Taxpayers must undertake various tasks, such as filing returns and paying tax, by certain dates. If these deadlines are missed, HMRC may charge late filing and late payment penalties. Interest is also charged on tax paid late.

Key dates

The key dates in October 2023 are 1st October for corporation tax payments, 5th October for registering for Self-Assessment, 7th October for filing VAT returns paying VAT, 19th October for payment of PAYE and NIC and amounts due under a 2022/23 PSA by cheque and 22nd October for payment of PAYE and NIC and amounts due under a 2022/23 PSA electronically

This note explains some important tax deadlines which must be met in October 2023.

1st October 2023

Corporation tax for accounting periods ending on 31st December 2022 must be paid by 1st October 2023. However, a company has until 12 months from the end of the accounting period to file their company tax return, so while the corporation tax for the year to 31st December 2022 must be paid by 1st October 2023, the company has until 31st December 2023 to file its Company Tax Return.

5th October 2023

PAYE tax month 5 comes to an end on 5th October 2023.

If you are not already registered for Self Assessment and you will need to submit a Self Assessment tax return for the first time for 2022/23, you will need to register by 5th October 2023. This may be the case if you started a new business as a sole trader or become a partner in a partnership in 2022/23 or if you became a landlord and your income from either source is more than £1,000. You may also need to register if you have other income to declare, such as taxable dividend or savings income. You can register online using the tool on the Gov.uk website.

7th October 2023

VAT-registered businesses must file their VAT return for the quarter to 31st August 2023 online by 7th October 2023 and pay any associated VAT by the same date.

19th October 2023

Employers who pay their PAYE and NIC by cheque must ensure that their payment for month 6 (to 5 October 2023) reaches the Accounts Office by 19th October 2023

While HMRC do operate a three day period of grace for payments received within three days or the due date, it is prudent to post the cheque in sufficient time for it to reach HMRC by 19th October 2023.

If you had a PAYE Settlement Agreement (PSA) in place for 2022/23 and you make your payments by cheque, you will need to ensure that your payment for the tax and Class 1B National Insurance due under your PSA reaches HMRC by 19th October 2023.

22nd October 2023

Employers who pay their PAYE and NIC electronically enjoy a later deadline than those who pay by cheque. The deadline for electronic payments is the 22nd of the month. If you pay your PAYE and NIC electronically, you will need to ensure that your payment of PAYE and NIC for month 5 clears HMRC’s account by 22nd October 2023.

If you have a PSA in place for 2022/23 and you make your payments electronically, you will need to ensure that your payment for the tax and Class 1B due under your PSA clears HMRC’s account by 22nd October 2023.

As 22nd October 2023 falls on a Sunday, in reality, you will need to time your payments so that they reach HMRC’s account by Friday 20th October 2023 to ensure that the deadline is met.

31 October 2023

Companies with a 31st October 2022 year end must ensure that they have filed their company tax return by 31st October 2023.

If your company prepared its accounts to 31st January 2023, you will need to ensure that your accounts are filed at Companies House by 31st October 2023.

 

Please call if you need help with any of the issues raised in this alert on 01473 744700.

To see another An Accounting Gem blog check out this link: https://www.aag-accountants.co.uk/child-trust-funds-unclaimed-accounts/

Disclaimer: This blog is not intended to provide legal or financial advice. This blog is for informational purposes only. The information provided on this blog is not intended to be a substitute for professional advice. Before taking any action, you should seek advice from a qualified professional. The author of this blog is not liable for any losses, damages, or expenses incurred as a result of using the information provided on this blog.