What Are The Tax Deadlines for My Business?

Keeping track of quarterly submission dates can become tiresome quickly if they overlap and payment dates become challenging to remember.

27% of UK businesses have missed tax deadlines, and 34% of small and medium-sized enterprises (SMEs) left their financial administration until the last minute.

Let’s see some essential tax deadlines every business owner should know.

What are the Deadlines for Corporation Tax

Limited companies and CICs (community interest companies) must pay corporation tax on their business profits at the end of each financial year; the rate paid is 25% of earnings.

Companies making less than £50,000 profit qualify for an exception and may pay the small business rate of 19%.

• Corporation Tax Payment Due Date: Corporation tax payments are annual and due 9 months and 1 Day from the financial year’s end date; for instance, if the financial year ends December 31, then your Corporation tax Payment deadline would be October 1, 2025.
• Deadline for Submission: The Corporation Tax Due Date is set as December 31 each year following a financial year.

What Are the VAT Deadlines?

VAT deadlines depend on where your business is based and the tax system you follow. Here’s a simple breakdown:

VAT Deadlines in the UK

1. Submit Quarterly Returns:
   • Most businesses submit VAT returns every three months.
   • The deadline is 1 month and 7 days after the end of each VAT period.
2. Submit Annual Returns:
   • If you’re on the annual accounting scheme, you file once a year and make advance payments during the year.
   • The final return is due 2 months after your accounting year ends.
3. Submit Monthly Returns:
   • Some businesses, like those reclaiming VAT often, can file returns monthly to speed up repayments.

VAT Deadlines in Ireland

In Ireland, the taxable period is two months (bi-monthly), commencing on January 1, March, May, July, September, and November. However, the Collector-General may authorise taxable periods as follows:

1. Bi-Monthly Returns:
   • Filed every two months starting January, March, May, July, September, and November.
2. Annual Returns:
   • One annual return is enough for businesses paying VAT in instalments via direct debit.
3. Four-Monthly Returns:
   • If your annual VAT bill is between €3,001 and €14,400, you can file every four months.
4. Six-Monthly Returns:
   • Returns can be filed every six months for smaller businesses with an annual VAT bill of €3,000 or less.

Double-check with your local tax office to ensure you meet the correct deadlines for your situation.

Income Tax, Personal Tax, Self-assessment, Partnership

The deadlines for these taxes in the UK are similar and easy to follow:

1. Register for Self-Assessment:
   • Register by October 5 after the tax year when you earned untaxed income.
2. Submit Your Tax Return:
   • If using paper forms, file by October 31.
   • For online returns, the deadline is January 31.
3. Payment Due Date:
   • Full payment is due by January 31 after the tax year.
   • If you make advance payments (‘payments on account’), the second instalment is due by July 31.

For partnerships, the deadlines are the same. The partnership files a return, and each partner submits their own individual return.

However, if the tax due in your first year of business is £1,000 or more, you must also pay 50% of the estimated taxes for the coming year.

In the UK, the tax year finishes on April 5 every year, and all of these payments are due on April 5. 

Pay As You Earn (PAYE) and National Insurance Contributions (NICs) Deadlines

If you’re managing Pay As You Earn (PAYE) and National Insurance Contributions (NICs), here’s what you need to know:

As employers, you usually have to operate PAYE as part of your payroll and include everyone you pay, even if they get less than £123 a week.

Submission Deadlines:

• Send the FPS on or before your employees’ payday.

Monthly or Quarterly Payments:

• Monthly Payments: This is the standard option.
• Quarterly Payments: Allowed if your total liability is less than £1,500 monthly.
• Necessary: If your liability exceeds £1,500 per month, you must pay monthly.
• The PAYE payment deadline, if paid online, is the 22nd of the following month. The deadline for payment via post is the 19th of the following month. 

NICs Contribution Threshold:

• Employees:
  • Start paying after earning £12,570 per year.
  • Contributions are 8% on earnings above this amount, depending on the NI category.
• Employers:
  • Start paying after employees earn £9,100 per year.
  • Contributions are currently 13.8% but will increase to 15% from April 25.

Payroll and PAYE Tips:

• RTIs must be submitted to HMRC on time; a penalty might apply if they are late or missed. 
• Employers can set up their pay schedule however they like, depending upon the nature of the work and the cash flow position. It can be weekly, Bi-weekly, Fortnightly, Monthly, or annually. 
• Ensure you pay your employees less than the National Minimum wage. 

Employment Allowance: 

• Employment Allowance allows eligible employers to reduce their annual Class 1 National Insurance liability by up to £5,000.

Pension Deadlines:

• In the UK, to be eligible for a workplace pension, you must be aged between 22 and State Pension age and earn at least £10,000 per year.  
• An employer needs to complete his declarations with TPR to stay compliant.  

Capital Gains Tax (CGT)

Capital Gains Tax (CGT) is a tax on the profit you earn when you sell or dispose of something that has increased in value. Here’s a breakdown:

When Do You Pay Capital Gains Tax?

You need to pay CGT on the profits you make (not the total amount) when you sell or dispose of:

1. Most personal possessions are worth over £6,000 (excluding cars).
2. Property that is not your main home.
3. Your main home, if you:
   • Let it out.
   • Used it for business.
   • It’s enormous.
4. Shares not held in an ISA or PEP.
5. Business assets.

Deadlines for Submission and Payment:

• If you are selling a residential property in the UK:
  • Sixty days to report and pay CGT if the completion date is on or after October 27, 2021.
  • For sales before this date, the period was 30 days.

Tax-Free Allowance:

• You only pay CGT if your total gains exceed the annual tax-free allowance.

When You Don’t Pay CGT:

You don’t pay CGT on:

• Gifts to your spouse, civil partner, or charity.
• Certain assets, including:
  • ISAs or PEPs.
  • UK government gilts and Premium Bonds.
  • Winnings from betting, lotteries, or pools.

NOTE: For crypto assets, assess any capital gains tax due when selling or giving away crypto assets (like Bitcoin), such as an exchange-traded fund (ETF).

Reductions In Your Tax Bill

Relief could apply depending on the asset and its type, lowering the tax bill you owe. Jointly Owned Assets (JOAs) may qualify for relief as well.

If you dispose of assets jointly owned with another individual, CGT must be paid on each profit share sold. 

Knowing the crucial deadlines helps you manage tax obligations while taking advantage of available allowances and reliefs. 

Keeping up with all these tax deadlines can overwhelm anyone. Get a quote for interrupted, hassle-free business accounts.