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While the start of a new tax year brings a fresh opportunity to hit the ground running with your business’ accounting processes, the current economic situation puts extra pressure on company cash flow and financial management.
Our SME Outlook Report 2022 indicates that half of all business owners need more financial confidence, with many seeking ways to cut business costs in the year ahead.
Taking control of your company's accounting cycle will help you meet payment deadlines. In addition, you can take advantage of small business tax deductions and available relief to minimize your tax bill.
Navigating HMRC filing deadlines and payments can be tricky; there's no doubt about that. To help, we've compiled a handy calendar of tax year dates for 2023/24, so you'll never miss a deadline.
Skip ahead to:
- UK Tax year 2023/24
- Corporation tax deadline
- VAT returns and payments
- Self Assessment tax bill
- PAYE due dates
- Fiscal year 2023/24 dates
What are the UK tax year dates for 2023/24?
The 2023/2024 tax year starts on 6th April 2023 and runs until 5th April 2024. The fiscal year will see new legislation take effect, including changes to the main corporation tax rate, capital allowances, National Minimum Wage rates and more.
Corporation tax deadline
Corporation tax returns can only cover twelve months. There are two deadlines that you need to be aware of:
- Corporation tax payment date
- Corporation tax return date
If your business has taxable profits under £1.5 million, you must pay corporation tax nine months and one day following the end of your accounting period. On taxable profits over this amount, corporation tax gets paid in instalments.
The corporation tax return deadline is 12 months following the end of your accounting period. You must pay corporate tax before the return is due.
Tip: Complete your corporation tax return well before the deadline to avoid HMRC charging your company daily late payment interest.
VAT returns and payments
VAT return deadlines and payment dates vary depending on whether your business opts for a monthly, quarterly, or annual VAT scheme.
Most VAT-registered businesses choose quarterly and submit their VAT returns and payments to HMRC four times a year.
If this applies to you, you must submit a VAT return every three months, in line with your business's accounting period.
The deadline for sending a return and making payment online falls one month and seven days following the end of an accounting period.
Tip: HMRC will send you a VAT notice assessment of tax if you miss the deadline for VAT return submissions. You may also be required to pay a surcharge or penalty for late payment. We suggest you add this deadline to your Outlook calendar to avoid late fees.
Self Assessment tax bill
Sole traders are required to register for Self Assessment and file a tax return by HMRC’s Self Assessment deadline. Once registered as a sole trader, you calculate your income and expenses before making payments on account.
Your previous year's tax bill calculates payments on account and is due in two instalments. The first instalment is due the same day you submit your Self Assessment tax return and pay your tax bill for the previous financial year.
Self Assessment payment dates and tax return deadlines for sole traders are the same each year:
- 31st January - file your Self Assessment tax return, make payment for the balance of tax due and make payment on account for the next year
- 3rd July - make payment for the second payment on account
PAYE due dates
The HMRC's Real Time Information (RTI) initiative requires UK businesses to submit two monthly electronic data files. These files are generated and submitted through payroll or HMRC software and consist of the following:
- Full Payment Submission (FPS)
- Employer Payment Summary (EPS)
You must submit payroll data files to HMRC on or before your usual employees’ payday.
Each month following payroll data file submissions, you can log into your HMRC account to view the amount you owe from the 10th.
For electronic payments, Construction Industry Scheme (CIS), National Insurance (NI), and Pay As You Earn (PAYE) deadlines are the following month by the 22nd. Postal payments are due by the 19th.
If you want to know more about how we can support your business, give our friendly team a call and you'll get straight through to someone who can help, like Lauran. Or, if you're ready to apply, get started by clicking the button below.
0207 100 0110
Key 2023/24 tax year dates
In this section, you'll find a handy calendar of key tax dates, which you can search by pressing CTRL+F to jump to the information you're looking for. We've organized them by month so you can either jump to the month you're searching for, or look up a key term such as 'corporation tax' to find out when the deadline is.
April 2023
April is always a busy month in the tax year. Here's all the important dates to remember:
1st April
There are lots of changes happening on April 1st, so scroll through to see how it could affect your business.
Corporation tax changes
Two rates of corporation tax will apply:
Corporation tax rate |
2023/24 |
Small profits rate |
19% for profits below £50,000 |
Main rate |
25% for earnings over £250,000 |
- Small profits rate of 19% for profits below £50,000
- Main rate of 25% for profits over £250,000
Businesses with profits between £50,000 to £250,000 can claim marginal relief on the main corporation tax rate (25%) through HMRC.
