The Importance of Deadlines

Whether you are a limited company or a self-employed business, we all have financial deadlines to keep.

Self-Assessment Returns, VAT Returns, Corporation Tax, Payroll, Pensions and PAYE are the more important deadlines.

When preparing for your financial deadlines it is best to give yourself as much time as possible from submission to making payment, in doing this you are allowing yourself time to get the funds together to pay any taxes due.

In my many years working in accounting, I have found the best practice to be to enter deadline dates into the calendar and include a reminder to make certain bookkeeping is up to date a week or two beforehand, this ensures submission is a quick and easy process.

Here is a list of submission dates ready for your diary:

Self-Assessment Returns and Payments - 31 January.

VAT Returns - Due one calendar month and 7 days after the end of an accounting period, for example, quarter ending 31 January will be due for submission and payment on the 7 March.

File first accounts with Companies House - 21 months after the date you register with Companies House.

Annual Accounts - Due for submission 9 months after the Financial Year End.

Pay Corporation Tax or tell HMRC that your limited company does not owe any - 9 months and 1 day after your “accounting period” for Corporation Tax ends.

File a Company Tax Return - 12 months after your accounting period for Corporation Tax ends.

Payroll - Due on 6th of the following month and PAYE payments by 22nd of following month, on a monthly payroll. Pension submissions follow suit.

In addition, setting aside an hour or two each week to keep your bookkeeping up to date will benefit you in the long run. Knowing your financial position and whether you can pay yourself a bonus this month or buy the new piece of equipment has its obvious benefits – and having your financial house in order makes the submissions quick and easy.

If you don’t enjoy or indeed have the time to do this then contact us at Rodelle and we can help you. Imagine, no more January tax doom and gloom! 

Claire Finnimore
Bookkeeper