Do you need help keeping track of tax year deadlines and important accounting dates for filing your annual accounts? We’ve got the perfect solution for you! To help streamline your accounting process, we’ve created this comprehensive accounting calendar for 2023.
All key accounting dates related to the UK Tax Year payments and annual accounts are available in one place so that you can easily stay on top of important tasks and ensure everything is done on time. Put an end to worry and stress by using this helpful tool and ensure that your accounting is managed efficiently throughout the tax year.
January
It's time to get your finances in order!
14th January (limited company only)
14th January marks the deadline for filing your CT61 Income Tax return and submitting payment for the quarter ending December 31st.
31st January (personal tax only)
Time flies because before you know it, 31st January will be here – your Self-Assessment Tax Return is due for the tax year ending 5th April 2022.
And if that wasn't enough, this 31st January also marks the very important First Payment on Account of Income Tax due for the financial year 2022/2023.
It's never been more important to be on top of your taxes - so take your time, take action and prepare now!
February
2nd February (limited company only)
The 2nd of February marks a significant event for employees, as the due date for filing their P46 (Car) documents is here! This is your chance to ensure everything is in order and filed correctly. Take the time to make sure all information provided is accurate. Up-to-date data should be provided so you can rest assured that you are claiming deductions to which you are entitled.
March
1st March (company cars only)
The 1st of March marks a key milestone for businesses as the new Advisory Fuel Rates (AFR) come into force. This means that employees travelling as part of their duties can now be reimbursed an accurate rate for the fuel they use, while vehicles used for private travel can be managed in an effective manner.
Companies all across the UK will no doubt welcome this development, which not only aids efficient business travel but makes sure that those responsible remain compliant with the law.
All in all, introducing these new rates is set to deliver significant benefits to employers and employees alike.
April
5th & 6th April (personal tax only)
Spring has sprung, and with it comes a new tax year in the UK! April 5th is the final day of the 2022/2023 tax year, so don’t be late if you need to submit any last-minute paperwork before midnight.
The new tax year begins on the 6th of April, and exciting changes to tax rates or allowance thresholds come into effect.
19th April (limited company only)
Don’t forget to submit your final PAYE Return for employers by 19th April – don’t keep HMRC waiting! With all this interesting news, there are plenty of opportunities to stay informed and get ready for the brand-new tax year - so start planning ahead today!
May
3rd & 31st May (limited company only)
May is here and brings a couple of important accounting dates in regard to tax-related matters. The 3rd of May marks the final day for employees to submit their P46 (Car) forms if their car/fuel benefits changed during the quarter up until the 5th of April this year.
The 31st, however, is the big one! This will be the deadline for employees to receive their P60s. It’s vital that these documents are filed before the end of May so that employers can make sure they’re not losing out on any tax charges due to tardiness. Time is ticking, so don't miss out - stay prepared and get it done now!
June
1st June (company cars only)
On 1st June, the new Advisory Fuel Rates for salaries and other expenses of company car users will be going into effect. Not only does this make it much easier for companies to manage their employee's fuel expenses, but it also incorporates several updated allowances that provide added benefits.
July
5th & 6th July (limited company only)
The 5th of July marks the deadline for PAYE Settlement Agreement for the 2022/23 tax year, and then just one day later, on the 6th of July, there are submissions due for P11D and Returns of information on employee Share Incentive that must be filed before this date.
31st July (personal tax only)
Finally, wrapping it all up for the month is the 31st of July – The second payment on account deadline.
August
3rd of August (limited company only)
This day, 3rd August 2023, marks the closing date for submitting a P46 form anytime before 5th July if your car or fuel benefits have been altered during that quarter. This is an exciting opportunity for businesses and employees as it will help to maximise tax efficiency, so make sure you take advantage of this promotion before it’s too late!
September
1st of September (company cars only)
With the new and improved Advisory Fuel Rates coming into force today, company car users can look forward to significant savings on their fuel costs. The updated AFR provides assurance that fuel costs are accounted for in an accurate and transparent manner - enabling a fairer calculation of expenses while also ensuring all dues are paid on time.
