Every business needs to be aware of key tax dates in the UK, to ensure all reporting is submitted to relevant authorities prior to deadlines. This is particularly important for smaller businesses and startups due to fines levied by HMRC if annual returns are late. The UK tax year runs from 6 April to 5 April and the following key tax dates will impact any business or self employed individual:
January 2016
31 January is the deadline for all self assessment tax returns for the year ended 5 April 2015. Balancing payments for the end of year also need to be made by this date, and the first self assessment payment for the tax year ending 5 April 2016 should be paid.
January to April 2016
Any business with employees needs to send a final payroll report known as the Full Payment Submission before the start of the new tax year. Payroll software programs dedicated for UK users will generate the final payroll report for HMRC purposes, however, if you operate a manual system you will need to produce your own report.
April 2016
6 April 2016 is the first day of the new tax year. You should implement payroll updates and software updates at this point.
19 April is the deadline for receipt of all PAYE and NIC for the previous tax year, if a non-electronic, or non-standard, payroll system is in use.
22 April is the deadline for all 2015 – 2016 outstanding payments to HMRC to be cleared funds in the HMRC banking system.
May 2016
All employees need to be issued with a P60, detailing earnings in the previous tax year by 30 May.
July 2016
5 July 2016 is the final date for settlement of any outstanding discussions with HMRC regarding PAYE agreements for 2015 – 2016.
Reports on all employees in receipt of expenses and benefits by 6 July. This is also the final deadline for giving employees P9D and P11D forms.
19 July is the deadline for any outstanding 2015/2016 NIC payments to be received by HMRC, with 22 July being the final date for cleared funds to be situated in the HMRC bank account.
31 July is the deadline for all self assessment payments on account relevant to the year ended 5 April 2016.
October 2016
5 October is the deadline for advising of any liability for income tax or capital gains tax for 2015 – 2016, for any individuals not completing self assessment forms
More Important Dates for 2016
Some other important dates to diarise in 2016 include the Chancellor’s Budget on 16 March 2016, when any announcements likely to impact upon business, finance and overall profitability can be taken into consideration. The Chancellor’s Autumn Statement in November or December can also be key for business entrepreneurs needing to make ongoing plans and business decisions.
When you operate a limited company your end of year accounting date does not always tally with the UK tax year. All business owners need to be aware of the key dates for filing annual returns for their business, as well as the company tax return, as this affects the corporation tax position of the business. Annual accounts are a statutory requirement for any limited company.
Resources:
https://www.gov.uk/topic/business-tax/paye
https://www.gov.uk/payroll-annual-reporting/send-your-final-payroll-report
https://www.gov.uk/topic/dealing-with-hmrc/tax-compliance