What Months Are Tax Returns Due?

Uncategorised
October 13, 2024

So what are the important dates for me to remember?

Understanding what months are tax returns due is crucial for individuals and businesses to avoid late filing penalties and stay compliant with HMRC regulations. Missing a tax deadline can lead to costly fines, so knowing when to prepare and submit your tax returns is essential. In this blog, we’ll cover the key dates you need to know for filing taxes in the UK, including self assessment, corporation tax, and other important tax return deadlines.

1. Self Assessment Tax Returns

When is the Self Assessment Deadline?

For individuals required to file a self assessment tax return, the most critical deadline to keep in mind is 31st January. This is the date by which online tax returns for the previous tax year must be submitted. The tax year in the UK runs from 6th April to 5th April of the following year, meaning that a tax return for the 2022/2023 tax year is due by 31st January 2024.

Key Dates for Self Assessment:

5th October: You must register for self assessment by this date if it’s your first time filing.
31st October: Deadline for submitting a paper tax return for the previous tax year.
31st January: Deadline for submitting an online tax return and paying any tax owed for the previous tax year.
31st July: If you make advance payments (known as “payments on account”), the second payment is due by this date.

2. Corporation Tax Returns for Businesses

When Are Corporation Tax Returns Due?

For businesses, corporation tax returns must be filed 12 months after the end of your accounting period. Unlike self assessment, the deadline for corporation tax returns varies depending on your company’s financial year. However, payment of corporation tax is due 9 months and 1 day after the end of your accounting period, so it’s important to plan ahead to meet both the filing and payment deadlines.

Key Dates for Corporation Tax:

9 months and 1 day after your company’s financial year ends: This is the date by which corporation tax must be paid.
12 months after your accounting period ends: This is the deadline for filing your company’s corporation tax return.

For example, if your company’s accounting period ends on 31st March, you must pay your corporation tax by 1st January the following year and file your tax return by 31st March.

3. VAT Returns

VAT Return Filing Deadlines

For businesses registered for VAT, returns are typically filed every quarter. The deadline for submitting a VAT return is one month and 7 days after the end of the VAT period. For example, if your VAT quarter ends on 31st March, your VAT return and payment are due by 7th May.

Key VAT Dates:

One month and 7 days after the VAT quarter ends: This is when VAT returns and payments are due.

Most businesses file VAT returns quarterly, but some may file annually or monthly, depending on their VAT scheme.

4. PAYE and Payroll Deadlines

Filing Dates for PAYE

If your business employs staff, you’ll need to file PAYE (Pay As You Earn) tax returns to report employee income tax and National Insurance contributions. These returns are generally submitted monthly, but an annual return known as a P11D must be submitted by 6th July each year.

Key Dates for PAYE:

Monthly or quarterly: PAYE returns for employee earnings and deductions.
6th July: Deadline for submitting P11D forms that report any taxable benefits employees received during the year.

5. Capital Gains Tax

When Are Capital Gains Tax Returns Due?

Capital Gains Tax (CGT) applies when you sell or dispose of an asset that has increased in value, such as property or shares. If the gain exceeds your annual CGT allowance, you must report it to HMRC. For property sales, you must report and pay any CGT owed within 60 days of the sale completion date. For other assets, the deadline for reporting the gain is by 31st January following the tax year in which the gain was made.

Key Dates for Capital Gains Tax:

60 days after property sale: Deadline for reporting and paying CGT on the sale of UK property.
31st January: Deadline for reporting and paying CGT on other assets through self assessment.

6. Important Payment Deadlines

Payment on Account

If you file a self assessment tax return and your tax bill exceeds £1,000, you may need to make payments on account. These are advance payments toward your next tax bill, usually split into two payments:

31st January: First payment on account due.
31st July: Second payment on account due.

These payments help spread the cost of your tax bill across the year, ensuring you don’t face a large sum in one go.

Balancing Payment

A balancing payment is made if you owe more tax than the amount covered by your payments on account. This is due by 31st January, along with your self assessment tax return.

How TRW Accountants Can Help

At TRW Accountants, we can help you manage your tax deadlines and ensure you stay compliant with HMRC. Whether you need assistance with self assessment tax returns, corporation tax, VAT, or payroll, our team provides expert support to make sure your taxes are filed accurately and on time. Contact us today to find out how we can simplify your tax filing process.

Conclusion

So, what months are tax returns due? It depends on the type of return, but self assessment tax returns are typically due by 31st January for online submissions. Corporation tax, VAT, and PAYE returns follow different schedules based on your business’s accounting period or VAT quarter. By staying aware of these key dates, you can ensure that your tax returns are filed on time, avoiding penalties and staying compliant with HMRC.

For more insights, explore our resources on Who can get a tax return? and Accounting in Kent for Individuals.