Key small and medium-sized business reporting deadlines
Key small and medium-sized business reporting deadlines can be overwhelming but this guide can help you stay on top of them and stay compliant with the law. Failure to meet these deadlines can result in financial penalties and legal problems, so it is important for SME owners and managers to stay on top of them.
VAT submission & payment deadline: 1 month & 7 days post VAT quarter end
VAT returns: VAT-registered businesses must submit VAT returns to HM Revenue and Customs (HMRC) on a regular basis, typically every quarter. The deadline for submitting VAT returns and paying any VAT owed is one calendar month and seven days after the end of the VAT quarter. For example, if your VAT quarter ends on March 31st, your VAT return and payment would be due on May 7th.
Corporation Tax submission & payment deadlines: 12 months post year-end & 9 months & 1 day post period end respectively
Corporation tax: Limited companies and other corporate entities must submit a corporation tax return to HMRC by 12 months after the reporting period end. Payment of corporation tax is due by 9 months and 1 day after the end of the financial year. For example, if your financial year ends on December 31st, your corporation tax payment would be due on September 30th and return due on 31 December of the following year.
Self-assessment tax return & payment submission deadline: 31 January post April 5th
Self-Assessment tax returns: Self-employed individuals and business owners must submit a self-assessment tax return and pay any income tax owed to HMRC by January 31st following the end of the tax year. For example, if the tax year ends on April 5th, your self-assessment tax return and payment would be due on January 31st of the following year.
PAYE & NICs submission & payment deadlines: 22nd of following month
Pay As You Earn (PAYE): Employers must submit PAYE information and pay any income tax and National Insurance contributions (NICs) owed to HMRC on a regular basis, typically every month. The deadline for submitting PAYE information and paying any tax and NICs owed is the 22nd of the month following the end of the tax month. For example, if the tax month ends on January 31st, your PAYE information and payment would be due on February 22nd.
Construction Industry Scheme (CIS) submission & payment deadline: 19th of following month
Construction Industry Scheme (CIS): Businesses involved in construction and building work must submit CIS returns and pay any tax owed to HMRC on a regular basis, typically every month. The deadline for submitting CIS returns and paying any tax owed is the 19th of the month following the end of the tax month.
Annual Return submission deadline: incorporation anniversary
Annual Return: Small and medium-sized businesses must submit an annual return to Companies House. The deadline for filing the annual return is usually the anniversary of the company's incorporation.
Confirmation Statement: 14 days after incorporation anniversary
Confirmation Statement: Every year, companies must file a confirmation statement, which confirms that the information held about the company on the public register is correct and up-to-date. The deadline for filing the confirmation statement is usually 14 days after the anniversary of the company's incorporation.
National Minimum/Living Wage records: kept for 3 years
National Minimum Wage: Employers must keep records showing that they have paid their employees at least the national minimum wage (NMW) and the national living wage (NLW). Employers must also provide their employees with a payslip, which must show the amount of NMW/NLW paid. Employers must keep records for 3 years.
Concluding on key small and medium-sized business reporting deadlines
In summary, small and medium-sized businesses in the UK have a range of reporting deadlines that they must meet in order to stay compliant with government regulations. These include VAT returns, corporation tax, self-assessment tax returns, PAYE, CIS, Annual Return, Confirmation Statement and National Minimum Wage. It is important for SMEs to stay on top of these deadlines in order to avoid fines and penalties.