National Living Wage (NLW) and National Minimum Wage (NMW) changes
The new rates will apply from April 1st:
Category of worker |
Hourly rate for 2023/24 |
Apprentice |
£5.28 |
Under 18 years |
£5.28 |
18 to 20 years |
£7.49 |
21 to 22 years |
£10.18 |
23 years and older |
£10.42 |
Full expensing of capital allowances becomes available
A new programme of first-year capital allowances will be available to companies from 1st April 2023 to 31st March 2026. There is no limit to the amount of spending in this area that can qualify. The allowances cover the following:
- 100% first-year relief for main pool plant and machinery expenditure
- 50% first-year relief for special rate plant and machinery expenditure
Energy Bills Discount Scheme (EBDS) takes effect
The Energy Bills Discount Scheme (EBDS) will replace the old Energy Bills Relief Scheme (EBRS). The new unit rate discounts will apply:
- Electricity: £19.61 per MWh (price threshold of £302 per MWh)
- Gas: £6.97 per MWh (price threshold of £107 per MWh)
If you want to reduce your energy bills in 2023, read our advice about energy-efficient technology for your business.
Research and Development (R&D) changes
Introduction of the increased rate of Research and Development (R&D) tax relief takes effect.
Additional relief for loss-making R&D-intensive SMEs will also become available this month.
2nd April
Statutory Maternity, Paternity, Adoption, Shared Parental and Parental Bereavement Pay changes take effect.
The new rates will apply:
Payment/recovery type |
Period covering |
Weekly rate for 2023/24 |
Statutory Maternity Pay |
First six weeks |
90% of the employee’s average weekly earnings |
Remaining 33 weeks |
Same as the rate for the first six weeks OR £172.48 (whichever is lower) |
|
Statutory Paternity Pay |
One week or two consecutive week's leave within eight weeks of the birth |
90% of the employee’s average weekly earnings OR £172.48 (whichever is lower) |
Statutory Adoption Pay |
First six weeks |
90% of the employee’s average weekly earnings |
Remaining 33 weeks |
Same as the rate for the first six weeks OR £172.48 (whichever is lower) |
|
Statutory Shared Parental Pay |
Split leave into three separate blocks of at least one week |
90% of the employee’s average weekly earnings OR £172.48 (whichever is lower) |
Statutory Parental Bereavement Pay |
One week or two consecutive weeks or two separate week's leave within 56 weeks of the death/stillbirth |
90% of the employee’s average weekly earnings OR £172.48 (whichever is lower) |
The proportion of your payments that you can recover from HMRC for the above are:
- 103% if your total Class 1 National Insurance is £45,000 or lower for the previous tax year
- 92% if your total Class 1 National Insurance is over £45,000 for the last year's tax
5th April
The 2022/23 tax year ends.
5th April is the last day of the 2022/23 tax year and the deadline for claiming any tax refunds from HMRC.
6th April
There are the following changes happening on the 6th:
- The 2023/24 tax year begins. For businesses, this is the day the new VAT return period begins. Be aware of changes to rates and thresholds when operating your payroll.
- Income tax changes take effect.
- The Income Tax additional rate threshold (ART) will reduce from £150,000 to £125,140. The Personal Allowance (PA) freeze will now extend until 2027/28.
- Dividend Allowance changes take effect.
- Tax-free dividends will reduce from £2,000 to £1,000.
- Capital Gains Tax allowance changes take effect.
- The current tax-free allowance will reduce from £12,300 to £6,000.
- Enterprise Management Incentive (EMI) scheme changes take effect.
- Companies will no longer be required to set out share restrictions details in EMI option agreements or declare that employees have signed working time declarations.
19th April - Deadline for final 2022/23 RTI payroll report.
22nd April - Deadline for digital remittance of PAYE, NICs and CIS.
30th April
- Deadline for filing of accounts (accounting period ending 30 July 2022)
- Late filing Self Assessment penalties take effect
- Corporation Tax return deadline (accounting period ending 30th April 2022)
HMRC will send you a late filing penalty of £100 if your tax return is up to three months late.
May 2023
3rd May - Deadline for P46 printed forms (for the quarter ending 5th April).
Note: The deadline is 5th April if using an electronic form.
7th May - VAT return and associated payments deadline (for the accounting quarter ending 31st March 2023).
22nd May - Deadline for digital remittance of PAYE, NICs and CIS.
31st May - Deadline for sending 2022/23 P60s.
All employees must be given their P60 for the 2022/23 tax year. This is an official record of pay and tax deductions.
June
1st June - Payrolling of benefits deadline.
Provide employees with a written notification confirming that you have registered to payroll their benefits with HMRC before the new tax year.
7th June - VAT return and associated payments deadline (for accounting quarter ending 30th April 2023).
