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 January 2024 are 1st January for corporation tax payments, 7th January for filing VAT returns and paying VAT, 19th January for payment of PAYE and NIC by cheque, 22nd January for payment of PAYE and NIC electronically, 31st January for filing 2022/23 tax returns, for filing corporation tax returns and accounts at Companies House and paying Self-Assessment tax due for 2022/23 plus any first payment on account for 2023/24.

This note explains some important tax deadlines which must be met in January 2024.

1st January 2024

Corporation tax for accounting periods ending on 31st March 2023 must be paid by 1st January 2024. However, a company has 12 months from the end of the accounting period to file its company tax return, so while the corporation tax for the year to 31st March 2023 must be paid by 1st January 2024, the company has until 31st March 2024 to file its Company Tax Return.

5th January 2024

PAYE tax month 9 comes to an end on 5th January 2024.

6th January 2024

The main primary rate of Class 1 National Insurance contributions falls from 12% to 10% from 6th January 2024. You will need to update your payroll software to reflect this change before making month 10 payments to employees.

7th January 2024

VAT-registered businesses must file their VAT return for the quarter to 30th November online by 7th January 2024 and pay any associated VAT by the same date.

19th January 2024

If you pay your PAYE and NIC by cheque, you must ensure that your payment for month 9 (to 5th January 2024) reaches the Accounts Office by 19th January 2024.

While HMRC does operate three days 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 19th January 2024, allowing for Christmas post.

22nd January 2024

If you pay your PAYE and NIC electronically, you enjoy a later deadline than those who pay by cheque. The deadline for electronic payments is the 22nd of the month. If you have paid electronically, you will need to ensure that your payment of PAYE and NIC for month 9 clears HMRC’s account by 22nd January 2024.

31st January 2024

You must file your 2022/23 Self-Assessment tax return by 31st January 2024, and pay any remaining tax and Class 4 National Insurance, plus your Class 2 National Insurance, for 2023/24 by this date. If you need to make payments on account for your 2023/24 tax bill (which will be the case if your tax and Class 4 National Insurance bill for 2022/23 is at least £1,000 and you do not pay at least 80% of your tax by deduction at source (for example, under PAYE)), you must also make your first payment on account for 2023/24 by 31st January 2024.

You may find the following link helpful https://www.gov.uk/self-assessment-tax-returns/deadlines

Companies with a 31st January 2023 year-end must ensure that they have filed their company tax return by 31st January 2024.

If your company prepared its accounts to 30th April 2023, you would need to ensure that your accounts are filed at Companies House by 31st January 2024.

Please call us today on 01473 744700 if you need any help with your accounting issues.

Please see another An Accounting Gem blog here: https://www.aag-accountants.co.uk/why-tax-planning-is-a-worthwhile-investment-2023-24/

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.