A key date in any company calendar is the business tax deadline.

Knowing when to file business taxes is not only important for ensuring you meet your tax obligations, it can also help with tax planning.

For a small business, when to file taxes is one of the most important dates in the business year.

However, when is the business tax return deadline and what do companies need to consider?

When should you file business taxes?

Different types of business entities, whether limited companies, partnerships, or sole traders, have particular obligations regarding the submission of tax returns and financial statements.

The business tax deadline can differ depending on the type of business and the tax for which it’s liable.

Understanding these deadlines is essential for businesses looking to manage their tax affairs efficiently and avoid potential penalties.

Corporation Tax

Limited companies need to pay Corporation Tax.

The deadline for filing Corporation Tax returns with HM Revenue and Customs (HMRC) falls within 12 months of the end of the company’s accounting period.

Subsequent Corporation Tax payments are then due nine months and one day after the conclusion of the accounting period.

In practice, this means that companies will need to submit their tax returns and settle any tax liabilities by the specified business tax deadline to ensure they remain compliant.

This would mean that if a company’s accounting period ended on December 31, the Corporation Tax return and any payments would need to be made by the following October 1.

VAT Returns

Value Added Tax (VAT) registered businesses are required to submit VAT returns to HMRC on a quarterly basis.

The deadline for VAT submissions is one month and seven days after the end of each VAT period, and the specific date can vary depending on the assigned VAT return period.

VAT-registered businesses need to accurately calculate and report VAT liabilities within the stated timeframe to avoid potential penalties.

Self-assessment tax returns

Sole traders and partnerships, as well as individuals with additional income sources, are required to file Self-Assessment tax returns with HMRC.

The deadline for submitting online self-assessment tax returns is January 31. If you opt for a paper tax return, the deadline is October 31.

Annual accounts

Limited companies are required to file their annual account with Companies House, as well as their tax returns.

The deadline for submitting accounts will depend on whether they operate as a private or public limited company.

Private companies file their annual accounts within nine months after the end of the financial year, whereas for public companies the deadline is six months.

Comprehensive tax planning advice and support from DAAFL

At DAAFL, our expert team can provide comprehensive tax advice and planning services for small businesses, ensuring you meet your liabilities and remain competitive.

Our specialist small business tax services can reduce your tax burden through sensible business tax planning taking advantage of any allowances and reliefs while ensuring you remain compliant going forward.

Contact us for further advice on small business tax planning.