Business tips: key tax deadlines for small businesses

If you're starting a business for the first time, you may be new to some of the tax jargon and deadlines that HMRC imposes on organisations. Once you decide to register as a limited company, you will probably rely on your accountant for reminders about what needs to be done and when.

However, there are a number of reasons why you might want to have a vague idea of key tax deadlines. You don’t want to be sitting on a sunny beach with your family talking to your accountant over the phone just because of a looming tax deadline you had forgotten about, do you? What's more, when you're making your budget and cash flow projections for the coming year, you might need to know when a large chunk of your hard-earned cash will leave your bank account.

The tax system is a minefield to navigate, which is why it makes sense to pay a good accountant who should be able to save you some money without you taking the risk of being branded a ‘tax dodger’. Also, HMRC are less likely to investigate you if you are working with a chartered accountant who would make sure that your books are in order and your corporation tax is paid. Otherwise, he or she would risk losing their licence.

Here is a list of the most important tax deadlines for small businesses for 2014/15 (for a full overview go to HMRC)

April 2014

• 
  5th Last day of the 2013-2014 tax year.


• 
  6th First day of the 2014-2015 tax year. If you are an employer and operate PAYE in real time, make sure you update your employees’ tax codes for the new tax year.


• 
  22nd The last date for any outstanding PAYE and Class 1 NIC payments for the previous tax year.

May 2014

• 
  3rd Quarterly submissions of P46 (car) for employees whose car and or fuel benefit has changed in the quarter leading up to 5th April.


• 
  19th Last day to submit employer annual return (P14 and P35)


• 
  31st Last day to issue P60s to employees.

July 2014

• 
  5th End of tax quarter and last date for agreeing your PAYE Settlement Agreement (if necessary) for previous tax year.


• 
  6th Last date for:

1. Expenses and benefits annual return forms, P9D, P11D(b) to reach HMRC.


2. Employers to give a copy of forms P9D and P11D to relevant employees.


3. Form 42 or other related forms (to report share-related benefits provided to employees) to reach HMRC.

• 
  22nd Last date to pay electronically any outstanding class 1A NICs payments for previous tax year (for non-electronic payments the deadline is 19th July).


• 
  31st Deadline for second Self-Assessment payment on account for previous tax year.

August 2014

• 
  2nd Quarterly submissions of P46 (car) for employees whose car and or fuel benefit has changed in the quarter leading up to 5th July.

October 2014

• 
  5th End of tax quarter.


• 
  22nd Deadline for electronic payment of PAYE Settlement Agreement (if any) for previous tax year (for non-electronic payments the deadline is 19th October).


• 
  31st Deadline for the submission of paper Self-Assessment Tax Return for previous financial year.

November 2014

• 
  2nd Quarterly submissions of P46 (car) for employees whose car and fuel benefit has changed in the quarter leading up to 5th October.


• 
  5th Date from which employers should expect a letter indicating their online filing and electronic obligations.

December 2014

• 
  30th Self-Assessment Tax Return deadline if outstanding tax is less than £3,000 and it is to be included in 2015-2016 PAYE code.

January 2015

• 
  5th End of tax quarter.


• 
  31st  Online submission of Self-Assessment Tax Return for the tax year ended 5th April 2014. Paying 2013-2014 Self-Assessment ‘balancing payment’ First Self-Assessment payment on account for 2014-2015.

February 2015

• 
  2nd Quarterly submissions of P46 (car) for employees whose car and or fuel benefit changed leading up to 5th January.

Other monthly and variable dates

VAT deadlines

There are no fixed times of the year to pay VAT, each business is different. Payment dates depend on the type of business you are in, the VAT scheme you are in and the choices you have made. You may pay VAT monthly, quarterly or annually.

Corporation Tax deadlines

Due nine months after the company’s accounting period end date.

PAYE and Class 1 NIC deadlines

PAYE/Class 1 NICs payable by approved electronic methods by the 22nd of each month.