Five Tips On Tax Deadlines For Small Businesses
Find out some of the most important dates when it comes to tax deadlines.
11:31 24 March 2013
It is easy to become busy with all of the financial and personal aspects of life, but letting important tax deadlinesslip by unnoticed can prove to have unpleasant consequences.
Skim this short list of a few important dates to make sure you have everything in order:
- April 6th—this is the day to review and ensure that all employees’ tax codes have been entered properly. This helps reduce questionable tax issues later, and also makes sure the employee won’t have unexpected problems when they do their taxes.
- April 22nd—this is the last date for payments of Class 1 NIC and PAYE amounts for the previous year, and is applicable to electronic payments only. If payments are made by any other means, the deadline is April 19th.
- May 19th—one of the important tax deadlines is this one which requires submitting the Employer Annual Return forms for the year.
- October 22nd—if you qualified for a settlement payment of your taxes, this is the last day to take care of outstanding PAYE amounts. Again this deadline is applicable only to electronic forms of payment; any other forms are due by October 19th.
- November 5th—employers should receive a letter after this date which indicates the summary of online filing and electronic responsibilities.
This list is obviously not a comprehensive list of important tax deadlines, and it pertains solely to businesses as well. HM Revenue & Customs provides a downloadable file that can be printed off which contains not just important dates for businesses, but also for personal tax use as well.
Visit the website and be sure to print out calendar to see the complete list of important tax deadlines.