UK Business Tax Year Dates & Deadlines for 2023/24

UK Business Tax Year Dates & Deadlines:

Running a UK business is a thrilling rollercoaster, but navigating the tax landscape? That’s like navigating a labyrinth blindfolded, with deadlines lurking around every corner. Fear not, intrepid entrepreneurs! This blog is your map to conquering the 2023/24 tax year, armed with crucial dates, deadlines, and resources to turn you into a tax-savvy titan.

Part 1: Charting the Tax Terrain – Know Your Dates, Know Your Forms

• Tax Year Dates: Buckle up! The 2023/24 tax year runs from April 6th, 2023, to April 5th, 2024. Mark these dates on your calendar – they’re your tax season checkpoints!
• Who Needs to File What: Don’t get lost in the filing frenzy. Here’s a quick guide:
  • Sole Traders & Partnerships: File a Self-assessment tax return by January 31st, 2024. (https://www.gov.uk/self-assessment-tax-returns)
  • Limited Companies: File your Corporation Tax return within 12 months of your accounting period ending. (https://www.gov.uk/corporation-tax)
  • VAT-registered Businesses: File quarterly VAT returns based on your chosen filing period. (https://www.gov.uk/submit-vat-return)
  • Payroll Tax: Use your payroll software to handle PAYE and National Insurance contributions monthly. (https://www.gov.uk/government/organisations/hm-revenue-customs/contact/employer-enquiries)

Part 2: Conquering the Deadlines Maze – Deep Dive into Forms and Dates

• Self-Assessment:
  • Registering: New businesses, register within 21 days of starting to trade.
  • Filing: Gather your income and expenses, claim deductions, and submit your return electronically by January 31st, 2024.
  • Payment: Avoid late payment penalties! Pay any tax owed by the same deadline.
• Corporation Tax:
  • Filing Deadlines: File your return within 12 months of your accounting period ending.
  • Company Accounts: Prepare and file your company accounts with Companies House within 9 months of the period end. (https://www.gov.uk/government/organisations/companies-house)
  • Tax Payments: Mark your calendar 9 months and 1 day after your accounting period ends, that’s when Corporation Tax is due.

Part 3: VAT – The Quarterly Quest (and MTD for the Extra Challenge!)

• Registration: If your annual turnover exceeds £85,000, it’s time to register.
• Filing: Embrace MTD-compliant software for digital record keeping and quarterly return submissions. (https://www.gov.uk/government/publications/making-tax-digital)
• Payments: Keep your accounts in order! Pay any VAT owed by the deadline on your return.

Part 4: Payroll Tax – The Monthly Mission (and P35 the Year-End Boss)

• PAYE & National Insurance: Use your payroll software to deduct and pay these contributions from your employees’ salaries and pay them to HMRC monthly.
• P35: Wrap up the year with the Employer’s Annual Return. File it by April 19th following the tax year.

Part 5: Resource Roundup – Your Tax Triumph Toolkit

• HMRC Website: Your official guidance, forms, and support hub. Bookmark it! (https://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal)
• Accountant or Tax Advisor: Seek expert help for complex situations or a second opinion.
• Business Software: Invest in accounting and payroll software for streamlined processes and compliance.
• Federation of Small Businesses (FSB): Valuable resources and support for small businesses, including tax advice. (https://www.fsb.org.uk/)
• Institute of Chartered Accountants in England and Wales (ICAEW): Free tax guides and resources for businesses. (https://www.icaew.com/)
• Chartered Institute of Taxation (CIOT): Tax information and resources for businesses of all sizes. (https://www.tax.org.uk/)

Bonus Tip: Embrace technology! MTD is here to stay, so consider upgrading your software and processes for a smoother tax future.

Remember, this blog is your roadmap, not your GPS. For specific details and nuances, always consult official HMRC guidance

How Does VAT (Value Added Tax) Work?