Are you planning for the next HMRC payment deadline?

Are you planning for the next HMRC payment deadline?

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Understanding your tax return deadline is key to surviving the world of filing on time and returns being submitted. Although your accountant will know and understand these deadlines, if you choose to deal with this by yourself you need to be aware of this. Heavy penalties can be applied when filing late or not filing at all and a small tax bill could escalate into a much bigger problem.

We all know that when it comes to tax bills and tax return deadline periods, our main concerns are how much, when do I need to pay and can I afford it. In answer to the first two questions – we have noted below the main HMRC tax return deadline periods for Self-Assessment, Payments on Account, VAT, Corporation Tax and PAYE.

Planning for such deadlines can be done with good record keeping and tight control over business costs in general. There are great, free or low cost software packages provided for self-employed people, that can help keep a tight control over your business cash flow. Have a search on Google and see what your choices are.

Unfortunately in some instances, the money that has been put to one side to pay upcoming tax bills, has had to be used to keep the business trading through difficult times – If you owe HMRC and are struggling to pay a tax bill in full and on time, we can help

31st January is the annual tax return deadline for the submission of your Self-Assessment returns and payment of any tax you owe for the previous tax year. The tax year usually commences on 6th April and ends on 5th April.

“If you choose to file a paper return, then the deadline is much earlier on 31st October”

If you are required to make Payments on Account, which are a way of spreading your tax bill throughout the year using advance payments, then you will have to make 2 payments over the year – one on 31st July and the other on 31st January.

VAT Tax Return Deadline.

VAT payments are made monthly, or for most businesses, quarterly. Your tax return deadline will depend on when you registered for VAT and when your accounting periods begin and end. So long as you file it online, you will normally have a full calendar month plus 7 days from the end of your accounting period to complete your VAT return and make your payment.

For example: If your current VAT period runs from May to July 2018 and you pay by Faster Payments, your next VAT deadline will be 7th September 2018. To find your exact VAT return and payment deadline, enter your accounting period and preferred payment method into HMRC’s VAT Deadline Calculator.

Corporation Tax Return Deadline.

Tax return deadline periods depend on a number of things in so far as Corporation Tax. If the companies taxable profits are less than£1.5 million, your Corporation Tax payment deadline will normally be 9 months and 1 day from the end of your accounting period.

This applies after the first year of trading as the tax return deadline for your first return can sometimes be slightly sooner. You will receive notification from HMRC when your Corporation Tax is due.

The end of your accounting period is normally the month end of the anniversary of your incorporation. The general rule for your Corporation Tax return deadline is that it should be filed with HMRC within 1 year of the end of the accounting period.

If you have made more than £1.5 million in profits, you will have to pay your Corporation Tax in instalments. Assuming your company has a 12 month accounting period, your instalment dates may be:

• 6 months and 13 days after the first day of your accounting period

• 3 months after your first instalment

• 3 months after your second instalment

• 3 months and 14 days after the last day of your accounting period.

PAYE and Class 1 National Insurance (NI).

If you employ staff, you generally pay your PAYE and Class 1 A National Insurance bill by the 22nd of the following tax month if you pay monthly. If you pay PAYE or NI quarterly, the deadline are:

For tax quarter ending:                   Funds to clear at HMRC by:

• 5th July                                            • 22nd July

• 5th October                                     • 22nd October

• 5th January                                     • 22nd January

• 5th April                                           • 22nd April

Here at Tax Debts Help and Advice, we specialise in helping those that owe HMRC and can’t pay the debts back in full and on time. We are set up solely to negotiate what has become known, the ‘mine field’ that is HMRC. If you would like to talk to a member of our friendly team, then call 0800 448 0293. Alternatively, you can start a live chat on our website or email

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