Small business owners are held to strict filing deadlines for your statutory filings and payments of tax. Failure to adhere to most filing deadlines set by the likes of HMRC and Companies House will result in a late filing fee – causing you to pay more money and attract unwanted interest from authorities.
We’ve put together a list of filing deadlines to help you avoid late fees and to know how much you could pay for not submitting.
The deadline for filing your personal tax return is the 31st of January after the tax year end of the tax year in question. So, if you’re expected to file a tax return for 5 April 2019 it’ll be due on 31 January 2020.
Payment is also due on the same day. However, be aware that in some cases you will be expected to pay payments on account.
Failure to file your personal tax return can result in a fine. The fine amount will depend on how late the filing is.
- 1 day late – £100
- 3 months late 0 £10 per day up to a maximum of 90 days
- 6 months late – £300 or 5% of the tax owed whichever is greater
- 12 months late – a further £300 or 5% of the tax owed whichever is greater
If your business is registered for VAT you will usually submit a quarterly VAT return. The return is due 1 month and 7 days after your quarter ends. As such, if your quarter ends in March 2019 your return is due by 7 May 2019.
Payment is also due on the same day. HMRC will record a default if you do not submit and pay your VAT by the deadline.
After which if you default 2 or more times, the charges are as follows.
|Defaults within 12 months||Surcharge if annual turnover is less than £150,000||Surcharge if annual turnover is £150,000 or more|
|2nd||No surcharge||2% (no surcharge if this is less than £400)|
|3rd||2% (no surcharge if this is less than £400)||5% (no surcharge if this is less than £400)|
|4th||5% (no surcharge if this is less than £400)||10% or £30 (whichever is more)|
The PAYE filing deadline is on or before the day when employees are paid. Typically, this is the last day of the month. However, payroll can also be run weekly or fortnightly.
The amount of penalty depends on how many employees you have –
|Number of employees||Monthly penalty|
|1 to 9||£100|
|10 to 49||£200|
|50 to 249||£300|
|250 or more||£400|
If you have a limited company you will have to make statutory filings with Companies House.
Filing deadlines for statutory accounts are on an annual basis. These are due to Companies House nine months after the companies year end. For example, if your companies year end is 31 March 2019, you must submit your accounts by 31 December 2019.
|Length of period (measured from the date the accounts are due)||Private company penalty||Public company penalty|
|Not more than 1 month||£150||£750|
|More than 1 month but not more than 3 months||£375||£1,500|
|More than 3 months but not more than 6 months||£750||£3,000|
|More than 6 months||£1,500||£7,500|
Confirmation statements are also due to be filed with companies house on a yearly basis.
When you operate a limited company you must also file a corporation tax return with HMRC on a yearly basis.
This return is due 12 months after the year-end. For example, if your year end is 31 March 2019 you must file your corporation tax return by 31 March 2020.
However, the payment date is 9 months and 1 day after the year-end. For an SME with a year-end of 31 March 2019, you must pay your liability by 1 January 2020.
As your accountant, we will ensure that all of your filings throughout the year are filed on time to avoid late filings penalties.
Get in touch today to find out how we can help you with your filing deadlines and avoid paying late fees.