In this guide, we’ll provide a breakdown of important tax year start and end dates, key Self-Assessment deadlines, corporation tax payments, and more to keep your business on track. If you feel overwhelmed, CBM Accounting offers expert services to simplify tax management.
What is the UK Tax Year?
The UK tax year runs from 6 April to 5 April the following year. This period, known as the fiscal year, is essential for both businesses and individuals to understand, as it dictates when tax returns and payments must be made. Knowing when the tax year starts and ends can help you prepare your finances and meet deadlines easily.
- When does the UK tax year start? The tax year begins on 6 April each year.
- When does the UK tax year end? The tax year ends on 5 April of the following year.
Example:
- The tax year 22/23 ran from 6 April 2022 to 5 April 2023.
- The tax year 23/24 is currently running from 6 April 2023 to 5 April 2024.
- The tax year 2024/25 will start on 6 April 2024 and end on 5 April 2025.
Key Tax Year Deadlines to Remember
To make sure you comply with HMRC rules and avoid penalties, it’s important to mark the following key tax year dates on your calendar. Here are the important deadlines for Self-Assessment, corporation tax, and other reporting requirements:
- April 5th: End of the Tax Year This is the final day of the UK tax year. Ensure all financial records for the year are in order, and any pending tasks (like payroll or benefits) are completed before this date.
- 31st January: Self-Assessment Deadline This is the last day to submit your Self-Assessment tax return online for the previous tax year and pay any tax owed. For example, for the 22/23 tax year, your Self-Assessment must be filed by 31st January 2024. For assistance, check our Self-Assessment services.
- 31st July: Second Payment on Account If you’re self-employed or pay tax through Self-Assessment, you may need to make a second payment towards the next year’s tax bill by this date. Find more about our tax planning services.
- 31st October: Paper Tax Return Deadline If you prefer to file a paper tax return, this is the deadline for submitting it to HMRC for the previous tax year.
- 5th October: Register for Self-Assessment If you’re new to Self-Assessment or have become self-employed, you must register with HMRC by this date after the end of the tax year you need to report.
By keeping track of these dates, you can avoid unnecessary penalties. However, if you need help managing your tax obligations, CBM Accounting offers expert assistance to ensure you never miss a deadline.
Why Knowing These Dates is Important
Understanding the key tax year dates isn’t just about filing on time—it helps you make smart decisions that can save you money, avoid penalties, and improve your business’s financial performance. For example:
- End of the Tax Year: This is a great time to review your finances and make last-minute adjustments to reduce your tax liability.
- Self-Assessment Deadline: Missing this deadline will result in penalties starting at £100, which increase the longer you delay.
- Corporation Tax Deadlines: Ensure you have enough cash flow to meet your corporation tax payments, which are due 9 months and 1 day after your financial year ends.
To avoid being caught off guard by these deadlines, consider partnering with a professional accounting firm like CBM Accounting. We offer automated reminders and proactive tax efficiency reviews to help you manage your financial responsibilities.
Key Dates for Different Types of Businesses
The key accounting and tax year dates vary depending on your business structure—whether you are a limited company, sole trader, partnership, or LLP. Here’s a breakdown of the key dates for each:
- Limited Companies:
- Corporation Tax: Payable within 9 months and 1 day of your financial year end.
- Annual Accounts: Must be submitted to Companies House within 9 months of your financial year end. Learn more about our limited company services.
- Sole Traders:
- Self-Assessment: Submit online by 31st January following the end of the tax year.
- Payments on Account: Two payments due each year (31st January and 31st July).
- Partnerships and LLPs:
- Partnership Tax Returns: Must be filed by 31st January following the end of the tax year.
- Corporation Tax for LLPs: Deadlines are the same as those for limited companies.
Each business structure has its own tax obligations and deadlines, so it’s important to stay on top of the requirements that apply to you. If you’re unsure where to start, CBM Accounting can provide personalized advice based on your business type.
What Happens if You Miss a Tax Deadline?
Missing a tax deadline can lead to penalties and extra interest on unpaid tax. For example:
- Self-Assessment Penalties: You’ll incur a £100 fine if your return is late by even a day. After 3 months, this fine increases to £10 per day, up to a maximum of £900.
- Corporation Tax Penalties: Late payments lead to interest charges, and repeated delays can result in significant fines.
If you think you can’t meet a deadline, it’s crucial to contact HMRC right away. You might be able to negotiate a Time to Pay agreement, which allows you to spread payments over a longer period.
How Can CBM Accounting Help You Stay Compliant?
At CBM Accounting, we understand that keeping track of tax deadlines can be stressful. Our team offers tailored services to help you manage all your accounting and tax year obligations, ensuring you’re always compliant with HMRC.
- Automated reminders for upcoming deadlines
- Annual tax efficiency reviews to help reduce your tax liabilities
- Self-assessment support and guidance
- Corporation tax filing and support
With our help, you can focus on growing your business while we take care of the financial side. From filing your tax returns to managing your accounts, we’re here to provide hassle-free accounting services.
What Happens if You Miss a Tax Deadline?
Missing a tax deadline can result in penalties and additional interest on unpaid tax. For example:
- Self-Assessment Penalties: You’ll be fined £100 if your return is late by even a day. After 3 months, this fine increases to £10 per day, up to a maximum of £900.
- Corporation Tax Penalties: Late payments result in interest charges, and repeated delays can lead to significant fines.
If you believe you can’t meet a deadline, it’s essential to contact HMRC immediately. You may be able to negotiate a Time to Pay agreement, which allows you to spread payments over a longer period.
How Can CBM Accounting Help You Stay Compliant?
At CBM Accounting, we understand that keeping track of tax deadlines can be stressful. Our team offers tailored services to help you manage all your accounting and tax year obligations, ensuring you’re always compliant with HMRC.
- Automated reminders for upcoming deadlines
- Annual tax efficiency reviews to help reduce your tax liabilities
- Self-Assessment support and guidance
- Corporation tax filing and support
With our help, you can focus on growing your business while we take care of the financial side. From filing your tax returns to managing your accounts, we’re here to provide hassle-free accounting services.
Frequently Asked Questions (FAQs)
- When does the UK tax year start and end? The UK tax year starts on 6 April and ends on 5 April the following year.
- What is the deadline for Self-Assessment tax returns? The deadline for online submission is 31st January following the end of the tax year.
- When are corporation tax payments due? Corporation tax must be paid within 9 months and 1 day of your financial year-end.
- What happens if I miss the tax year deadlines? Missing deadlines can result in penalties and interest charges. It’s always advisable to file and pay on time to avoid these issues.
For more information on tax compliance and efficient financial management, check out the HMRC guidelines.
