Taxpayers must undertake certain 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 taxes paid late.
Key dates
The key dates in August 2023 are 1 August for corporation tax payments, 2 August for filing of P46(Car), 7 August for filing and payment of VAT, 18 August for payment of PAYE and NIC by cheque, and 22 August for payment of PAYE and NIC electronically
This note explains some important tax deadlines which must be met in August 2023.
1st August 2023
Corporation tax for accounting periods ending on 31 October 2022 must be paid by 1 August 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 31 October 2022 must be paid by 1 August 2023, the company has until 31 October 2023 to file its Company Tax Return.
2 August 2023
If you have not opted to payroll company cars, you would need to tell HMRC on form P46(car) if you provided a car, or a further car, to an employee or a director in the quarter to 5 July 2023, or if a car that was provided to an employee or a director was withdrawn in that quarter. The form can either be filed online or completed on screen, printed, and sent to HMRC (see www.gov.uk/tell-hmrc-company-car).
5 August 2023
PAYE tax month 4 ends on 5 August 2023.
7 August 2023
VAT-registered businesses must file their VAT return for the quarter to 30 June 2023 online by 7 August 2023 and pay any associated VAT by the same date.
18 August 2023
Employers who pay their PAYE and NIC by cheque must ensure that their payment for month 4 (to 5 August 2023) reaches the Accounts Office by 18 August 2023 as the normal filing date of the 19th of the month falls on a Saturday. Cheques received by HMRC on Saturday 19 August will be treated as received on Monday 21 August, with the result that the payment will be regarded as late. While HMRC does operate a three-day period of grace for payments received within three days of the due date, it is prudent to post the cheque in sufficient time for it to reach HMRC by 18 August.
22 August 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 4 clears HMRC’s account by 22 August 2023.
31 August 2023
If your company prepared its accounts to 30 November 2022, you would need to ensure that your accounts are filed at Companies House by 31 August 2023.
If you need more information regarding any of the topics covered in this update or indeed any other accounting issues, please call An Accounting Gem The Tax specialist in Ipswich, Suffolk on 744700.
To see another An Accounting Gem blog check out this link: https://www.aag-accountants.co.uk/check-your-state-pension-forecast/
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