Key accounting dates for limited company contractors

Independent Contractor Services
Free IR35 & Contractor Tax Review
Call free 0844 259 0025 | Email

Key accounting dates for limited company contractors

Posted Nov 16, 2011

The table below highlights some of the key dates to look out for when returning paperwork and paying tax liabilities to HMRC.

Your accountant will usually be tasked with ensuring your company meets its statutory obligations, however it is ultimately up to the company directors to ensure that all paperwork is completed, and any tax liabilities settled on time.

Some dates, such as the due-date for your VAT quarterly returns will be unique to your own company, so they are not listed here.

Your company annual accounts, and tax deadlines are also predetermined by your company formation date (with some exceptions). Corporation tax is payable 9 months and one day after your company year end.

Tax Deadlines

Date	Details
6th April	First day of the tax year.
19th May	Deadline for filing the Employer Annual Return (P35 and P14s).
31st May	Latest date to provide P60 to each of your employees if you have any (for previous tax year).
6th July	Where relevant, forms P11D, P11D(b) and P9D to be returned to HMRC. Forms P11D and P9D to be issued to all relevant employees.
19th July	Class 1A NIC Payment for previous tax year to reach HMRC.
31st July	2nd Personal Tax Payment on Account to be made (if relevant).
31st October	Personal Tax Return (to 5th April) to be submitted to HMRC if you want them to work out your tax liability for you.
31st January	1st payment on account to be made (if relevant). Balancing payment for previous tax year. Capital Gains Tax Payment. Final filing date for previous tax year's personal tax return (£100 penalty applied if return is made later than this date).

Regular Deadlines

Date	Details
19th of Each Month (22nd if paying electronically)	PAYE/NIC payment for previous month's salary (or quarter if paying quarterly) to reach the HMRC Accounts Office. Exact dates vary due to weekends/bank holidays - see here.

You should always seek advice, or check with your accountant before filing tax documentation, especially for the first time.

All content ©Contract Eye Ltd. Protected by Copyscape. Please scroll down for related articles.

Contractor Services

Professional Indemnity Insurance - Essential cover from Hiscox
The fair umbrella company - take home more pay with paraplus
InTouch Contractor Accounting - specialist online service & great advice
Parasol - the UK's favourite umbrella company
Contract Experts - ClearSky Accounting on 08000 325 326
Helix Management Ltd - Up to 90% retention. Same day payments.
Umbrella Company - 12,000 contractors can't be wrong!
Together we're stronger! - Join PCG, representing contractors
Cloud 9 Group - Umbrella Solutions only £27.50 per week
Qdos - IR35 experts - Providers of low cost contractor insurance
K & B Accountancy Group - Fixed fee contractor accounting only £75pm
Free IR35 & Tax Review - Call ICS on 0800 195 3750
Contractor Mortgages - the best deals, based on your contract rate alone!

Contractors set to pay more tax when dissolving a company, as ESC C16 changes are enacted
Changes to the ESC C16 rules have now been enacted by the Commons, meaning that contractors closing their limited companies will have to pay more tax when making a final distribution from 1st March 2012.

Dividends - how often should I take them, and when are they actually taxed?
We explore two of the questions most often asked by limited company contractors - involving the timing, and tax point of dividend declarations.

Self assessment on limited company dividend income
A contractor recently sent in an question asking whether or not his wife needs to register to fill in a tax return, even though no tax will be payable on her dividend income.

Contractors should be aware of changes to (ESC) C16 rules from March 2012
HMRC has announced that changes are to be made to the tax treatment of shareholder distributions when a limited company is wound up.

How much should limited company contractors set aside for income tax?
If you are a limited company director, how much money should you put aside to settle your personal tax bill each year?

Common sense self assessment tips for contractors
Some useful personal tax return tips for contractors to ensure you complete your self assessment form accurately and on time.

Can you reclaim the cost of home broadband from your limited company?
In the latest of our series on limited company expenses, we look at tax treatment of broadband installed at home.

Christmas party expenses guidelines for contractors
Although most contractors work as one or two-man limited companies, with no other employees, you are allowed to claim back the costs of an annual party for your staff, as long as you follow the HMRC guidelines carefully.

Can I buy health insurance or gym membership via my limited company
What are the tax implications of paying for health insurance or gym membership via your limited company?

Key accounting dates for limited company contractors
Some of the key accounting dates for limited company contractors, including PAYE/NIC and self assessment deadlines.

Tax guide for limited company contractors
When you start to contract via your own company, you will be liable for a number of business taxes, in addition to the individual taxes you will already be familiar with when you had a permanent job.

What is the Flat Rate VAT Scheme? An overview for IT contractors
An overview of the Flat Rate VAT Scheme, and how it could be advantageous for some limited company contractors.

New HMRC self assessment tax return penalties revealed
HMRC has introduced a new range of penalties for late tax return submissions and payments.

Limited company dividends - how much tax to pay?
If you are a limited company shareholder, how do you calculate the personal tax payable on dividends you receive?

BN66 - an overview of the offshore tax avoidance rules
In March 2008, the Chancellor announced a crackdown on the 'abuse' of loopholes in the double taxation treaties which exist between the UK and other countries. An overview of BN66 in light of the recent Huitson/Montpelier High Court case.