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Key HMRC filing dates you can’t ignore

Whether you’re a company director, partner or sole trader, staying on top of your company accounts is a balancing act. In this blog, we provide you with five easy tips to manage your company accounts. As part of this guidance, it’s also crucial to keep track of HMRC filing dates that apply to your unique business. 

At Veritas Accountants, we work with business owners, partners and sole traders to deliver specialist advice across accounting, payroll, taxation and business support services, so if you’d like more information about staying on top of your accounts, please get in touch with us today. 

  1. Take advantage of cloud accounting software

Cloud accounting offers business owners the opportunity to securely store details of company accounts online in an encrypted format. This includes records of income, expenses, assets, liabilities and other details. More than just a way to keep track of your finances, most accounting software services can also connect to your business bank account, so that bank transactions flow seamlessly to your online books. You can also track receipts, invoices and send your records to your accountant or HMRC directly (depending on your software and service). This is a cost-effective, efficient and secure way to manage your company accounts. 

  1. Keep track of your expenses (take a photo of your receipts!) 

Tracking your business expenses doesn’t have to be a painstaking process if you leverage technology to your advantage. Whether you choose to take a photo of your receipt and upload it to your banking app real-time, or prefer to delegate this task to your bookkeeper, it’s important to set an efficient process in motion from the outset to avoid any last-minute headaches. We recommend using technology to track your expenses, but you can also opt to keep a spreadsheet or physical folder to store your receipts. 

  1. Set reminders for important filing dates

Regardless of your business structure, there are important tax filing dates to remember. The  consequences for late or missing filings can add up and adversely affect your finances. We’ve lined up some of the most common filing dates for sole traders and companies below. Remember, this is not an exhaustive list and we highly recommend you get in touch with our accountants to review your individual circumstances and filing requirements. 

  1. Keep business and personal finances separate

There are plenty of reasons to keep your business and personal finance separate. First, it makes it simpler to file your taxes because it’s easier to identify business expenses and maintain accurate records. Additionally, there are rules around using personal bank accounts for business purposes, and in most cases this is prohibited. If you own and operate a registered company, you’ll notice that the company is a legal entity in its own right, and as such, requires its own bank account. If you have existing business loans or business credit cards or want to apply for credit in the future, managing your liabilities will be a much smoother (and professional) process if you carry out all business transactions from your business account. 

  1. Learn the tax rules that apply to your business and budget for tax (or hire an accountant!) 

There’s no doubt that the UK tax system is complex, convoluted and difficult to navigate. To get a good grasp of the tax rules that apply to your business, take the time to speak to an accountant or educate yourself on the applicable laws and rules to prepare and plan ahead of tax season. Either way, planning ahead and budgeting for tax will not only ensure you meet regulatory requirements but also ensure that you’re not faced with any unexpected tax bills! 

Here are key HMRC filing dates you can’t ignore:

For starters, the tax year runs from 6 April to 5 April each year. And more specifically, the 2021-2022 tax year starts on 6 April 2021 to 5 April 2022. If you have any questions about your tax filing duties, please get in touch with Veritas Accountants today.

Key filing dates for Sole Traders:

You’ll be expected to submit a Self-Assessment

October 5 2021: Deadline to register for Self-Assessment

31 October 2021 (Midnight): Deadline for Paper Tax Returns

31 January 2022 (Midnight): Deadline for Online Tax Returns

31 January 2022 (Midnight): Deadline to pay any tax you owe

As a sole trader, there’s usually a second payment deadline of 31 July if you make advance payments towards your bill (this is also known as ‘payments on account’). 

Key filing dates for Limited Companies: 

Deadline to pay your Corporation Tax Bill: According to HMRC, you must pay Corporation Tax 9 months and 1 day after the end of your accounting period. Your accounting period is usually your financial year, but you may have 2 accounting periods in the year you set up your company. 

Deadline to file your Corporate Tax Return: The deadline for your tax return is 12 months after the end of the accounting period it covers. Note, you’ll be expected to pay a penalty for late filing if you miss the deadline.

Key filing dates for Partnerships:

If your partnership’s accounting date is between 1 February and 5 April and one of your partners is a limited company:

Deadline to submit your Online Return: 12 months from the accounting date

Deadline to submit your Paper Return: 9 months from the accounting date

If your business is set up for PAYE, NI and/or CIS, please get in touch with Veritas Accountants to determine your applicable filing dates.