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With the start of the new tax year fast approaching, it’s time to get your financial calendar in order. The following is a list of significant dates and deadlines for businesses to be aware of in the coming months, and what you need to do to be prepared for them.

Start of new tax year: 6 April

Make any adjustments to your monthly tax budget, based on last year’s figures. Sole traders should allow for self-employment tax and NI contributions. If your business is incorporated, you’ll need to allow for corporation tax, which is due to rise from 19% to 25% in April on profits above £50,000.

Any dividends should be withdrawn before the end of the current tax year; the current allowance is set at £2,000, though this is also due to change from April. You can find out more here.

This is also a good opportunity to ensure that all your business records are up to date and to maximise any pension contributions you may have outstanding.

Payroll year end submission deadline: 19 April

If you have employees, your Final Payment Submission for the 22-23 tax year must be filed with HMRC by 19 April.

P11D filing deadline for employers reporting employment benefits: 6 July

If you’re an employer and provide expenses or benefits to employees or directors, you must report them to HMRC via your P11D form by 6 July. Examples of expenses and benefits include childcare, health insurance, and company vehicles.

P11D payment date: 22 July

Payment of any outstanding tax or NI due on employments benefits reported on your P11D form must be made to HMRC by 22 July.

Second payment on account due for Self-Assessment: 31 July

If you carry out Self-Assessment tax, the second payment on your tax bill for the year 2023-24 is payable to HMRC by 31 July.

Deadline for filing paper Self-Assessment returns: 31 October

If you prefer to submit your Self-Assessment tax return via a paper form rather than filling one in online, this must be filed with HMRC by 31 October.

Deadline to submit Self-Assessment returns online if requesting tax to be collected through PAYE code: 30 December

You can pay your Self-Assessment tax bill through your tax code, as long as you:

  • owe less than £3,000 on your tax bill
  • already pay tax through PAYE
  • submitted your paper tax return by 31 October or your online tax return online by 30 December

Self-Assessment tax return filing/payment deadline: 30 December 2023-31: January 2024

You have until 11.59pm on Tuesday 31 January 2024 to send HMRC an online tax return for the 2022/2023 tax year, which ended on 6 April 2023.

Planning ahead with your financial calendar will ensure that all your business and personal affairs are up to date, and you are primed to maximise any potential tax relief benefits that you or your business may be eligible for. For more information and advice on making your business finances work for you, get in touch with CTT Accountancy.