Following the start of the new tax year we have updated our key dates and deadlines for small businesses for 2023/2024. You can use these as a reminder to keep on top of your tax payments and deadlines. We also give a more detailed day-to-day activity deadline reminder for the next month at the end of our newsletter.

These dates are based on what is applicable to an “average” UK-based small business and depending on your circumstances there may be other tax deadlines which are applicable to you.

If you are already a client, we detail all of this in your cover letter which is sent with your annual accounts so make sure you read and make a note of any key dates or details on the cover letter and add these onto your calendar too.

January

1st         Corporation Tax payment deadline (if you have a Limited Company and the year-end is 31st March)

31st       Self-Assessment tax return deadline.

First payment on account deadline, balancing payment deadline.

March

31st       Corporation Tax filing deadline (if you have a Limited Company and the year-end is 31st March).

April

6th        The new tax year starts! Any changes to tax rates, wages and pension contributions will come into effect today.

19th       Year-end payroll deadline – if you have employees, these all need to be filed and the PAYE paid.

May

31st       Deadline for issuing any employees with their annual P60s.

July

6th        Deadline for filing P11D(b) and issuing P11Ds to any employees (if applicable).

22nd     Deadline for paying Class 1A NIC (This is only paid on benefits you give to any employees, such as private medical insurance).

31st       Second Income Tax and NI payment on account deadline.

December

31st       Deadline for filing your company’s annual accounts if your company’s year-end is 31 March (the most common year end date). The payment deadline is on 1 January.

VAT return deadlines

The majority of small businesses will file a VAT return four times a year, the most common set of quarterly VAT return dates is:

• 1st January – 31st March
• 1st April – 30th June
• 1st July – 30th September
• 1st October – 31st December.

Although this may differ for some businesses.

Each VAT return is due for filing one month and seven days after the end of one of these quarterly periods. Eg the VAT return that covers 1st January – 31st March needs to be filed to HMRC by 7th May.

Payments on account

If less than 80% of your income is paid at source and your tax bill is over £1,000, you’ll need to make payments on account.

These are advance payments on your next year’s Self Assessment tax bill.

Your payments on account are calculated by dividing the amount of your most recent Self Assessment tax return bill by two. You need to make the first payment by 31st January and the second payment by 31st July each year.

Hopefully this guide is useful, as stated at the start this is based on an “average” UK-based small business so some elements may differ slightly for you. As always if you do have any queries please get in touch.