Ep05 - Tax Deadlines – What You Need to Know and When

HMRC doesn’t send gentle reminders: miss a tax deadline and you’ll face penalties. In this episode, Nicola outlines the key dates every company director needs on their calendar. She covers corporation tax, VAT returns, payroll submissions, and annual accounts – explaining what needs to be filed, when, and why. You’ll get tips on setting up reminders, organising paperwork, and working with your accountant to stay compliant. Nicola’s aim is to help you feel in control rather than panicked when deadlines loom. Whether you run payroll monthly or only file once a year, this episode ensures you know what’s due and how to stay on top of it.

What You’ll Learn:

•           The main tax and filing deadlines for UK Limited companies.

•           How to avoid penalties by planning ahead and organising paperwork.

•           Tools and habits to keep your business compliant with HMRC.

Resources & Links:

I’ve written a book that expands on the topics in this podcast and comes with a companion guide. Learn more at www.thenumbersquarter.co.uk/book.

About the Podcast:

The Balanced Business – The Director’s Handbook is a 12‑part podcast series hosted by Bedford‑based Chartered Accountant Nicola Hageman. Designed for UK small business owners and company directors, the podcast explains how to run a Limited company with more clarity, confidence, and control. Each episode covers a practical topic – from choosing your business structure and staying compliant with HMRC to budgeting, VAT, systems, and delegating. The series is based on Nicola’s book and companion guide, available at www.thenumbersquarter.co.uk/book.

About Nicola and The Numbers Quarter:

Nicola Hageman is the founder of The Numbers Quarter, a friendly and approachable accountancy practice based in Bedford. She specialises in helping owner‑managed businesses grow their profits, plan for the future, and reduce stress. Nicola is known for her plain‑speaking advice and passion for aligning personal and business goals.

Connect with Nicola:

• Instagram – www.instagram.com/nicola_hageman
• LinkedIn – www.linkedin.com/in/nicolahageman
• Website – www.thenumbersquarter.co.uk

