As we approach the latter half of 2024, it’s crucial to stay on top of your tax deadlines to avoid any penalties or interest from HMRC. Below is a detailed list of the important tax dates coming up in September and October, along with additional information to help you understand what’s due and ensure you’re fully compliant.
1 September 2024: Corporation Tax Due
Corporation tax is due for companies whose accounting period ended on 30 November 2023, unless you’re paying by quarterly instalments. Businesses need to ensure that they’ve accurately calculated their tax liability and submitted their payment on time to avoid late payment interest or penalties.
If your company is subject to the quarterly instalment payment regime (typically for larger companies), you’ll need to ensure your instalments are up to date for the period in question.
19 September 2024: PAYE & NICs, and CIS Returns and Payments Due
For employers and contractors, this is the deadline for PAYE (Pay As You Earn) and National Insurance Contributions (NICs) deductions for the period ending 5 September 2024. Construction Industry Scheme (CIS) returns and payments are also due by this date.
If you pay electronically, you have a slight extension until 22 September 2024, so be sure to set up payments in good time to take advantage of the extra days. Late payments or filings could lead to interest and penalties, so it’s essential to stay organised and ensure your payroll systems are accurate.
1 October 2024: Corporation Tax Due
Corporation tax for companies with an accounting period ending 31 December 2023 is due by this date unless quarterly instalments apply. As with the earlier corporation tax deadline, it’s important to review your tax liability, ensure accurate reporting, and submit payments promptly.
For companies paying by instalments, double-check that all required payments have been made for this period to avoid any shortfall.
5 October 2024: Self-Assessment Notification Deadline
This is a key date for individuals who are not already within the Self-Assessment system but have received income or gains on which tax is due for the 2023/24 tax year. By 5 October, you must notify HMRC of your chargeability to tax if you have not yet been issued a Self-Assessment tax return.
This is especially important for those who may have received rental income, dividends, capital gains, or other sources of untaxed income. Failure to notify HMRC by this date could result in penalties and interest on unpaid tax.
19 October 2024: PAYE & NICs, and CIS Returns and Payments Due
Employers and contractors should note that this is the deadline for PAYE and NIC deductions, as well as CIS returns and payments, for the period ending 5 October 2024. Similar to the September deadline, those paying electronically have until 22 October 2024 to file and pay.
Late filings or payments could incur penalties, so it’s a good idea to ensure your payroll systems are operating smoothly, and all returns are submitted on time.
Need Help Staying on Top of Your Tax Obligations?
Managing multiple tax deadlines can be overwhelming, especially when dealing with corporation tax, payroll, or Self-Assessment notifications. A&C Chartered Accountants are here to help you stay compliant, minimise stress, and ensure all your tax affairs are in order. Whether you need help with corporation tax calculations, PAYE filings, or advice on reporting income to HMRC, our expert team is on hand to guide you through the process.
Reach out to us today to ensure you don’t miss any key deadlines, and keep your business running smoothly.
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At A&C Chartered Accountants, we’re not just accountants; we’re your partners in success. Based in Manchester, our experienced team handles everything from managing limited company and sole trader accounts to expertly navigating tax returns. Beyond financials, we play a crucial role in driving your business’s growth, strategically steering it towards success with confidence and clarity.
