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Tax deadlines and penalties

Tax deadlines and penalties

A self-emplanatory summary of tax deadlines and penalties… Scroll to the bottom to download your tax deadlines one-page printable summary for your business!

TaxSubmission deadlinePayment deadlinePenalty for late submission or payment
Income Tax
(self-assessment) return submission
31 January following the end of the tax year for online returns. Missed deadline: £100
3 months: £10 a day
6 months: 5% of tax due or £300 if greater
12 months: 5% of tax due or £300 if greater
Income Tax
(self-assessment) payment
31 January balancing payment for the previous tax year and first payment on account of the current year. 31 July second payment on account for the current tax year.30 days: 5% of tax due
6 months: 5% of tax outstanding at that date
12 months:5% of tax outstanding at that date
Limited Company Companies House Accounts submission9 months after end of financial year
(6 months if public company)
Up to 1 month: £150
1 – 3 months: £375
3 -6 months: £750
Over 6 months: £1,500 Penalties are doubled if late more than 2 years in a row.
Limited Company Corporation Tax return submission12 months after end of accounting period1 day: £100
3 months: another £100
6 months: 10% of unpaid tax
12 months: another 10% of unpaid tax If late more than 3 times in a row the £100 penalties increase to £500.
Limited Company Corporation Tax return payment9 months and 1 day after end of accounting period
(unless taxable profits over £1.5m then have to pay instalments)
No penalty for late payment, but interest charged at applicable rate.
VAT (if registered) quarterly return and payment1 month and 7 days after quarter end1 month and 7 days after quarter endSurcharges can apply if you don’t file (or pay in full) by the deadline more than once in a 12 month period. Level of surcharge depends on turnover and number of failures, ranging from 2% to 15% of the VAT outstanding.
PAYE (if an employer) RTI return due on or before payment made to an employee19th/22nd of each month (if making manual/electronic payment) unless arranged for a quarterly or annual scheme No penalty if only one payment is late in any tax year, unless more than six months late
1% to 4% of late amount depending on how many more times a payment is made late
5% if more than six months late
A further 5% if still not paid after 12 months
CIS returns19th of each month19th of each month1 day: £100
2 months: £200
6 months: higher of £300 and 5% of CIS deductions
12 months: higher of £300 and 5% of CIS deductions
Beyond this additional penalties can be up to the higher of 100% of the CIS deductions and £3,000.

 

P.S. Do you love a printale? Click here to download, print & fill in your tax deadlines one-page summary!

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