22nd June - Deadline for digital remittance of PAYE, NICs and CIS.
30th June -Deadline for filing of accounts (accounting period ending 30th July 2022).
July
1st July - Energy Price Guarantee set to rise by 20% on average
5th July - Deadline to agree 2022/23 PAYE Settlement Agreements (PSAs) with HMRC
7th July - VAT return and associated payments deadline (for the accounting quarter ending 31st May 2023)
22nd July
- Deadline for digital remittance of PAYE, NICs and CIS
- Deadline for Class 1A NIC owed on expenses and benefits
31st July
- Deadline for filing of accounts (accounting period ending 31st October 2022)
- Due date for second payment on account for 2022/23
- Corporation tax return deadline (accounting period ending 31st October 2022)
August 2023
1st August - Further 5% penalty for outstanding tax liabilities (applied in addition to the 5% penalty on outstanding amounts as of 1st March 2023)
2nd August - Deadline for P46 forms (for quarter ending 5th July)
7th August - VAT return and associated payments deadline (for accounting quarter ending 30th June 2023)
22nd August - Deadline for digital remittance of PAYE, NICs and CIS
31st August
- Deadline for filing of accounts (accounting period ending 30th November 2022)
- Corporation tax return deadline (accounting period ending 31st August 2022)
September 2023
7th September - VAT return and associated payments deadline (for the accounting quarter ending 31st July 2023)
22nd September - Deadline for digital remittance of PAYE, NICs and CIS
30th September
- Deadline for filing of accounts (accounting period ending 31st December 2022)
- Corporation tax return deadline (accounting period ending 30th September 2022)
October 2023
5th October - Deadline to register for Self Assessment and Class 2 National Insurance
If you’re self-employed as a sole trader and earned more than £1,000 before tax relief in the previous tax year, you must register for Self Assessment and Class 2 National Insurance in your business’s second tax year.
7th October - VAT return and associated payments deadline (for the accounting quarter ending 31st August 2022)
22nd October - Deadline for digital remittance of PAYE, NICs and CIS
31st October
- Deadline for filing your Self Assessment tax return with HMRC by post
- Deadline for filing of accounts (accounting period ending 31st January 2023)
- Corporation tax return deadline (accounting period ending 31st October 2022)
November 2023
2nd November - Deadline for P46 forms (for quarter ending 4th October)
7th November - VAT return and associated payments deadline (for accounting quarter ending 30th September 2023)
22nd November - Deadline for digital remittance of PAYE, NICs and CIS
30th November
- Deadline for filing of accounts (accounting period ending 26th February 2023)
- Corporation tax return deadline (accounting period ending 30th November 2022)
December 2023
1st December - New advisory fuel rates take effect for company cars
7th December - VAT return and associated payments deadline (for the accounting quarter ending 31st October 2023)
22nd December - Deadline for digital remittance of PAYE, NICs and CIS
30th December - Deadline for filing Income Tax return (if tax is collected through PAYE Code number)
31st December
- Deadline for filing of accounts (accounting period ending 31st March 2023)
- Corporation tax return deadline (accounting period ending 31st December 2022)
January 2024
7th January - VAT return and associated payments deadline (for accounting quarter ending 30th November 2023)
22nd January - Deadline for digital remittance of PAYE, NICs and CIS
31st January
- Deadline for filing of accounts (accounting periods ending 30th April 2023)
- Corporation tax return deadline (accounting period ending 31st January 2021)
- Deadline for Self Assessment tax return (online) and the first payment on account
For businesses filing their Self Assessment tax return online, the deadline to submit the return and pay money owed for 2023/24 is midnight on 31st January.
February 2024
7th February - VAT return and associated payments deadline (for the accounting quarter ending 31st December 2023)
22nd February - Deadline for digital remittance of PAYE, NICs and CIS
28th February - Deadline for filing of accounts (accounting periods ending 31st May 2023)
29th February - Corporation tax return deadline (accounting period ending 28th February 2023)
March 2024
7th March - VAT return and associated payments deadline (for the accounting quarter ending 31st January 2024)
22nd March - Deadline for digital remittance of PAYE, NICs and CIS
31st March
- Deadline for filing of accounts (accounting periods ending 30th June 2023)
- Energy Bills Discount Scheme due to end
- Corporation tax return deadline (accounting period ending 31st March 2023)
April 2024
5th April - The 2023/24 tax year ends
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Free Business Tax Dates Calendar Download
Download your free business tax dates calendar in either PDF or csv file. Print it and put it on your desk so you never miss a deadline, or upload the csv to your Google or Outlook calendar.
Key Tax Dates Calendar CSV 23-24
Key Tax Dates and Deadlines Calendar PDF
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