{"id":131,"date":"2019-08-12T10:11:44","date_gmt":"2019-08-12T10:11:44","guid":{"rendered":"http:\/\/willowsaccountancy.co.uk\/?page_id=131"},"modified":"2025-01-28T13:09:22","modified_gmt":"2025-01-28T13:09:22","slug":"deadlines","status":"publish","type":"page","link":"https:\/\/willowsaccountancy.co.uk\/index.php\/deadlines\/","title":{"rendered":"Deadlines"},"content":{"rendered":"\r\n

Self Assessment Tax Returns<\/strong><\/p>\r\n\r\n\r\n\r\n

Self Assessment is a system HM Revenue and Customs (HMRC<\/abbr>) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings but people and businesses with other income (typically sole trader profits or dividends) must report this information in a yearly tax return.<\/p>\r\n\r\n\r\n\r\n

The self assessment filing deadline for the 5th April each tax year is always the 31st January of the following year. Any tax returns not submitted to HM Revenue & Customs by this date shall incur fines starting at \u00a3100.00.<\/p>\r\n\r\n\r\n\r\n

Company Tax Returns<\/strong><\/p>\r\n\r\n\r\n\r\n

Your company or association must file a Company Tax Return if you get a \u2018notice to deliver a Company Tax Return\u2019 from\u00a0HMRC<\/abbr>.<\/p>\r\n\r\n\r\n\r\n

You must still send a return if you make a loss or have no Corporation Tax to pay. You do not send a Company Tax Return if you\u2019re self-employed as a sole trader or in a partnership \u2013 but you must send a Self Assessment return.<\/p>\r\n\r\n\r\n\r\n

The deadline for your tax return is 12 months after the end of the accounting period it covers. You\u2019ll have to pay a penalty if you miss the deadline. There\u2019s a separate deadline to pay your Corporation Tax bill. It\u2019s usually 9 months and one day after the end of the accounting period.<\/p>\r\n\r\n\r\n\r\n

Contractors Construction Industry Scheme Returns<\/strong><\/p>\r\n\r\n\r\n\r\n

Under the Construction Industry Scheme (CIS<\/abbr>),\u00a0contractors<\/a>\u00a0deduct money from a\u00a0subcontractor<\/a>\u2019s payments and pass it to HM Revenue and Customs (HMRC<\/abbr>).\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\n

Contractors must register for the scheme and complete a monthly form up to the 5th of each month which must be submitted electronically by a deadline of the 19th of each month.\u00a0 Failure to comply shall result in a penalty from HMRC of \u00a3100.00 for each month that a return is late.<\/p>\r\n\r\n\r\n\r\n

Value Added Tax (VAT) Returns<\/strong><\/p>\r\n\r\n\r\n\r\n

If you have voluntary registered for VAT or your business turnover is above the registration threshold (currently \u00a385,000) you will need to submit a\u00a0VAT<\/abbr>\u00a0Return to HM Revenue and Customs (HMRC<\/abbr>) every 3 months. This period of time is known as your \u2018accounting period.\u2019 The deadline for this information to be submitted to HMRC is the 7th day of the second month following the end of the accounting period.<\/p>\r\n\r\n\r\n\r\n

The\u00a0VAT<\/abbr>\u00a0Return records things for the accounting period like:<\/p>\r\n\r\n\r\n\r\n