Accounts Important Dates
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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
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· 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.
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· 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 2022 to 2023 tax return online by 31 January 2024, keep
your records until at least the end of January 2027.
· Tax returns sent after the deadline
· You should keep your records for at least 15 months after you sent the tax
return.
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· 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 2022 to 2023 tax return online by 31 January 2024, you must keep your records until at least the end of January 2029.
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
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· 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.
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Employers
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· 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
· 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.