As the new financial year begins, staying on top of your bookkeeping is crucial to maintaining a healthy business. Accurate records help you comply with tax regulations, avoid penalties, and make informed financial decisions. If you’re looking for professional support, our small business accountants at Brealey & Newbury can help you streamline your processes and stay ahead of important deadlines.
Key Tax Deadlines for UK Small Businesses
Understanding key tax dates is essential for smooth financial management. Missing deadlines can result in penalties, interest charges, and unnecessary stress. Below, we outline the most critical tax deadlines for UK businesses and provide tips to help you stay compliant.
Self-Assessment Tax Return – 31st January
Self-employed individuals, sole traders, and company directors must submit their self-assessment tax return by 31st January each year. To ensure accuracy and avoid last-minute panic:
Keep digital records of income and expenses throughout the year.
Use accounting software to track transactions.
Work with trusted accounting professionals for small businesses to review your return before submission.
VAT Returns – Varying Deadlines
If your business is VAT-registered, you must submit VAT returns quarterly, usually within 37 days of the period-end. To stay compliant:
Set calendar reminders for VAT deadlines.
Use Making Tax Digital (MTD)-compliant software to submit returns.
Consult financial experts if unsure about VAT reclaimable expenses.
PAYE & National Insurance – 22nd of Each Month
If you employ staff, PAYE and National Insurance (NI) contributions must be paid to HMRC by the 22nd of each month (or the 19th if paying by cheque). To manage this effectively:
Automate payroll processing with accounting software.
Regularly review payroll records for accuracy.
Seek guidance from business tax advisors to ensure compliance with employer obligations.
Corporation Tax – 9 Months After Year-End
Limited companies must pay corporation tax nine months and one day after their accounting period ends. To avoid penalties:
Prepare financial statements promptly after year-end.
Monitor profits to estimate tax liabilities in advance.
Engage with tax specialists for small businesses to optimise tax efficiency.
Practical Bookkeeping Tips for Small Businesses
To maintain accurate records and streamline bookkeeping, consider these practical tips:
Go Digital: Invest in cloud-based accounting software to automate invoicing, expense tracking, and financial reporting.
Schedule Regular Check-Ins: Set aside time weekly or monthly to review transactions, reconcile bank statements, and categorise expenses.
Keep Business and Personal Finances Separate: Use a dedicated business bank account to simplify bookkeeping and tax reporting.
Plan for Tax Payments: Set aside funds regularly to avoid cash flow issues when tax bills are due.
Seek Professional Support: Working with financial experts helps ensure compliance, identify tax-saving opportunities, and provide valuable financial insights.
Get Expert Accounting Support
Navigating tax deadlines and bookkeeping requirements can be overwhelming, but you don’t have to do it alone. Our experienced small business accountants at Brealey & Newbury are here to help you stay organised, compliant, and financially secure. Contact us today to discuss how we can support your business in the new financial year.
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