October
5th & 31st of October (personal tax only)
The 5th of October is a very important accounting day for all freelancers, self-employed and anyone required to fill out a self-assessment as it marks the deadline for informing HMRC if you need to register for the upcoming tax year 2022/2023. This registration will ask for information about your income, capital gains and business or partnership status for the upcoming financial year. But that's not all!
You have until 31st October to submit any paper self-assessment tax returns, so make sure to keep track of your due dates and complete any necessary paperwork before this date. Don't stress - just be mindful that you're well-informed and organised when it comes to taxation laws.
November
2nd November (limited company only)
2nd November marks a very important day! It's the final day to submit P46 for employees whose car/fuel benefits changed during the quarter to 5th October 2023. Don't miss out on this opportunity; make sure you get your submission in promptly and on time. Get organised and stay ahead of the game by completing necessary documents such as P46 as soon as possible.
December
1st December ( company cars only)
Today marks the start of a new era in calculating business expenses for company car users. HMRC has announced updated Advisory Fuel Rates (AFR) for those who use their cars for business journeys, which come into force today, on the 1st of December. This new set of AFRs is calculated by considering factors such as fuel prices, CO2 emissions and engine size, resulting in a fair reimbursement rate that both employees and employers can benefit from.
Recurring monthly/quarterly deadlines
Keeping track of important accounting deadlines, especially regarding company accounts and tax payments, is essential for any business. Fortunately, there are a few simple dates that you need to remember each month and quarter! For example;
7th (VAT registered only)
The 7th is the deadline for submitting your VAT returns along with manual accounting and payment submissions - just remember, December returns are due by February 7th!
14th (limited company only)
The 14th is the date to make instalment payments towards the corporation tax quarterly instalment.
19th & 22nd (employers only)
The 19th marks the deadline for posting cheques related to CIS, NICs and PAYE tax payments.
The 22nd is an important day in the month to bear in mind when managing your financial affairs! This is the day that HMRC requires payments for CIS, NICs and PAYE bills if you're making a payment on a monthly or quarterly basis.
So make sure these dates are locked into your calendar - it'll help keep your accounts up-to-date and your business showing steady progress.
Annual dates (limited companies)
Staying on top of your due dates is one of the most important responsibilities of running a limited company. Whether you are an experienced business owner or just starting up, it's crucial to know what you need to be doing and when.
An essential milestone in your yearly calendar should be the annual filing for Corporation Tax - 12 months after year-end. Incredibly satisfying ticking this off your checklist, plus you'll avoid any potential penalties from HMRC.
Once the financial year is up for your company, there is only a 12-month period in which to submit the statutory accounts to HMRC – and even then, be careful not to miss that deadline! HMRC may impose a penalty for those who don't comply with the due date. But look on the bright side - getting your accounts off to HMRC within 12 months of the end of your financial year means having one less thing to worry about.
When it comes to the end of the accounting period, there are several milestones to meet! Nine months after year-end, companies must file their accounts with Companies House – which no doubt involves lots of paperwork! But don’t miss the following deadline either – nine months and one day after your accounting period, corporation tax is also due for payment.
It can be a bit tricky keeping track of deadlines, but with a little enthusiasm and good time management in place, you can keep up and make sure everything’s filed on time!
Individual Deadlines
With a sensible deadline and straightforward process, the sooner you submit your paperwork for the property sale, the faster you’ll see the results. All you need to do is calculate your gain within 60 days of selling your residential property - then make sure to pay what's due before the deadline passes.
Make a note of these important 2023 dates!
Are you trying to keep track of your accounting for 2023 but feeling overwhelmed? You must stay organised and up-to-date with all the paperwork if you have a business. That's why we have created this incredible list of 2023 accounting dates – so you can make sure your financial duties are taken care of!
We recommend taking note of the deadlines that apply to you, so you will always keep track. Sometimes, though, it can be challenging to do everything yourself. In that case, why not consider hiring an accountant? You'll be able to relax knowing somebody has your back regarding finances, keeping your records organised and compliant!
If you need expert tax advice or assistance with completing your tax submissions on time, look no further! The Numbermmith has experienced Quickbooks and Xero accountants ready to help.
Contact us today to schedule a consultation and take the stress out of tax season.