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Transcript

0:14

Hello and welcome back to the Balanced Business Podcast. I'm Nicola Hageman from The Numbers Quarter, and this is episode five of the Director's Handbook. Today's episode might not be the most glamorous topic, but it's absolutely one of the most important. We are talking about tax deadlines. Now, I know just hearing the word tax can make your shoulders tense up, but stick with me because I'm going to walk you through what deadlines you need to know about as a limited company director. What each one actually means and how you can keep on top of them without letting it take over your life. This isn't about turning you into an accountant. That's what I'm here for. It's about giving you enough clarity to feel confident and in control. So let's get stuck in. Let's start with the big picture. Why do these deadlines matter? Because when you run a limited company, the responsibilities don't stop at running the business and serving your clients. You've also got legal duties, and a big part of this is keeping up with your filing and payments, missing a deadline. You could face penalties, fines, or even worse. But even more than that, not knowing what's coming can cause you unnecessary stress, and I don't want that for you. When you've got a clear view of your calendar and you know what's due and when it suddenly feels so much more manageable. So let's go through the main deadlines that you need to know about, starting with the ones specific to your limited company. So first Corporation Tax Corporation tax is what your company pays on its profits. The deadline to pay your corporation tax is nine months and one day after your accounting year ends. So if your company's year end is the 31st of March, your tax needs to be paid by the 1st of January the following year, but. And this is the important bit. The actual filing deadline for corporation tax is 12 months after your year end. So in that same example, your return would be due by the 31st of March. Now, this confuses people a bit because the payment deadline and the filing deadline are different. So HMRC expects the money before the paperwork. I don't get it either. It makes me confused. I. Honestly dunno what HMRC are doing for this, but those are the rules. Okay? Second, you've got your annual accounts. So you also need to submit your company's annual accounts to company's house. These are due nine months after your year end, the same as a tax payment deadline, just about. So again, if your year end is March, your accounts need to be filed by the 31st of December. And then you have your confirmation statement. This is a simple document that confirms your company details. So your directors, your shareholders, your registered address, your persons of significant control. It's due once a year, usually on the anniversary of your company formation, but it may have changed if you've had to submit a confirmation statement partway through the year. Company's house will send you a reminder, but I recommend setting your own as well. It's easy to do, but it's easy to forget. And payroll. And payroll deadlines. If you're paying yourself a salary or you have any employees, you need to run payroll. Now you can choose the frequency for this. It might be weekly, it might be monthly. You can also submit annual salaries. Normally we go for monthly and you need to submit a full payment submission or an FPS to HMRC on or before the date that you pay your staff. Then you have to pay your tax and your national insurance by the 22nd of the following month. If you're only paying yourself, it's still required. There's no shortcuts here, I'm afraid. VAT. Okay, so if your company is VAT registered, there is a whole other set of deadlines to keep track of Most businesses file their VAT returns quarterly, and you have one month and seven days after the end of the quarter to file the return and pay the VAT that you owe. For example, if your VAT quarter ends on the 31st of March, your return and payment are due by the 7th of May. And don't forget, you need to use making tax digital compliance software to file those returns. HMRC no longer accepts any online forms for VAT. And your personal deadlines. Now let's talk about you as a person, not just as a company director. So self-assessment. If you take dividends, you have multiple sources of income, or you earn over 1000 pounds from self-employment, you'll likely need to follow a self-assessment tax return. So the deadlines for this are you have got to register for self-assessment by the 5th of October, following the tax year that you're going to be submitting,. You then have to file your return by the 31st of January every year. You also have to pay your tax by the 31st of January and possibly have to pay some more again on the 31st of July if you are making payments on account. And remember, your self-assessment return isn't just about your company. It's gonna include your total personal income from all sources, salary, dividends, rent, interest side, businesses, everything. And this is where working with an accountant really helps because we can make sure that nothing is missed. So how do you stay on top of it all? I know it can feel a lot, and honestly, that's why people fall behind. So here are some strategies that I use in my clients to keep things under control. First of all, use a calendar. Make it visible, whether it's a digital one or one on your wall. Have a calendar that clearly shows your key tax dates. Color code them if it helps, and make sure that you get reminders. Second, plan ahead. If you know your corporation tax is due in January, start planning for it in July. Build up a tax saving pot monthly because it's so much less stressful than scrambling for the cash and the final months. Number three, do regular check-ins once a month. Take 10 minutes to review what's coming up, what deadlines are due, what payments do you need to prepare for. Keep it simple but consistent. Number four, get professional support. This is where working with an accountant really makes a difference. We don't just file the returns, we keep you on track. We'll send you reminders, and we'll help you plan ahead so that you can sleep at night. And number five, don't take ignore letters or email from HMRC or Company's house. They don't always get it right, but they rarely go away. If you've got something that you are unsure about, forward it to your accountant straight away. Ignoring it usually makes things worse. So what happens if you miss a deadline? Let's talk about consequences. Not to scare you, just to give you the full picture. So late filing penalties, these can range from 150 pounds upwards depending on how late you are. If you miss your corporation tax payment interest starts accruing from the day after it's due, and HMRC might fine you or they might flag your company for closer monitoring, Late. Payroll filings can also lead to penalties, especially if it becomes a pattern and missing your self-assessment deadline leads to an automatic a hundred pound fine, even if you didn't owe any tax. Your VAT is even worse. You have two different penalties for vats. If you are late submitting your VAT return, you get a penalty point. Once you have accrued a number of penalty points, you will then start receiving penalties. These are 200 pounds per late submission, so they really rack up quickly, and if you're late making your payment, you can also be fined and get a penalty on this as well. Once you get to 15 days overdue, you are going to have to pay a penalty of 2% of the VAT that you owe at day 15. Once you start becoming more overdue, you will then get additional payment penalties, which can ramp up to 4% of that outstanding balance. So VAT is really important to ensure that you are submitting and paying on time. So the good news for this is most of this is avoidable, and even if you do get behind, there are ways to sort it. The worst thing you can do is bury your head in the sand. So my final thoughts, tax deadlines might not be the most exciting part of running a business, but they are part of the job. When you become a company director, the goal isn't to memorize every date. It's to build a system that works for you, something that keeps you organized, helps you plan ahead and reduces the mental load. And remember, you're not supposed to do this all alone. The right accountant isn't just a numbers cruncher. They're your partner in making sure that your business stays compliant, your finances stay on track, and your time stays focused on what you do best. So take a breath, make a list, ask questions, and know that every step you take towards getting on top of your tax calendar is a step towards a more confident and less stressed version of you. So thanks again for tuning into the Balanced Business Podcast. I hope this episode has helped you take a bit of the mystery and the stress out of tax deadlines. Next time, we are going to be talking about business expenses, what you can claim, what you can't, and how to make sure that you're not leaving money on the table. Until then, I'm Nicola Hageman from the Numbers Quarter, and I'll see you in the next episode.