Accounts Important Dates

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.