Accounts Important Dates

The Accounts Important Dates page provided by Thecbsltd located in Chalfont St Peter, Gerrards Cross is to help if you are a new business owner at the start of setting up your business. This page contains a sample of accounts important dates for Self Employed, Partnerships, Limited Companies and Employers. These should be checked on the Gov.uk website or your financial adviser.

Self Employed / Partnerships

·         03 months – every 3 months after  VAT registration a VAT TAX RETURN

          must be submitted to HMRC

·         19th day of each month - PAYE and National Insurance for the previous

          month must be paid to HMRC

·         31st January - SELF ASSESSMENT TAX RETURN (online) - for the previous tax

          year

·         31st January - Income tax balances for the previous year must be paid

·         31st January - The first payment on the income tax account for the current

          tax year

·         28th February - 5% penalties on the amount of tax that was to be paid by

          31st January, and was not paid

·         5th April - The end of the tax year

·         5th April - Deadline for claiming your PAYE tax refund for the previous tax

          year

·         6th April – First day of the new tax year

·         6th April – Time to gather detailed documents for your tax return and if

          you’re self-employed or have income from property in the year ending on

          5th April

·         19th April - All PAYE payments must be settled by this date

·         31st May - Employees are given their P60s

·         6th July - P11D (declaration of benefits and expenses) for the year ending on

          the 5th April must be submitted to HMRC

·         6th July - Copies of P11Ds must be given to all employees

·         6th July – Last date for agreeing payment settlements agreements for

          previous tax year if applicable.

·         31st July - The second payment on the income tax account for the current tax

          year.

·         5th October - Deadline to register with HMRC if you became self-employed or

          started receiving income from property. You should submit a CWF1 form for

          self-employment or a SA1 form for non-self-employed income to HMRC

·         31st October (12.00am) - The last day to submit a paper version of your Tax

          Return.

·         30th December - Deadline for online submission of self-assessment tax

          returns for the year ending on, 5th April for HMRC to collect tax through PAYE

          tax codes where they owe less than £3,000.

·         How long to keep your records

·         You must keep records about your business income and costs for longer if

          you’re self-employed.

·         How long you should keep your records depends on whether you send your

          tax return before or after the deadline.

·         HM Revenue and Customs (HMRC) may check your records to make sure

          you’re paying the right amount of tax.

·         Tax returns sent on or before the deadline

·         You should keep your records for at least 22 months after the end of the tax

          year the tax return is for.

·         Example

·         If you send your 2017 to 2018 tax return online by 31 January 2019, keep

          your records until at least the end of January 2020.

·         Tax returns sent after the deadline

·         You should keep your records for at least 15 months after you sent the tax

          return.

·         Business records if you're self-employed

How long to keep your records

You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs (HMRC) may check your records to make sure you’re paying the right amount of tax.

Example

If you sent your 2016 to 2017 tax return online by 31 January 2018, you must keep your records until at least the end of January 2023.

Very late returns

If you send your tax return more than 4 years after the deadline, you’ll need to keep your records for 15 months after you send your tax return.

Limited companies

·      09 months after the end of the limited company's accounting year - corporate

       tax should be paid

·       09 months after the end of the limited company's accounting year - the

        settlement of the company in Companies House should be submitted

·       12 months after the end of the limited company's accounting year - the

        company's settlement with the CT600 should be submitted to HMRC

·       Quarterly - VAT TAX RETURN must be submitted to HMRC

·       19th day of each month - PAYE and National Insurance for the previous month

        must be paid to HMRC

·       14 days after each calendar quarter and 14 days after the end of the

        company's accounting year - a CT61 form must be sent to HMRC

·       19th April - all PAYE payments must be settled by this date

·       31st May - Employees are given their P60s

·       6th July - P11D (declaration of benefits and expenses) for the year ending on

         the 5th April must be submitted to HMRC

·       6th July - Copies of P11Ds must be given to all employees

·       6 Years You must keep records from the end of the last company financial year

        they relate to, or longer if:

·       they show a transaction that covers more than one of the company’s

        accounting periods the company has bought something that it expects to last

        more than 6 years, like equipment or machinery

·       you sent your Company Tax Return late

·       HMRC has started a compliance check into your Company Tax Return.

Employers

·         19th April - all PAYE payments must be settled by this date

          PAYE and payroll for employers

          Keeping records

          You must collect and keep records of:

·         what you pay your employees and the deductions you make

·         reports and payments you make to HM Revenue and Customs (HMRC)

·         employee leave and sickness absences

·         tax code notices

·         taxable expenses or benefits

·         Payroll Giving Scheme documents, including the agency contract and

          employee authorisation forms

          Your records must show you’ve reported accurately, and you need to keep

          them for 3 years from the end of the tax year they relate to. HMRC may

          check your records to make sure you’re paying the right amount of tax.

          If you don’t keep full records, HMRC may estimate what you have to pay and

          charge you a penalty of up to £3,000.

 
 
 

Contact Us

 

The Chalfont Bookkeeping Service Limited

Incorporated in England

Co. Registered No. 11778865

 

Tel: 07960 499 267

Address: Denham Lane,

Chalfont St Peter ,

Gerrards Cross,

Bucks,

SL9 0ES

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