Using an example business : ABC Tech Solutions Ltd & directors John Smith & Sarah Brown we at Forward Point Accounting hope that this article can serve as a useful guide when meeting your tax deadlines.
Business Deadlines for ABC Tech Solutions Ltd
1. Financial Year-End (March 31st)
- Annual Accounts to Companies House: Due 9 months after the financial year-end (December 31st).
- Deadline: December 31st
2. Corporation Tax Return (CT600)
- Filing Deadline: 12 months after the end of the accounting period (March 31st).
- Deadline: March 31st (following year)
- Corporation Tax Payment: Due 9 months and 1 day after the end of the accounting period (January 1st).
- Deadline: January 1st (following year)
3. Companies House Confirmation Statement
- Filing Deadline: Annually within 14 days of the anniversary of incorporation.
- Deadline: June 14th (if incorporated on June 1st)
4. VAT Returns (if applicable)
- Quarterly Filing and Payment: Usually due 1 month and 7 days after the end of the VAT period.
- Deadlines: May 7th, August 7th, November 7th, February 7th
Personal Deadlines for Directors John Smith and Sarah Brown
1. Self-Assessment Tax Return
- Online Filing Deadline: January 31st for the previous tax year.
- Deadline: January 31st
- Payment on Account: Due in two instalments.
- Deadlines: January 31st and July 31st
2. PAYE Tax and National Insurance (if they are employees of their own company)
- Monthly PAYE Payments: Due by the 22nd of each month (electronic payments).
- Deadlines: 22nd of each month
3. Personal Tax Planning and Filing
- July 31st: Deadline for the second payment on account for Self-Assessment.
- October 31st: Deadline for paper filing of Self-Assessment Tax Return.
- December 30th: Deadline for online filing of Self-Assessment Tax Return if you want HMRC to collect tax through PAYE.
Sample Calendar for ABC Tech Solutions Ltd and its Directors:
January
- **1st**: Corporation Tax Payment due (previous financial year)
- **31st**: Self-Assessment Tax Return and first Payment on Account due
February
- **7th**: VAT Return due for Q4 (previous year)
- **22nd**: Monthly PAYE Payment due
March
- **31st**: Corporation Tax Return due (previous financial year)
April
- **22nd**: Monthly PAYE Payment due
May
- **7th**: VAT Return due for Q1
- **22nd**: Monthly PAYE Payment due
June
- **14th**: Companies House Confirmation Statement due
- **22nd**: Monthly PAYE Payment due
July
- **31st**: Second Payment on Account due
August
- **7th**: VAT Return due for Q2
- **22nd**: Monthly PAYE Payment due
September
- **22nd**: Monthly PAYE Payment due
October
- **31st**: Paper Self-Assessment Tax Return due
November
- **7th**: VAT Return due for Q3
- **22nd**: Monthly PAYE Payment due
December
- **30th**: Online Self-Assessment Tax Return due for PAYE collection
- **31st**: Annual Accounts to Companies House due
- **22nd**: Monthly PAYE Payment due
This example provides a comprehensive overview of key deadlines for both the business and personal tax obligations of the directors, helping ensure compliance and avoid penalties.
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