Business Diary

Sole Trader/ Partnerships

For any one starting self employment you need to register this with the Inland Revenue. This needs to be done no later than three months after you start being self-employed. Failure to do this can incur a £100 penalty.
31 st January
Deadline For:
Submitting all online tax returns and tax payments for tax year ending 5 April of the previous year.
First payment on account for the current tax year
A £100 penalty will be imposed if you fail to submit a return by this date. If the return that is late is a partnership return there will be a £100 penalty per partner in addition to any penalties imposed for the individual partners return.
Interest will be charged on payments not received by this date and a 5% surcharge may be imposed on the tax bill.
28 th February
An automatic 5% surcharge applied to payments due on 31 January but not paid.
6 th April
Tax returns (or notice to complete a tax return) are sent out to people who get a tax return each year.
31 st July
Second payment on account for the current tax year
A second automatic 5% surcharge applied to payments due on 31 January but not paid
A second £100 penalty is imposed on people whose return was due on 31 January but did not send it in.

 

Payroll Key Dates

19th Day of the Month
PAYE/NIC for the month ending 5 day of that month is due for payment. If the scheme is quarterly the period ends 19 day of March, June, September and December.
5th April
End of the Tax Year
10th April
Date that interest for late payment of PAYE/NIC for the end of the tax year starts.
19th May
Deadline for filing end of year payroll returns. Late filing will lead to £100 penalties per month that the return remains outstanding. This is also the deadline for employees to receive their P60's.
6th July
Date for submission of P11d's. Late submission will lead to filing penalties of £100 per month that the return remains outstanding. This is also the deadline for employees receiving their P11d's.
 31st July
P60’s distributed to all employees

Corporations

9 Months after Year End
Corporation tax is due. Interest will arise on any payments made after this date. This is also the due date for tax payable on an overdrawn director's loan account.
Deadline for submission of accounts to Companies House. Failure to comply - £150 penalty.
12 Months after Year End
Deadline for submission of accounts and tax computations to the Inland Revenue. Failure to comply - £100 penalty.
Failure to comply with the above deadlines will lead to increased fines after three months and for repeated offenders the fines can rise to £1,500.

 

 

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