Key UK Tax Dates for Businesses 2015
Get the New Year off to a great start by organising your key UK tax dates in your diary for 2015.
January 2015
Deadline for online submission of Self Assessment tax returns for tax year ended 5 April 2014.
Deadline for paying Self Assessment ‘balancing payments’ for tax year ended 5 April 2014.
Deadline for first Self Assessment payment on account for tax year ended 2015.
February 2015
No deadlines for NICs (National Insurance Contributions), PAYE (Pay as You Earn), or Self Assessment returns.
March 2015
As above – no deadlines.
April 2015 – July 2015 - for businesses with employees and a payroll.
If you are a business employer running payroll, you need to:
Report to HM Revenue and Customs (HMRC) on the previous tax year (which ends on 5 April) and give your employees a P60.
Prepare for the new tax year, which starts on 6 April.
Send your final payroll report of the year – by 5 April
[Note: Send your final Full Payment Submission (FPS) of the tax year by 5 April, or by 19 April if you’re correcting an error. Put ‘Yes’ in the ‘Final submission for year’ field in your payroll software and answer the end-of-year questions. If you run more than 1 payroll (eg for employees you pay weekly and monthly), include the end-of-year information in your last report.]
Update employee payroll records by allocating the correct tax code – from 6 April.
Update payroll software – Follow your provider’s instructions to update your payroll software so it uses the latest rates and thresholds for Income Tax, National Insurance and student loan repayments. Basic PAYE Tools from HM Revenue and Customs will also do this if you use their (HMRC) system.
Give your employees a P60 – The P60 summarises their total pay and deductions for the year. Distribute these by 31 May.
Report employee expenses and benefits by 6 July. Pay any Class 1A National Insurance due on the taxable expenses and benefits you’ve provided. Your payment must be received by 22 July (or 19 July if you’re paying by post).
Monthly repeat dates
Construction Industry Scheme (CIS) deadlines.
Deadline for receipt of a construction contractor’s monthly return is the 19th of each month. The same date applies if the return is submitted electronically, by telephone reporting a nil return or on paper.
Pay as you earn (PAYE) and Class 1 National Insurance Contribution (NICs) deadlines – businesses with employees.
If paying electronically, amounts must be cleared in HMRC’s bank account for any PAYE and Class 1 NICs by the 22nd of each month.
Employer Payment Summaries (EPS) – often used when an employee leaves the business.
You should send your final report in an EPS instead of an FPS if any of the following apply:
HM Revenue and Customs (HMRC) tells you that you forgot to put ‘Yes’ in the ‘Final submission for year’ field in your last FPS.
You didn’t pay anyone in the final pay period of the tax year.
You sent your final FPS early and you didn’t pay anyone for 1 or more full tax months in the last tax year.
Send your final EPS between 20 March and 19 April or HMRC will estimate how much you owe. You may be charged a penalty if you don’t send your EPS by 19 May. The Employer Payment Summary (EPS) is used to notify HMRC you no longer owe payments on behalf of some employees or you owe a last payment. You can apply the EPS to a specific month by sending your EPS forms in before payment is due. Send these to HMRC on or before the 19th day following the end of the tax month. Send your final totals for EPS between 20 March and 19 April for the previous tax year, or HMRC will estimate how much you owe. You may be charged a penalty if you don’t send your EPS in on time.
Quarterly repeat dates
PAYE/NICs payment deadlines.
Pay these by the 19th day in each quarter listed below – cheque payments for outstanding PAYE and Class 1 NICs need to reach HMRC accounts by the following dates:
1st. 19 July 2014.
2nd. 19 October 2014.
3rd. 19 January 2015.
4th. 19 April 2015.
Electronic payments have three days leeway. These must reach HMRC’s bank account no later than the 22nd of each quarter below:
1st. 22 July 2014.
2nd. 22 October 2014.
3rd. 22 January 2015.
4th. 22 April 2015.
Click here for a list of Accounting Services in the UK.
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