Tax return and payment deadlines 2015/16

When you run your own business, your tax obligations get a little more complicated than simply completing an annual self assessment tax return, or having an employer take care of everything for you. VAT, Corporation Tax, National Insurance contributions and possibly even PAYE payments suddenly become part of your administrative workload. Click here to view the 2016/17 update.

So, to help you through the rest of the current financial year, we’ve put together the following guide to the key HMRC tax return and payment deadlines 2015/16.

Self Assessment

31 July – deadline for your second Self Assessment payment on account for tax year ended 5 April 2015.

31 October (midnight) – deadline for paper Self Assessment return for tax year ended 5 April 2015.

31 January – deadline for online Self Assessment return for tax year ended 5 April 2015. This is also the deadline for paying all remaining Self Assessment taxes due for tax year ended 5 April 2015 and making your first payment on account for tax year ending 5 April 2016.

VAT

VAT payments are made quarterly. Your deadline will depend on when you registered for VAT and when your accounting periods begin and end. You’ll normally have a full calendar month plus seven days from the end of your accounting period to complete your VAT return and make your payment. For example:

If your current VAT period runs from May to July 2015 and you pay by Faster Payments, your next VAT deadline will be 7 September 2015. To find your exact VAT return and payment deadline, enter your accounting period and preferred payment method into HMRC’s VAT deadline calculator.

Corporation Tax

If your taxable profits are less than £1.5 million, your Corporation Tax deadline will normally be 9 months and 1 day from the end of your accounting period. This applies after your first year of trading as the deadline for your first return can sometimes be slightly sooner. You’ll receive notification from HMRC when your Corporation Tax is due.

The end of your accounting period is normally the month end of the anniversary of your incorporation.

If you’ve made more than £1.5 million in profits, you’ll have to pay your Corporation Tax in instalments. Assuming your company has a 12 month accounting period, your instalment dates will be:

• 6 months and 13 days after the first day of your accounting period
• 3 months after your first instalment
• 3 months after your second instalment
• 3 months and 14 days after the last day of your accounting period

PAYE and Class 1 National Insurance (NI)

If you pay PAYE and NI quarterly, the deadlines for the three remaining quarters of tax year 2015/16 are:

Meeting HMRC’s payment deadlines

For internet, telephone, BACS, BillPay, Bank Giro and Post Office counters payments, allow two working days for funds to clear with HMRC. If you pay by cheque, HMRC needs to receive this at least three working days before the payment deadline.

You can make CHAPS/GBS Transfer and Faster Payments on the payment deadline day.