When you work for yourself, the onus is on you to make sure you submit all the relevant information to HMRC at key milestones throughout the year and settle any outstanding payments on time.
Your bookkeeper or accountant can certainly help you stay accountable by reminding you of HMRC’s regular deadlines – but ultimately, it’s your responsibility to make sure all the paperwork is taken care of. If a submission or payment is missed, you may need to pay a fine.
I’ve put together a handy timeline so you can stay on top of all the key dates in 2022 and through into 2023. Some of these dates have already been and gone but be sure to put notes in your diary for any deadlines that have passed, so you know what to expect next year!
General HMRC deadlines
6th April 2022: The start of the tax year!
This is the first day of the new tax year. Follow this link to get up to speed with significant changes for the 2022/23 tax year, such as the new National Minimum Wage and National Living Wage rates for employees.
19th April 2022: Payroll deadline
You have until 19th April to submit your final PAYE payment to HMRC for the 2021/2022 tax year, which ends on 5th April 2022. Doing so will indicate that you have completed your last PAYE filing for the year.
31st May 2022: Issue your P60s
You must send a P60 to all your staff by 31st May 2022. A P60 is their official record of pay and tax deductions for the year.
6th July 2022: Submit your P11Ds
Employees must submit a P11D form to HMRC by 6th July. This is a declaration of all costs and benefits other than tax and national insurance payments, such as car allowances or interest-free loans. You’ll need to create one of these forms for each person who receives any of these perks.
22nd July 2022: Payment of National Insurance (NI)
Any Class 1A National Insurance owing on expenses or benefits for the previous tax year must be paid to HMRC by 22nd July.
31st July 2022: Second payment on account
Payments on account are advance tax payments made by self-employed self-assessment individuals twice a year to avoid the cost of the following year’s tax. You will be provided with estimates from HMRC based on your previous year’s tax bill. The deadline for making the second payment on account for the income tax year ending 5th April 2022 was 31st July.
5th October 2022: Self-assessment tax registration
You must register with HMRC if you have never submitted a self-assessment tax return or did not file one in the previous year. You will need to complete it by 5th October following the conclusion of the tax year you are submitting a return for. So, if you wish to submit a return for the 2021/22 tax year, you must register by 5th October 2022.
31st October 2022: Paper self-assessment return
The deadline for your paper self-assessment tax returns for the 2021/22 tax year must be submitted by 31st October. Paper returns are going to be phased out by 2024, at which point you’ll need to submit everything online.
31st January 2023: Digital self-assessment return (midnight)
Your online self-assessment tax returns for the 2021/22 tax year must be submitted by 31st January 2023. If paying on account, then any balancing payment is to be made.
31st January 2023: Pay self-assessment and first payment on account
You need to pay your self-assessment tax bill by midnight on 31st January to avoid a penalty. You will also need to make the first payment on next year’s tax account for the period 2022/23.
5th April 2023: End of the 2022/23 tax year
This is the final day of the tax year. Your final Full Payment Submission (FPS) should be submitted on or before the last payday of the tax year. If you want to pay your employees’ benefits for the 2023/24 tax year through payroll, you must register online by 5th April 2023.
HMRC deadlines for limited companies
Specific dates will vary, depending on when you first set up your business. Here are the guidelines for the additional information and accounts you will need to submit to HMRC if you are a limited company owner.
Filing first accounts with Companies House
21 months after the date you first registered with Companies House.
Filing annual accounts with Companies House
9 months after your company’s financial year end.
Paying corporation tax
9 months and 1 day after your accounting period for corporation tax ends. Please note that if you do not owe any corporation tax for this period, you will still need to notify HMRC by this date.
Filing a company tax return
12 months after your accounting period for corporation tax ends.
PAYE deadlines
If you pay monthly, it’s the 22nd of the next month.
If you pay quarterly, it’s the 22nd of the month after the quarter ends. So, for example, you would need to submit your PAYE by 22nd July to cover the period between 6th April and 5th July.
Remember, your PAYE bill will need to include the following (where appropriate):
- Employee income tax deductions
- Class 1 and 1B national insurance
- Class 1A National Insurance on redundancy payments and work benefits
- Student loan repayments
- Construction Industry Scheme (CIS) deductions
- Apprenticeship levy payments if you, or employers you’re connected to, have an annual pay bill of more than £3 million
VAT returns
Bear in mind that your VAT returns need to be submitted 1 month and 7 days after the accounting period closes. Most businesses submit their returns on a quarterly basis.
