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Contents

  1. 1. Tax year dates
  2. 2. Self Assessment tax return deadlines
  3. 3. Value Added Tax (VAT)
  4. 4. Capital Gains Tax
  5. 5. Corporation Tax
  6. 6. PAYE

When does the tax year end? Key dates and deadlines for the new tax year

February 13, 2023
Whether you’re a self-employed sole trader or running your own limited company, it’s important to know the important dates and deadlines for the new tax year. As with the Gregorian calendar year, the tax year dates follow a 12-month timetable — but that’s where the similarity ends.With the end of the tax year approaching fast, knowing how your financial calendar is looking can ensure you hit your tax bill due dates, avoiding late payment penalties in the long run.In this guide, we’ll outline the key dates and accounting deadlines for small businesses for the next tax new year.

Tax year dates

The UK tax year, or financial year, begins 6th April, with the end of the tax year falling on 5th April the following year. With this in mind, the 2023/24 tax year will begin on 6th April 2023 and end on 5th April 2024.As HM Revenue and Customs (HMRC) charge penalties for missed deadlines, it’s important to know the dates and deadlines of the tax year for your own financial planning so you don’t miss any important due dates.If you’re a start up and it’s your first year of trading, depending on your incorporation date your tax year start and end dates may be different to the standard 6th April to 5th April.

Self Assessment tax return deadlines

Registration deadline for Self Assessment

If your self-employed income is more than £1,000 in a single tax year, you’ll need to file a Self Assessment tax return.If filing for the first time, you’ll need to register with HMRC by 5th October. This means that to file your 2022/23 tax return, you’ll need to register by 5th October 2023.

Self Assessment tax payment and filing deadlines

Once registered, you’ll have to file your tax return every year, so HMRC can work out how much you’ll need to pay in Income Tax and National Insurance contributions (NICs) for the tax year in question.When filing, it’s important to note that you’ll be reporting and paying tax on your self-employed income for the previous tax year. This means that for the next tax return you file, you’ll be filing your return for the 2022/23 tax year in the 2023/24 tax year.To make sure you file your tax return correctly, you’ll need to keep accurate records throughout the year. Once it’s filed and HMRC have notified you of how much you owe, you can pay your outstanding tax.There are 2 ways you can file your Self Assessment tax return: you can either submit your return online or send a paper version to HMRC. To keep things simple, you can get Ember to file your tax return directly to HMRC for you.
DeadlineDue date
Filing paper tax return31st October 2023
Filing online tax return31st January 2024
First 2022/23 tax return payment on account31st July 2023
Second 2022/23 tax return payment on account31st January 2024
Balancing payment31st January 2024

Self Assessment penalties for late payments

Failure to file and pay your Self Assessment tax return on time can land you some hefty fines from HMRC.Up to 3 months after the Self Assessment deadline, you’ll be fined £100 for filing late. Any later than this, the fines will increase.
You’ll also receive a Self Assessment penalty and be charged interest if for any late payments.

To keep yourself out of trouble with HMRC, you can find the steps you need to take over at our guide on what to do if you miss the Self Assessment deadline.

Value Added Tax (VAT)

If your company’s turnover exceeds £85,000, you’ll need to register your business for VAT, regardless of whether you’re a sole trader or limited company. Once registered, you’ll need to start charging your customers VAT on the goods and services you sell at the appropriate tax rate.

You’ll also need to file regular VAT returns to report and pay the VAT you owe HMRC. However, it’s not all bad news, as VAT returns also allow you to reclaim some of the tax you pay your suppliers.

VAT registration deadline

The timescales for registering for VAT are as follows:
    If you know that your annual VAT taxable turnover is going to exceed £85,000 during the next 30 days, you must register within 30 daysIf your total VAT taxable turnover for the past 12 months exceeds £85,000, you must register within 30 days of the end of the month you passed this threshold

Payment and filing deadlines for VAT

For example, if the accounting periods for your business are at the end of March, June, September and December, you’ll need to file your VAT return and pay your tax bill by the following dates:
    7th May7th August7th November7th February
If this seems confusing, you’re in luck: once registered for VAT, you can find out when your VAT payment dates will using the payment deadline calculator at GOV.UK.

Capital Gains Tax

As well as paying Income Tax, if you’re a freelancer, sole trader or in a partnership, you may need to also pay Capital Gains Tax (CGT) when you sell or dispose of any business assets.

For example, if you sell a building owned by your company or any equipment, you’ll need to pay Capital Gains Tax on the gain in value of the asset from when you first bought it.However, you are entitled to a Capital Gains Tax Allowance that you can use to claim tax relief on any gains made in an asset sale.If you know what you owe, you can either pay CGT immediately. Otherwise you must report the amount in your Self Assessment tax return for the year in which you sold or disposed of the asset.If you dispose of an asset and are a limited company, you’ll instead need to pay Corporation Tax.

Corporation Tax

If you’re running a limited company or restarting a dormant company, you’ll need to pay Corporation Tax on any profit you make each year. For the 2023/24 tax year, this is set at 19%.As you won’t get a tax bill for Corporation Tax, you’ll need to keep accounting records and prepare a Company Tax return to work out the tax you owe. Key deadlines to remember are:
    Corporation Tax registration deadline: within 3 months of starting your businessDeadline to pay Corporation tax: 9 months and 1 day after the end of your accounting periodDeadline to file company tax return: 12 months after the end of your accounting period
For details around paying your Corporation Tax bill, head over to our guide on how to pay Corporation Tax.

PAYE

When paying your employees through PAYE (Pay As You Earn), you are responsible for taking Income Tax and National Insurance contributions (NICs) from your employees’ salaries at source.

Under PAYE, you’ll also need to register for payroll benefits and meet monthly obligations to file an Employment Payment Summary (EPS) and pay your PAYE bill. You also need to file benefits forms on your employees’ behalf 6 months.

You can either send your paper remittance by post or submit it online, with the deadlines for each as follows:
    Paper PAYE remittance: 19th of every monthOnline PAYE remittance: 22nd of every month
Head over to our guide on PAYE for small businesses for more detail on running your payroll software.

Deadlines for P45 and P60 forms

P60 forms must be issued annually after the end of each tax year to each of your employees. A P45 form should be provided to any departing employee when they leave your employment.

There’s no set deadline for issuing a P45 form, but P60 forms are due at the end of the month following the end of the tax year on 31st May.

P11D deadlines

If you give your employees any benefits, such as company cars, childcare, etc, then you may need to provide HMRC with P11D forms.

These forms are due annually, 3 months after the end of the tax year. You’ll need to submit one form for each employee who received these benefits.For the 2023/24 tax year, the P11D submission deadline falls on 6th July.
Caroline Wire
Caroline WireFreelance Copywriter

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