If you’re confused about taxes, you can get help from a tax agent or browse HMRC’s helpful tax tools and guides (external link). Digital tools can streamline tax management for busy small business owners. This might be a physical wall planner for offices or a digital calendar, with alerts 2-4 weeks before each deadline, providing time to prepare. Many small businesses use a combination of systems to manage their tax effectively. An automatic £100 penalty (external link) can apply if you miss your Self Assessment returns deadline. For new companies, your accounting period typically begins on the last day of the month that marks the anniversary of your incorporation.
Tax filing deadlines
- Download our guide for expert insights from an accountant, tailored for business owners and the self-employed.
- Digital tools can streamline tax management for busy small business owners.
- National Insurance adjustments, frozen income tax bands and revised CGT rules can all influence whether it is more efficient to take action now or defer until the next cycle.
- It involves reporting your income and allowable expenses to calculate the tax you owe.
- The penalty gets doubled if accounts are filed late in 2 successive financial years.
- It gives you more time to prepare, reduces the risk of missing the deadline, and helps you plan for any tax payments.
- If you’re running a limited company and have been affected by events outside of your control, then you can apply to extend your account filing deadline through Companies House.
Changes coming up in 2026 include a major shake up for farmers who will have to pay inheritance tax on their assets for the first time. Polling by Ipsos found 63% think the Government will increase income tax despite a Labour manifesto pledge not to hike rates. Britons expect to be hammered with an income tax hike this year, are braced for a recession and think Rachel Reeves is likely to exit the Treasury in the year ahead.
It is important to note this area can be complex particularly when considering different taxes and how they interact with one another and so having a financial adviser is crucial. 12 months late – A further penalty of 5% of the tax due or £300, with possible higher penalties depending on circumstances. 6 months late – An extra penalty of 5% of the tax due or £300, whichever is greater. For self-employed workers, there are further tax dates to remember alongside additional documentation to be completed.
US Expats Filing Guide
This specific period governs the assessment of Income Tax, Capital Gains Tax, and National Insurance contributions for millions of individual taxpayers. His expertise spans corporate tax planning, international business structuring, and strategic financial consulting. Managing tax deadlines and compliance can be overwhelming, especially when running a business.
Our small business accounting guide walks through absolutely everything you need to know if you’re considering starting a limited company. For example, if you incorporated your company in the middle of June, then you can register for VAT to cover this June period. Instead, VAT periods vary depending on a business’s chosen VAT accounting scheme. Businesses registered for VAT must charge it on their sales (output tax) and can reclaim VAT paid on purchases (input tax) related to their business. In the following January, if you overpaid you’ll get a refund and if you underpaid then you’ll be asked to make a balancing payment to cover this. According to HMRC, 11,581,962 returns received by 31st January 2024 deadline.
h October 2024 – Deadline to Register for Self-Assessment
This follows a similar change made to lifetime gifting, which took effect immediately after the Autumn Budget. From April 2026, this land will be taxed in the same way as other UK property. The original tax-free limit was set at £1m, but this was increased in December following opposition from farmers.
To make sure the greatest tax-free profits are being seen, it is prudent to maximise the allowed on a Junior ISA, just like with a typical adult one. Rishi Sunak insists pensions tax cut for wealthy will reduce NHS backlog Since the ISA allowance is a “use it or lose it” situation, it makes more sense to maximise it if you can rather than hoarding funds that aren’t earning interest or dividends. There is no time to waste if you intend to increase the amount in any of your ISAs.
19/22 October – Deadline for payment of Income Tax and class 1B NIC arising under PAYE Settlement Agreement (later date if paying electronically). 2 August – P46(car) – company car changes in the period 6/4 – 5/7. 19/22 July – Deadline for payment of class 1A NIC (later date if paying electronically)
If the return is still outstanding after three months, you’ll be hit with another £100 penalty. Unlike personal taxes, there is no tax-free allowance for Corporation Tax; the entire profit is taxable. The penalty gets doubled if accounts are filed late in 2 successive financial years. Your next company financial year would then run from July 1st 2025 until June 30th 2026. It’s unlikely that you set up a limited company at the very start or end of a month, so your first company year is typically rounded up. Company accounts refer to financial statements that limited companies in the UK are required to prepare and file.
