What Financial Dates Do You Need in Your 2018 Calendar?

[20.12.2017]

For business owners, the new year can be both exciting and stressful. Getting back into the swing of things and planning for the year ahead is first on the agenda. And an essential part of that planning is getting those key financial dates pencilled in to the calendar. Miss them and you could find yourself facing financial penalties – and a lot more hassle in the long run.

Fortunately, we’ve got all the dates you need right here. Read on for 2018’s key financial dates.

January 1^st

The new year has only just begun and already there’s a deadline day. January 1^st is the due date for corporation tax, from the period ending 31^st March 2017.

January 31^st

This is the deadline for submitting your online tax return from the previous year (ending 5^th April 2017). It’s also the last day for any self-assessment balancing payments for the previous year. And – if that wasn’t enough – it’s the date by which you must make your first self-assessment payment for the 2017-18 tax year.

February 2^nd

At the start of February, businesses need to submit their P46 (car) forms for employees who have had changes to their car or fuel benefits before January 5^th 2018.

April 5^th

April 5^th is the last day of the 2017-18 tax year. The new tax year starts immediately the following day, on April 6^th, so anyone who hasn’t already submitted a tax return for the previous year will receive a notification from HMRC

April 19^th

Any PAYE and Class 1 National Insurance Contribution (NIC) payments from the 2016-17 tax year need to be made by April 19^th. Automatic interest is charged following this date.

May 31^st

The end of May is the deadline for issuing P60 documents to employees.

July 31^st

The second payment on your account for the 2017-2018 tax year is required by this date.

October 5^th

Need to register for self-assessment for the 2017-18 tax year? Make sure you’ve done so by October 5^th.

October 31^st

If you don’t wish to complete your tax return electronically, you should have your paper tax return completed by the end of October.

22^nd each month

As well as one off deadlines, the 22^nd of every month is the date by which any PAYE and NIC payments need to be made to HMRC for the previous month. The deadline is the 19^th if you wish to do so by post.

How about VAT?

Every business has their own payment date for VAT. You can choose from monthly, quarterly or annual payments. Payment dates can also vary based on payment type, business type and your business’s VAT scheme.

Managing your payments

If you’re overwhelmed by all the deadlines, payment dates and payment types, UWM Accountants can help. We are a friendly team of expert accountants based in Leeds. With our unique customer-first approach and first-rate accountancy support, we have helped businesses across the UK for over 30 years. Contact us today to talk about your business and see how we can help.