As a business owner in the UK, understanding tax deadlines and accounting obligations is crucial to avoid penalties and ensure compliance with HM Revenue and Customs (HMRC).Here are the forthcoming deadlines and cut-off points for Q3 of 2023 to add to your diary:
NOTE: If your company’s accounting period is longer than 12 months, the first tax payment deadline is normally 21 months and 1 day after your accounting period started, and the second one is 9 months and 1 day after your accounting period ends.
For example, a company with an accounting period running from 01/09/2021 to 31/12/2022 will pay the first tranche of corporation tax by 01/06/2023 and the balance by 01/10/2023.
If your profits are more than £1.5 million, then tax is payable quarterly with two payments before the end of your accounting period and two after. The first payment is normally six months and 13 days after the start of the period, with the others three-monthly from that point.
Some general deadlines to plan for:
Employment related securities (ERS) schemes need to be registered (for the previous tax year): 6 July 2023
ERS Annual Return (for previous tax year) must be submitted: 6 July 2023
Enterprise Management Incentives (EMI) schemes ‘notice of options granted’ to be submitted: within 92 days of grant.
Submit your P11D, P11D(b) and P9D returns (for 2022/23 tax year): 6 July 2023
Pay Class 1A National Insurance contributions to HMRC (for 2022/23 tax year): 19 July 2023
Make your second payment on account for 2022/23 personal tax: 31 July 2023
Make Capital Gains Tax payment for gains on residential property: 60 days after completion
PAYE and National Insurance payments due: 19th calendar day of the month after end of month or quarter as applicable (22nd for electronic payments)
Staying informed about tax deadlines, accounting periods, and other related obligations is essential for individuals and businesses in the UK. By adhering to these deadlines and compliance requirements, you can avoid penalties and maintain a smooth relationship with HMRC.Be proactive and organized in your tax planning to ensure financial stability and growth in the long run.
Get in touch to discuss your deadlines.