Key Accounting Dates
Do you know your accounting dates when you need to file your accounts, tax return and pay your tax by?
Here’s a quick guide for sole traders and limited companies.
Sole Trader
Unless you have specifically opted to use different accounting dates (you’ll know if you have), as a sole trader your financial year end is the same as the fiscal tax year, i.e. it ends on 5th April. HMRC accepts that accounts ending 31st March will be treated as if they run to 5th April. That means you can end your accounting period on the month-end which can be simpler.
During your first year of operating as a sole trader therefore, your return may not cover a full 12 months (unless you started on 6th April the previous year).
Sole Trader Key Dates:
Year End: 5th April (but can be ended on 31st March)
Self-Assessment Filing: by 31st January the following year*
Paying your Tax: on year one this needs to be paid by 31st January the following year (same as the filing deadline). If your tax bill the previous year was over £1,000 – you will be asked to make a mid-year payment on account based on 50% of your previous years tax bill. Mid-year payment on accounts are due by 31st July after your tax year end with the balance due on 31st January the following year coinciding with you filing your self-assessment.
* if you submit paper self-assessment returns, your filing deadline is 31st October in the same year as your tax year end. Your payment dates remain unchanged.
Limited Companies
Your financial year end date depends on when you incorporated your company. When you registered your company with Companies House, you will have been advised what your accounting period end date is. If you would rather a different date, this can be changed. As a limited company you are required to file annual accounts with Companies House and a Corporation Tax return with HMRC. There are different deadlines, but are often done at the same time as it’s likely your tax return will be prepared along side your annual accounts.
Limited Company Key Dates:
Year End: specfic to your company. You can double check this by searching your company on the Companies House website.
Filing Annual Accounts at Companies House: 9 months after your year end date*
Paying Corporation Tax (or advising HMRC that none is due): 9 months+1 day after your accounting period ends
Filing Corporation Tax Return to HMRC: 12 months after your accounting period ends.
* For your first set of accounts, you have 21 months after the date you registered the company to submit your annual accounts to Companies House. Your tax payment and tax return filing dates remain the same.
