Meeting HMRC’s reporting requirements is essential for businesses in the UK to avoid penalties and ensure ongoing compliance. At NTD, we understand the importance of timely submissions and accurate reporting. This guide outlines the critical deadlines you must be aware of for various accounting services, helping you stay on track with your submissions to HMRC.
Understanding and adhering to these deadlines, along with providing NTD with the necessary documents and information on time, is crucial to ensuring that your submissions are on schedule. This blog provides an overview of each required submission, the associated deadlines, and the actions you need to take to avoid any delays or penalties.
Table of HMRC Deadlines and Required Actions
| Service Provided | HMRC Submission Deadline | Your Actions (Document Submission Deadlines) |
|---|---|---|
| Annual Accounts | 9 months after the financial year end | Submit all documents by 7 months after the financial year end |
| Corporation Tax | 9 months and one day after the accounting period ends | Submit documents by 7 months after the accounting period ends |
| VAT | 1 month and 7 days after the accounting period ends | Submit documents 14 days before the submission deadline |
| Payroll | RTI submission due on or before payment date | Submit information at least 5 working days before payment date |
| CIS Monthly Return | Due by the 19th of each month | Submit information at least 5 working days before the deadline |
| Self-Assessment | 31st January each year | Submit documents at least 45 working days before the deadline |
| Confirmation Statement | 1 year and 13 days after company formation; annually after | Submit information 5 working days before submission requirement |
| Bookkeeping | 10 working days before service completion | Submit all required information 10 days before task completion |
Each of these deadlines represents a critical point in the financial calendar where businesses must submit specific financial information or documents to HMRC. Missing these deadlines may lead to fines or penalties, so adhering to them is essential. Below, we detail each service and the steps you need to take.
1. Annual Accounts Submission
Annual accounts are due nine months after your company’s financial year ends. These accounts give a detailed overview of your company’s financial position, including profit, loss, and net worth.
- NTD’s Requirement: Submit all required documentation to NTD no later than seven months after your financial year ends. This allows our team enough time to review, prepare, and submit accurate accounts to HMRC.
Failure to meet this deadline could lead to penalties from HMRC and may impact your company’s financial standing.
2. Corporation Tax Submission
Corporation tax is a tax on the taxable profits of your business. It must be filed within nine months and one day after the end of your accounting period.
- NTD’s Requirement: To ensure timely submission, please provide NTD with all required documents by no later than seven months after the end of the accounting period.
Corporation tax is one of the primary ways HMRC monitors a business’s financial health and profitability. Late filings can incur significant penalties and interest charges.
3. VAT Returns
VAT (Value Added Tax) is a critical submission for VAT-registered businesses. This submission is due one calendar month and seven days after the end of the VAT period.
- NTD’s Requirement: Submit all VAT-related documents to NTD at least 14 days before the VAT submission deadline.
This timeline allows us to validate VAT data, verify transactions, and ensure compliance with VAT regulations.
4. Payroll: Real-Time Information (RTI) Submission
Payroll Real-Time Information (RTI) submissions are mandatory for businesses with employees. These submissions are due on or before each payment date.
- NTD’s Requirement: Please provide all necessary payroll details at least five working days before the payment date.
By adhering to this deadline, NTD can submit payroll information accurately and on time, helping you avoid late submission penalties.
5. CIS Monthly Returns
The Construction Industry Scheme (CIS) requires contractors to submit monthly returns detailing payments to subcontractors. These returns are due by the 19th of each month.
- NTD’s Requirement: To ensure timely filing, submit all CIS documentation at least five working days before the 19th.
Monthly CIS returns must be timely to avoid penalties that can quickly accumulate due to missed or late filings.
6. Self-Assessment Tax Returns
Self-assessment tax returns are typically for individuals or business owners who need to declare additional income or expenses. The deadline for self-assessment tax returns is 31st January each year.
- NTD’s Requirement: To assist you with self-assessment submissions, provide all necessary documents and information at least 45 working days before the January 31st deadline.
Early submission helps NTD ensure accuracy, avoid last-minute issues, and reduce the risk of late filing penalties.
7. Confirmation Statement
The confirmation statement is a compulsory annual submission that ensures your company’s information on the public register is up to date. The first statement is due one year and 13 days after company formation, with annual submissions required thereafter.
- NTD’s Requirement: Provide us with all relevant information at least five working days before the statement’s due date.
Submitting accurate confirmation statements ensures your business complies with Companies House requirements, avoiding potential fines.
8. Bookkeeping
Bookkeeping is the regular recording of your business’s financial transactions. You should provide NTD with all required information at least 10 working days before the task completion date.
- NTD’s Requirement: Submit all financial records and information 10 working days before the completion date of the bookkeeping task.
Effective bookkeeping enables smooth preparation for larger filings and compliance deadlines, so timely document submission is essential.
