Keeping up with the tax deadlines for your business to ensure compliance and avoid penalties can be daunting, especially when you’re not familiar with the process.
That’s why MGI Midgley Snelling LLP have collated all the key tax dates and relevant information for filing your organisation’s tax returns that you’ll need to stay ahead of your tax deadlines.
Self-assessment Tax returns
All online Self-assessment Tax returns must be submitted and paid to HMRC by 31 January.
Individuals need to submit a Self-Assessment tax return if they are self-employed, have high income, or earn money from savings, investments, property, or abroad. Additionally, if you’ve made capital gains or need to claim certain tax reliefs, you’ll also need to file a return.
There are penalties and interest for late filings and payments of tax.
Corporation Tax payments
If a Limited Company makes taxable profits, and is required to pay Corporate Tax, the payment due date is 9 months and one day following the end of the company’s financial year, with the exception of the first year of trade.
All limited companies must pay Corporation Tax on their profits, this includes any profit from trading, investments and selling assets for more than they cost.
If the company is based in the UK, it must pay Corporation Tax on all its profits, whether they are from the UK or overseas.
However, if a company is not based in the UK but has an office, branch, or other form of Permanent Establishment (PE) in the country, it only pays Corporation Tax on the profits generated from its activities within the UK.
Company Tax returns
Companies or associations that receive a ‘notice to deliver a Company Tax return’ from HMRC must file these returns, even if they make a loss or have no Corporation Tax to pay, because of reliefs available to them.
The deadline for filing the tax return is 12 months after the end of the accounting period it covers.
If this deadline is missed, then the business will face a £100 fine and an additional £100 if they fail to submit it after three months. If the return is filed six months or more after the deadline, then the business will face additional penalties.
For more information on tax deadlines and to minimise tax penalties, please contact our team.
