Tax calendar

October 2023

Thursday 5 Deadline for notifying HMRC of new sources of taxable income or gains or liability to the High Income Child Benefit Charge for 2022/23 if no tax return has been issued

Is this relevant to you?

This deadline is relevant to individuals who have not received a self assessment tax return for the year ended 5th April 2023 but who believe they have received income or capital gains which will result in a tax liability. This deadline is also relevant to individuals who are liable to the High Income Child Benefit Charge.

Individuals must notify HMRC of their liability so that a self assessment return can be issued in good time for the submission deadline of 31st January 2024.

If we have already dealt with this matter on your behalf you need take no action.

Thursday 19 PAYE quarterly payments are due for small employers for the pay periods 6th July 2023 to 5th October 2023

Is this relevant to you?

This deadline is relevant to small employers only. As a small employer with income tax, national insurance and student loan deductions of less than £1,500 a month you are required to make payment to HMRC of the income tax, national insurance and student loan deductions on a quarterly basis.

Where the payment is made electronically the deadline for receipt of cleared payment is 22nd October 20232. Interest will be charged if payment is made late. Penalties also apply.

Thursday 19 PAYE, Student loan and CIS deductions are due for the month to 5th October 2023

Is this relevant to you?

This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS.
Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of cleared payment is Friday 20th October 2023 unless you are able to arrange a ‘Faster Payment’ to clear on or by Sunday 22nd October 2023. Interest will be charged if payment is made late. Penalties also apply.

Thursday 19 Tax and NI due under a 2021/22 PAYE Settlement Agreement

Is this relevant to you?

This deadline is relevant for employers who have entered into a PAYE settlement agreement to pay tax and national insurance in respect of benefits in kind for their employees for the year ended 5th April 2023.

Where the payment is made electronically the deadline for receipt of cleared payment is 22nd October 2023. Interest will be charged if payment is made late. Penalties also apply.

Tuesday 31 Deadline for submission of 2022/23 self assessment returns if you require HMRC to compute your tax liability and/or if tax underpaid is to be collected by adjustment to your 2024/25 PAYE code

If we are already dealing with this matter on your behalf you need take no action.

Is this relevant to you?

This deadline is only relevant for those individuals who complete a ‘paper’ self assessment tax return and who are employees. Where you have an underpayment you may request that HMRC collect the tax outstanding by making an adjustment to your tax code for the year 2024/25.

Please note that where your return is submitted online then the filing deadline for ‘coding out’ is 30 December 2023.

Tuesday 31 Deadline for submitting ‘paper’ 2022/23 self assessment returns

If we are already dealing with this matter on your behalf you need take no action.

Is this relevant to you?

This deadline is relevant to individuals who need to complete a self assessment tax return for 2022/23 and wish to file the return in a ‘paper’ form. Self assessment returns submitted after this date must be submitted electronically.

Please note that this deadline is not relevant if we are going to submit an online return for you or you are going to deal with the completion of an online return yourself. The deadline for submission of online returns is 31 January 2024.

November 2023

Thursday 2 Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5th October 2023

Is this relevant to you?

This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where a car is first provided or an additional car is provided, or an employee ceases to have the use of a car without replacement. The completion of the form enables HMRC to amend the individual’s coding notice to reflect the change in benefit. This notification may be made by completing and printing off the relevant by paper or online forms.

Where one car is merely replaced with another, this may be notified online.

A change in car for car benefits which are being ‘payrolled’ should not be reported on a P46(car).

Sunday 19 PAYE, Student loan and CIS deductions are due for the month to 5th November 2023

Is this relevant to you?

This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of cleared payment is 22nd November 2023. Interest will be charged if payment is made late. Penalties also apply.

December 2023

Friday 1 Advisory Fuel Rates

New Advisory Fuel Rates (AFR) for company car users apply from today. The rates can be found here.

Is this relevant to you?

This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of cleared payment is 22nd December 2023. Interest will be charged if payment is made late. Penalties also apply.

Saturday 30 Online filing deadline for submitting 2022/23 self assessment return if you require HMRC to collect any underpaid tax by making an adjustment to your 2024/25 tax code

Is this relevant to you?

