Key Information
When to register for Self Assessment
You must send a tax return if, in the last tax year (6 April to 5 April), any of the following applied:
- you were self-employed as a ‘sole trader’ and earned more than £1,000
- you were a partner in a business partnership
- you had a total taxable income of more than £150,000
- you had to pay Capital Gains Tax when you sold or ‘disposed of’ something that increased in value
- you had to pay the High Income Child Benefit Charge (if your income exceeds £60,000 in a tax year)
You may also need to send a tax return if you have any untaxed income, such as:
- money from renting out a property
- tips and commission
- income from savings, investments and dividends
- foreign income
When to register for VAT
You must also register (regardless of taxable turnover) if all of the following are true:
- you’re based outside the UK
- your business is based outside the UK
- you supply any goods or services to the UK (or expect to in the next 30 days)
If you’re not sure if this applies to you, read the guidance on non-established taxable persons (NETPs) - basic information.
You can choose to register for VAT if your turnover is less than £90,000 (‘voluntary registration’).
You must pay HM Revenue and Customs (HMRC) any VAT you owe from the date they register you.
You do not have to register if you only sell VAT exempt or ‘out of scope’ goods and services.
When to register for PAYE
You must register for PAYE if any of the following applies to an employee in the current tax year (since 6 April):
- they’re paid £123 or more a week
- they get expenses and company benefits
- they’re getting a pension
- they’ve had another job
- they’ve received Jobseeker’s Allowance, Employment and Support Allowance or Incapacity Benefit
If you do not need to register, you’ll still need to keep payroll records.
When to register for CIS
You must register as a contractor with the Construction Industry Scheme (CIS) if:
- you pay subcontractors to do construction work
- your business does not do construction work but you have spent more than £3 million on construction in the 12 months since you made your first payment
You may be a sole trader, in a partnership or own a limited company.
If you’re not sure if you need to register, check who is covered by CIS.
Key Dates For Accounting
January
31st January: Deadline for online filing of Self Assessment tax returns for the preceding tax year.
31st January: Payment of any tax due for the preceding tax year and first payment on account for the following tax year.
April
5th April: End of the current tax year.
6th April: Start of the new tax year.
July
5th July: Deadline for applying for a PAYE Settlement Arrangement for the preceding tax year.
6th July: Filing deadline for P11D and P11D(b) forms for the preceding tax year.
19th July: Payment of Class 1A NICs (postal).
22nd July: Payment of Class 1A NICs (electronic).
31st July: Second payment on account for Self Assessment tax due for the following tax year.
October
5th October: Deadline to register for Self Assessment for the preceding tax year.
22nd October: Deadline for paying tax and national insurance due under a PAYE settlement arrangement.
31st October: Deadline for filing a paper Self Assessment tax return for the preceding tax year.
Ongoing Deadlines
VAT Returns: Due one month and 7 days after the VAT period (e.g., VAT period ending 31st March is due by 7th May).
PAYE Tax: Due by the 22nd of each month.
CIS Tax: Due by the 22nd of each month.
Limited Company Deadlines
Companies House Filing: 9 months after the year-end (6 months for PLCs).
HMRC Corporation Tax Payment: Due within 9 months and 1 day after the year-end.
HMRC Corporation Tax Filing: Due within 12 months of the year-end.
Capital Gains Tax on Residential Property Sales: Return to be filed within 60 days of the completion date.
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