NICs)
  • Key dates for sole traders
  • Self-Assessment tax return
  • Payments on account
  • 3 tips for navigating tax season, smoothly

Navigating tax deadlines can be a complex task for any business owner. Missing payment on a tax bill can lead to penalties, so it’s important to keep these key tax dates on your radar throughout the tax year.

 

Key tax dates for Limited companies (Ltds)

Ltds have distinct tax obligations and deadlines compared to sole traders. Here are the crucial dates to remember.

Corporation tax

9 months and 1 day after your company’s accounting period ends. Your corporation tax must be paid by this date. So if your company’s accounting period ends 31st December, your corporation tax deadline will be 1st October.

12 months after your company’s accounting period ends. Your Company Tax Return (CT600) must be filed with HMRC by this date. So if your company’s accounting period ends 31st December, your company tax return deadline will be 31st December. Even if your company has no tax to pay, a return must still be filed.

 

Accounts and Confirmation Statement

9 months after your company’s financial year end: Your company’s annual accounts must be filed with Companies House. So if your company’s financial year end is 5 April, you need to file your annual accounts with Companies House by 5th January.

12 months after your company’s incorporation or last confirmation statement: Your confirmation statement is due to Companies House. So if your company was incorporated on 1 January 2022 and files a confirmation statement on 30 September 2022, your next review period will start on 1 October 2022 and will end on 30 September 2023.

 

PAYE and National Insurance Contributions (NICs)

If your Ltd employs staff, including yourself as a director, you’ll have PAYE and NICs responsibilities:

  • By the 19th of the following month (or 22nd if paying electronically): PAYE and NICs for your employees are due to HMRC. This includes income tax, National Insurance, and any student loan deductions.
  • 5th April: The end of the tax year for PAYE purposes.
  • 31st January following the tax year end: Deadline for filing your P11D and P11D(b) forms with HMRC if your company provides expenses or benefits to employees.

Key tax dates for sole traders

Sole traders are subject to income tax and National Insurance through the Self-Assessment system.

Self Assessment tax return

  • 31st October (paper return): Deadline for filing your paper Self Assessment tax return for the previous tax year.
  • 31st January (online return): Deadline for filing your online Self Assessment tax return for the previous tax year. This is also the deadline for paying any tax due for the previous tax year.
  • 31st July: Deadline for making your second Payment on Account for the current tax year. The first Payment on Account is due on 31st January.

Changes to the Self-Assesment process under the Making Tax Digital (MTD) government initiative are due to come into effect from April 2026. Here’s a breakdown of what’s happening with MTD for Income Tax Self Assessment (ITSA).

What is MTD for ITSA?

Think of it as HMRC going digital. The goal is to make managing your taxes easier by switching from traditional paper records to a digital system.

Who needs to get ready?

  • If you’re a sole trader with a business income over £50,000, you’ll need to jump on board from 6 April 2026.
  • For those with a business income between £30,000 and £50,000, your start date is 6 April 2027.
  • Eventually, MTD for ITSA is set to include all sole traders and landlords, so it’s good to be aware of it even if you’re not in these initial groups.

So, what’s new?

  • Going digital: Say goodbye to stacks of paper. Sole traders will need to store all income and expenses digitally using MTD-compatible software.
  • Quarterly check-ins: Instead of just one big annual return, sole traders will be required to send summary updates of their income and spending to HMRC every three months.
  • End of period statement (EOPS): Once the tax year wraps up, sole traders will submit an EOPS to make any final tweaks to their accounts.
  • Final declaration: This is similar to the current Self Assessment, confirming the final tax position for the year.

 

Payments on Account

Payments on Account are advance payments towards your next tax bill. You’ll typically make two Payments on Account each year:

  • 31st January: First Payment on Account for the current tax year.
  • 31st July: Second Payment on Account for the current tax year.

If you don’t earn much, or if more than 80% of your tax was collected at source (e.g., through PAYE on another job), you might not need to make Payments on Account.

 

3 tips for navigating tax season, smoothly

Keep accurate records: Maintaining meticulous financial records is crucial for both limited companies and sole traders. This will make it much easier to complete your tax returns accurately and on time.

Plan for tax payments: Don’t wait until the last minute to think about your tax bill. Set aside money throughout the year to ensure you have sufficient funds to meet your obligations.

Consider professional advice: If you’re unsure about any aspect of tax, or if your business has complex financial arrangements, it’s always advisable to consult with an accountant or tax advisor. They can help you navigate the intricacies of the tax system and ensure compliance.

By being aware of these key tax dates and planning accordingly, you can avoid penalties and ensure the smooth financial operation of your business.