Taxpayers must undertake various tasks, such as filing returns and paying tax, by certain key dates. If these deadlines are missed, HMRC may charge late filing and late payment penalties. Interest is also charged on tax paid late.
October key dates
They key dates in October 2023 are 1 October for corporation tax payments, 5 October for registering for Self Assessment, 7 October for filing VAT returns paying VAT, 19 October for payment of PAYE and NIC and amounts due under a 2022/23 PSA by cheque and 22 October for payment of PAYE and NIC and amounts due under a 2022/23 PSA electronically
This note explains some important October key dates and tax deadlines which must be met in October 2023.
1 October 2023
Corporation tax for accounting periods ending on 31 December 2022 must be paid by 1 October 2023. However, a company has until 12 months from the end of the accounting period to file their company tax return, so while the corporation tax for the year to 31 December 2022 must be paid by 1 October 2023, the company has until 31 December 2023 to file its Company Tax Return.
5 October 2023
PAYE tax month 5 comes to an end on 5 October 2023.
If you are not already registered for Self Assessment and you will need to submit a Self Assessment tax return for the first time for 2022/23, you will need to register by 5 October 2023. This may be the case if you started a new business as a sole trader or become a partner in a partnership in 2022/23 or if you became a landlord and your income from either source is more than £1,000. You may also need to register if you have other income to declare, such as taxable dividend or savings income. You can register online using the tool on the Gov.uk website.
7 October 2023
VAT-registered businesses must file their VAT return for the quarter to 31 August 2023 online by 7 October 2023 and pay any associated VAT by the same date.
19 October 2023
Employers who pay their PAYE and NIC by cheque must ensure that their payment for month 6 (to 5 October 2023) reaches the Accounts Office by 19 October 2023
While HMRC do operate a three day period of grace for payments received within three days or the due date, it is prudent to post the cheque in sufficient time for it to reach HMRC by 19 October 2023.
If you had a PAYE Settlement Agreement (PSA) in place for 2022/23 and you make your payments by cheque, you will need to ensure that your payment for the tax and Class 1B National Insurance due under your PSA reaches HMRC by 19 October 2023.
22 October 2023
Employers who pay their PAYE and NIC electronically enjoy a later deadline than those who pay by cheque. The deadline for electronic payments is the 22nd of the month. If you pay your PAYE and NIC electronically, you will need to ensure that your payment of PAYE and NIC for month 5 clears HMRC’s account by 22 October 2023.
If you have a PSA in place for 2022/23 and you make your payments electronically, you will need to ensure that your payment for the tax and Class 1B due under your PSA clears HMRC’s account by 22 October 2023.
As 22 October 2023 falls on a Sunday, in reality, you will need to time your payments so that they reach HMRC’s account by Friday 20 October 2023 to ensure that the deadline is met.
31 October 2023
Companies with a 31 October 2022 year end must ensure that they have filed their company tax return by 31 October 2023.
If your company prepared its accounts to 31 January 2023, you will need to ensure that your accounts are filed at Companies House by 31 October 2023.
If you would like to speak to a member of our team about any filing deadlines and October key dates for filing obligations, you can contact us on 020 3697 7147 or you can visit our web chat in the bottom right corner which is manned during office ours and you can leave a message out of hours.
The RPGCC team are always just a click or call away.