What’s the date for paying CIS deductions?
For the newly incorporated companies and people who are new to self-employment, these dates and deadlines might never have been on your radar. Get it filed guaranteed by the deadline with our Express Filing Service for an extra £110+VAT. We’ll handle the hard bits, so you can focus on running your business, not wrestling with tax rules.
The boundary governing individual tax liability does not apply to Corporation Tax for UK-registered companies. The tax year is officially named after the calendar year in which it concludes. This date is the precise moment when all individual liability calculations for the preceding 12 months are finalized by HM Revenue & Customs (HMRC). Director at IAK Accountants with over 11 years of experience in accounting and business advisory. Whether you need help with self assessment, corporation tax, or general tax planning, our experienced team is here to help.
You could get a financial penalty if you do not file your confirmation statement on time. If you think you’re unable to meet your deadlines and need additional time to pay, you should contact HMRC as soon as possible to set up a Time to Pay Arrangement. If you pay your Corporation Tax late, don’t pay enough or don’t pay at all, HMRC will charge your company or organisation interest known as late payment interest.
- Tax weeks ensure consistency and accuracy in the administration of taxes and contributions throughout the UK tax year.
- The deadline for the Self-Assessment paper return is October 31, 2025.
- The end of the tax year is crucial for tax planning.
- From April 2027, savers with a cash ISA won’t be able to put as much into their tax-free savings pot as the annual limit will be slashed from £20,000 to £12,000.
- Capital Gains Tax must be reported by filing a Self Assessment Tax Return for gains that exceed the annual allowance.
Year-end tax planning is about using statutory allowances correctly and deciding whether to accelerate or delay income, gains or contributions depending on your situation. A clear understanding of tax deadlines can prevent missed allowances, incorrect submissions and unnecessary penalties. Knowing the boundaries helps prevent errors in end-of-year tax planning and reduces the risk of incorrect allocation in the year-end tax return. The two systems operate independently, and only the 6 April to 5 April determines individual income tax, CGT and pension assessment.
The 25th March marked the start of the new calendar year and, after time, it became known as the start of the financial year as well. Sign up to our quarterly e-newsletters, with the latest tax and industry updates from our team. Those who miss the deadline could face an initial late filing penalty of £100, followed by possible further penalties. Hundreds of individuals chose to ring in the new year by tackling their tax obligations, with HM Revenue and Customs (HMRC) figures revealing that 342 people submitted their self-assessment returns in the final hour of 2025. I tried doing it myself with TurboTax for 9 months and they were no help with the international tax credits.
These choices are the heart of end-of-year tax planning because decisions made after 5 April belong to the next year. If you still have ISA allowance remaining, you may choose to utilise it before 5 April so it counts for the existing cycle. If you are making use of ISAs, check how much of the annual allowance remains. This gives you an accurate starting point for decisions linked to the UK end of the tax year, such as pension contributions, CGT planning, or whether to crystallise gains. If you hold investments, estimate likely gains or losses that may be realised before the tax year closes.
The day marks the start of new thresholds for income tax, pension allowances and ISA limits, depending on any changes announced by the government. If you owe less than £3,000 in tax and want it collected via your PAYE tax code, you must file your online tax return by this date. If you file a paper Self-Assessment tax return, it must reach HMRC by this date. Ensure all tax-related matters are completed, including reviewing tax allowances, end of uk tax year business expenses, and financial records.
If you are unsure of what tax year dates are important to your business you should ask your accountant or tax adviser. As a self employed person you will need to complete a personal self assessment tax return each year. HMRC uses the tax year end as a deadline for claiming back a range of tax reliefs and tax free allowances which if not claimed by the tax year end in some cases can be lost completely. Depending on your own set of circumstances different tax year dates will apply at times during the tax year. The UK tax year is different to the normal calendar year and lasts for a total period of 12 months. Tax year dates are set by the government and used by both HMRC (the tax office) and taxpayers.