Source: FreeAgent
Small business owners face many challenges, not least keeping track of all the many accounting dates and deadlines that arise throughout the year. Luckily, if you are a client of Competex, we always remind you when there is an important accounting deadline coming up. However, it can help to know what the accounting year looks like, so you that you are always prepared and able to stay on top of the work that needs to be done.
To help you stay prepared and focused, here is a timeline of the most important dates and deadlines in a standard accounting year for the average small business owner or freelancer in the UK, put together by FreeAgent. We have converted this to a Google Calendar for your convenience – view and save the calendar here.
Do bear in mind this list is not exhaustive, so you may have other tax deadlines to keep track of depending on how you run your business.
Calendar of a typical small business tax year in the UK
January
1st – Corporation Tax payment deadline (if your limited company’s year end is 31st March)
31st – Self Assessment tax return deadline
31st – First payment on account deadline
February
7th – The previous year’s last quarterly VAT return filing deadline
March
31st – Deadline for filing your company’s annual accounts if your company’s year end is 30th June
April
1st – Corporation Tax payment deadline (if your limited company’s year end is 30th June)
6th – New tax year! The Chancellor’s updates to any tax rates, wage rates and minimum pension contributions (among other things!) will come into effect today.
19th – Year-end payroll forms deadline – if you have employees, these all need to be filed and the PAYE paid
May
7th – This year’s first quarterly VAT return filing deadline
31st – Deadline for issuing any employees with their annual P60s
June
30th – Deadline for filing your company’s annual accounts if your company’s year end is 30th September
July
1st – Corporation Tax payment deadline (if your limited company’s year end is 30th September)
6th – Deadline for filing P11D(b) and issuing P11Ds to any employees (if applicable)
22nd – Deadline for paying Class 1A NIC (again, you’ll only need to pay this on benefits you give to your employees, such as private medical insurance)
31st – Second payment on account deadline
August
7th – This year’s second quarterly VAT filing deadline
September
30th – Deadline for filing your company’s annual accounts if your company’s year end is 31st December
October
1st – Corporation Tax payment deadline (if your limited company’s year end is 31st December)
November
7th – This year’s third quarterly VAT return filing deadline
December
31st – Deadline for filing your company’s annual accounts if your company’s year end is 31st March. The payment deadline is the day after this, on January 1st!
A note on VAT return deadlines
he vast majority of small businesses will file a VAT return four times a year. Whether through Government Gateway or through Making Tax Digital (MTD). 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
Each VAT return is due for filing one month and seven days after the end of one of these quarterly periods. So for example, the VAT return that covers 1st January – 31st March needs to be filed to HMRC by 7th May.
View and save this as a Google Calendar for 2020
Learn how to view your own Tax Timeline in your FreeAgent account.
Remember, we’re always here to help you stay on track. If you wish to speak to an accountant, contact us today.