As a self-employed person or small business, you have certain responsibilities when it comes to filing information with HMRC. It’s good practice to remember what needs doing and when so that you can prepare and send off any information and payments in good time to avoid costly penalties and added stress.
So to keep you on HMRC’s good side, we’ve pulled together some important dates for the average small business owner or freelancer in the UK.
All dates may be subject to change and you should check which ones you need to meet based on the specifics of your business. If you’re unsure, check with an accountant.
When does the new tax year begin and end?
The tax year runs from 6 April one year to 5 April the next. There are several other key dates throughout the year that both employed and self-employed workers need to be aware of.
What deadlines are important if I’m a limited company?
As a limited company, you need to file your Corporation Tax return within 12 months of the company’s year-end. Your Corporation Tax bill needs to be paid within nine months of the end of its accounting period. This is normally the same 12 months as the financial year covered by your company’s annual accounts.
Some other key dates include:
6 April 2020 – First day of the new tax year 2020/21.
5 April 2020 – Deadline for claiming your PAYE tax refund for the 2015/16 tax year.
31 May 2020 – Copies of 2019/20 P60 documents issued to employees.
6 July 2020 – Copies of 2019/20 P11d documents issued to employees.
5 April 2021 – End of tax year 2020/21.
What deadlines are important if I’m self-employed?
The tax year runs from the 6 April to 5 April so your accounts need to be calculated according to these dates. We’ve put together further guidance on completing your Self Assessment in a previous blog but here are some key dates to keep in mind:
5 April 2020 – Last day of 2019/20 tax year.
6 April 2020 – First day of the new tax year 2020/21. Time to gather documents for your 2019/20 tax return for the year ending 5 April 2020.
31 July 2020 – Deadline for 2nd payment on account for the tax year ending 5 April 2021.
31 October 2020 (midnight) – Deadline for paper Self Assessment returns for 2019/20 tax year.
30 December 2020 – Deadline for online submission of Self Assessment tax returns for year ending 5 April 2020.
31 January 2021 (midnight) – Online Self Assessment tax returns for 2019/20 tax year must be submitted by this date.
5 April 2021 – End of tax year 2020/21.
Remember, you run the risk of getting a fine of £100 if your tax return is late – regardless of whether you owe tax or not.
Stay in HMRC’s good books
It’s important to note that tax deadlines for you and your business are unique to your circumstances – do you have employees, are you working a side hustle while in full-time employment – all these factors have an impact.
For extra clarity and peace of mind, speak to a friendly local accountant to ensure you’re meeting all of your accounting obligations.