UK Tax Time Sorted! A Timeline for Limited Companies & Sole Traders & Landlords
Tax season can be stressful, but navigating it doesn't have to be a solo venture! This post provides a clear timeline for both limited companies and sole traders in the UK:
Limited Companies:
Throughout the Year: Maintain accurate accounting records and keep receipts for all business expenses.
6 April (Following Tax Year): Accounting period ends (unless a different date is chosen).
31 September (Following Tax Year): Corporation tax return due (paper filing) or 31 September (online filing).
19 July (Following Tax Year) or Later: Pay Corporation Tax bill (penalty for late payment).
Directors' Self Assessment: Directors must also file a personal Self Assessment tax return by January 31st following the tax year, including dividends received from the company.
Sole Traders & Landlords:
5 April (Following Tax Year): Tax year ends.
31 October (Following Tax Year): Paper Self Assessment tax return due.
31 January (Following Tax Year): Online Self Assessment tax return and tax payment due (penalty for late filing or payment).
Throughout the Year: Keep accurate records of income and expenses for tax purposes.
Remember: These are general deadlines. Specific circumstances may vary.
Need Help? Ben Accounting is here to guide you through the tax filing process and ensure you're maximizing deductions and optimizing your tax.
For a smooth tax filing experience and to explore maximizing deductions, book a free consultation with Ben Accounting!