12:41 28 March 2013
This article discusses the tax calendar in regards to recurring deadlines and what you are expected to do for each one. It does not discuss the individual deadlines that are not recurring.
Whether you are self-employed without any employees, own a corporation, or run a small business, you need to read this article. First we will talk about the different deadlines by type of business or industry. Then the other deadlines will follow for PAYE, NIC, VAT and penalties.
Let’s discuss the construction industry first. Each month you will have to file on the 19th. Your payment deadlines vary based on your payment methods: online or by paper. If they are online you will have to pay on the 22nd of each month. If you are using paper you will have to pay on the 19th.
If you are corporate owner your deadline is based off your accounting period. It is set for the end of the accounting period. According to the tax calendar it is nine months and a day after this period of time has elapsed.
The PAYE, NIC payment deadlines are as follows. The first quarter is due on 22nd July, the second quarter is due on 22nd October, the third quarter is due on 22nd January, and the last quarter is due on 22nd April. The tax deadline for non-electronic payments is on the 19th of the same months.
The VAT Deadlines vary by the type of company and the choices you make for the company. The same holds true for penalties as well, since they are in the process of changing the regulations. The tax deadlines are more important for you to approach in a systematic manner so have the above facts in mind before filing the tax returns.
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