What are the filing deadlines and what happens if I am late?

VAT Returns

VAT Returns must be submitted and paid one month and 7 days after the end of the VAT quarter. For example, the deadline for the VAT Period 1st April – 30th June will be 7th August. Payments must be made electronically. If you set up a direct debit with HMRC to pay your VAT liability it will automatically be collected around one month and 10 days after the end of the VAT quarter.

If you are late submitting your VAT return or paying the liability you may receive a penalty. This is a percentage of VAT owed to HMRC. The percentage amount depends on how many times you have either filed a return late or made a late payment in a 12-month period. You will not receive a penalty the first time you are late.

Self Assessment

The deadline for filing and paying a self assessment tax return is 31st January after the tax year has ended, so for the tax year end 5th April 2022 the deadline would be 31st January 2023.

Paper tax returns have an earlier deadline of 31st October after the tax year has ended.

If your tax liability, excluding Class 2 National Insurance, is over £1,000, you are required to make two payments on account towards the following year’s tax liability. These payments are due by 31st January and 31st July each year.

If you are late submitting your tax return the penalties are:

  • 1 day late – £100
  • Up to 3 months late – a further £10 per day, capped at 90 days
  • 6 months late – an additional £300 or 5% of the tax due, whichever is higher
  • 12 months late – a further £300 or 5% of the tax due, whichever is higher.
  • In the most serious cases you may be fined 100% of the tax due.

You will also have interest charged on any late payments made.

If a partnership tax return is not submitted on time, each partner will be issued with a fine in line with those listed above, plus an additional fine for the partnership return itself.

Limited Company Accounts

The deadline for a limited company to submit abridged accounts to Companies House is 9 months after the accounting period end date.  

You will also have 9 months after the accounting period end date to pay any Corporation Tax due to HMRC or to notify them that no tax is due, but 12 months to submit the company’s Corporation Tax return to HMRC.

The penalties for late filing can be severe.

If the company accounts are filed late at Companies House, the following fines will apply:

  • Up to 1 month late – £150
  • 1 – 3 months late – £375
  • 3 – 6 months late – £750
  • More than 6 months late – £1,500

If your accounts are late two years in a row the penalties will double.

If the company does not file its Company Tax Return on time, the following fines will apply:

  • 1 day late – £100
  • 3 months late – a further £100
  • 6 months late – an additional penalty of 10% of the unpaid tax as estimated by HMRC
  • 12 months late – a further penalty of 10% of the unpaid tax

If your Company Tax Return is late three times in a row, the £100 penalties are increased to £500 each.

PAYE and P11Ds

You must submit a Full Payment Submission (FPS) to HMRC on or before the date you pay any employees.

If you do not send the submission on time, you may be fined depending on the number of employees you have.

  • 1 to 9 employees – £100
  • 10 to 49 employees – £200
  • 50 to 249 employees – £300
  • 250 or more employees – £400

If you pay your PAYE monthly, your payment needs to be received by HMRC by the 22nd of the month following the end of the tax month. For example, for the period 6th April – 5th May HMRC will need to have received payment by 22nd May.

If paying quarterly the deadline is the 22nd after the end of the quarter. For example, for the period 6th April – 5th July the payment would be due by 22nd July.

If paying HMRC by cheque the deadline is shortened to the 19th of the month.

If you do not pay your PAYE on time, HMRC will issue penalties as a percentage of your liability dependant on the number of times you have been late paying in the tax year:

  • 1 to 3 defaults – 1%
  • 4 to 6 defaults – 2%
  • 7 to 9 defaults – 3%
  • 10 or more defaults – 4%

You will also be charged interest daily on any unpaid amounts. Further penalties of 5% of the unpaid amounts will be applied after 6 months and 12 months.

You will need to report any benefits in kind provided to your employees on form P11D and the corresponding National Insurance due on form P11D(b) by 6th July following the end of the tax year.

You must pay the Class 1A National Insurance to HMRC by the 22nd July, or 19th July if paying by cheque.

You will receive a penalty of £100 per 50 employees for each month or part month that your P11D(b) is late. You will also be charged penalties in line with those above and interest if you are late paying the Class 1A National Insurance.

Whatever the tax and deadline concerned, we can help ensure that your submissions and payments are always made on time.