This deadline is relevant for those individuals who complete a self assessment tax return online and who are employees. Where you have an underpayment you may request that HMRC collect the tax outstanding by making an adjustment to your tax code for the year 2024/25.

January 2024

Friday 19 PAYE, Student loan and CIS deductions are due for the month to 5th January 2024

Is this relevant to you?

This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of cleared payment is 22nd January 2024. Interest will be charged if payment is made late. Penalties also apply.

Friday 19 PAYE quarterly payments are due for small employers for the pay periods 6th October 2023 to 5th January 2024

Is this relevant to you?

This deadline is relevant to small employers and contractors only. As a small employer with income tax, national insurance and student loan deductions of less than £1,500 a month you are required to make payment to HMRC of the income tax, national insurance and student loan deductions on a quarterly basis.

Where the payment is made electronically the deadline for receipt of cleared payment is 22nd January 2024. Interest will be charged if payment is made late. Penalties also apply.

Wednesday 31 Deadline for submitting your 2022/23 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2022/23 liability together with the first payment on account for 2023/24 are also due

If we have already dealt with your self assessment return on your behalf you need take no action.

Is this relevant to you?

This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 NI, capital gains tax and High Income Child Benefit Charge liabilities.

There is a penalty of £100 if your return is not submitted on time, even if there is no tax due or your return shows that you are due a tax refund.

The balance of any outstanding income tax, Classes 2 and 4 NI, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2023 is due for payment by 31st January 2024. Where the payment is made late interest will be charged.

The first payment on account for 2022/23 in respect of income tax and any Class 4 NI or High Income Child Benefit Charge is also due for payment by 31st January 2024.

February 2024

Friday 2 Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5th January 2024

Is this relevant to you?

This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where a car is first provided or an additional car is provided, or an employee ceases to have the use of a car without replacement. The completion of the form enables HMRC to amend the individual’s coding notice to reflect the change in benefit. This notification may be made by completing and printing off the relevant by paper or online forms. Where one car is merely replaced with another, this may be notified online. A change in car for car benefits which are being ‘payrolled’ should not be reported on a P46(car).

Monday 19 PAYE, Student loan and CIS deductions are due for the month to 5th February 2024

Is this relevant to you?

This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS.

 

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of cleared payment is 22nd February 2024. Interest will be charged if payment is made late. Penalties also apply.

March 2024

Friday 1 Advisory Fuel Rates
New Advisory Fuel Rates (AFR) for company car users apply from today. The rates can be found here.

Sunday 3 5% late payment penalty on any 2022/23 outstanding tax which was due on 31st January 2024 and still remains unpaid

Is this relevant to you?

This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 NI, capital gains tax or High Income Child Benefit Charge liabilities.

The balance of any outstanding income tax, Classes 2 and 4 National Insurance, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2023 was due for payment by 31st January 2024. Where the payment is made late interest will be charged. On 3 March 2024 a late payment penalty of 5% will be added to the outstanding liability.

If we have already dealt with this matter on your behalf you need take no action.

Tuesday 19 PAYE, Student loan and CIS deductions are due for the month to 5th March 2024

Is this relevant to you?

This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 NI, capital gains tax or High Income Child Benefit Charge liabilities.

The balance of any outstanding income tax, Classes 2 and 4 National Insurance, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2023 was due for payment by 31st January 2024. Where the payment is made late interest will be charged. On 3 March 2024 a late payment penalty of 5% will be added to the outstanding liability.

If we have already dealt with this matter on your behalf you need take no action.

Tuesday 19 PAYE, Student loan and CIS deductions are due for the month to 5th March 2024

Is this relevant to you?

This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of cleared payment is 22nd March 2024. Interest will be charged if payment is made late. Penalties also apply.

Sunday 31 Last minute planning for tax year 2023/24

Is this relevant to you?

The final deadline of 5th April 2024 is relevant to individuals who have not considered year-end tax planning issues.  These issues include:

  • utilising your annual capital gains tax exemption
  • utilising your annual inheritance tax exemption for gifts
  • utilising your annual Individual Savings Account investment limit (ISA)
  • making additional pension contributions for 2023/24.

Please get in touch if you would like any further advice on these or any other issues.

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