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  • Key Accounting and Tax Dates For 2023/24

Key accounting and tax dates for 2023/24

April

1st April:
  • The main rate of corporation tax rises to 25% and associated company rules apply to determine which companies pay CT at the lower rate of 19%, or benefit from marginal relief.
5th April:
  • Last opportunity to utilise tax personal allowances, annual ISA allowances and exemptions for CGT and IHT for 2022/23.
  • Last day to pay voluntary Class 2 or Class 3 NIC for 2016/17, or to claim exemption from Class 4 NIC for 2022/23 where earnings are also subject to Class 1 NIC.
  • Last day for claims from 2018/19 relating to personal allowances, remittance basis, terminal loss relief, overlap relief carry-forward of trading losses and capital losses.
  • Last day to claim an asset has become of negligible value or loan to a trader became unrecoverable in 2020/21.
6th April:
  • Beginning of the 2023/24 tax year. Annual tax rates or allowance changes typically come into effect on this day.
19th April:
  • Employers must make a final RTI payroll report for 2022/23 using FPS or EPS.
30th April:
  • Daily £10 late filing penalties start to apply to outstanding 2020/21 self assessment returns.
  • Payment of IHT on lifetime transfers between 6th April and 30th September 2021 is due by this date.
  • ATED returns and ATED relief declarations must be filed for 2023/24. The ATED charge must be paid for 2023/24. Deadline for amending ATED returns for 2022/23.

May

3rd May:
  • Employers must submit Form P46 (Car) to report new cars provided during the quarter to 5th April 2023.
5th May:
  • Last day for a 2023/24  tax credits claim to be backdated to 6th April 2023.
31st May:
  • Employers must provide a 2022/23 form P60 to employees who they employed at 5th April 2023
  • FATCA returns due for year ending 31st December 2022.
  • Returns under the Crown Dependencies and Overseas Territories reporting rules due for year ending 31st December 2022.

July

5th July:
  • PAYE Settlement Agreements (PSAs) for 2022/23 must be agreed with HMRC.
  • Letting agents acting for non-resident landlords must make a return of the rents paid to landlords and tax deducted in 2022/23 (form NRLY). If no letting agent is acting the tenant must make the return.
6th July:
  • Employers to submit forms P11D and returns of Class 1A NICs (forms P11D(b)) to HMRC for 2022/23.
  • Employers must supply relevant employees with P11D information for 2022/23.
  • Annual returns for reporting events relating to all employee share schemes in 2022/23 must be submitted through ERS.
7th July:
  • Return must be made of non-cash benefits provided in 2022/23 to retired employees under employer-financed retirement benefits scheme.
19th July:
  • Second payment on account of self-assessed income tax and Class 4 NIC for 2022/23 due.
  • Tax credit claims for 2022/23 must be confirmed and renewed for 2023/24 if required.
  • Where a pension scheme annual allowance charge of over £2,000 is due for 2022/23 the pension scheme member must inform the scheme administrator if they want the scheme to pay that charge from their pension benefits.
31st July:
  • Second payment on account of self-assessed income tax and Class 4 NIC for 2022/23 due.
  • Tax credit claims for 2022/23 must be confirmed and renewed for 2023/24 if required.
  • Where a pension scheme annual allowance charge of over £2,000 is due for 2022/23 the pension scheme member must inform the scheme administrator if they want the scheme to pay that charge from their pension benefits.

August

1st August:
  • Individual taxpayers who have not paid their remaining tax liabilities for 2022/23 face a further 5% penalty, in addition to the 5% penalty suffered on amounts outstanding at 1st March 2023.
2nd August:
  • Employers must submit Form P46 (Car) if appropriate to report new cars provided during the quarter ending 5th July 2023.
31st August:
  • If HMRC has not issued a notice to file a 2022/23 income tax self assessment return by this date, the normal submission deadline of 31st October is extended to two months after the date on which the notice to file the tax return is issued.

October

5th October:
  • Any person chargeable to income tax or CGT for 2022/23 who has not received a notice to file a self  assessment return must notify HMRC of the need to declare income or gains by this date.
6th October:
  • Pension administrators must provide scheme members with a savings statement if their pension inputs to the scheme in 2022/23 exceed the annual allowance.
15th October:
  • Last day for a person to submit a US tax return for 2022 if they have obtained a filing extension.
19th October:
  • Deadline for non-electronic payments of tax and NI due under PAYE settlements agreements (PSAs) for 2022/23 to reach HMRC Accounts Office. The due date is extended to 22nd October 2023 for payments made by an approved electronic payment method.
31st October:
  • Paper income tax self assessment returns for 2022/23 must be filed for individuals, trustees and partnerships which include one or more individuals if the taxpayer’s circumstances do not fall within one of the exclusions.
  • If HMRC has not already issued a notice to file a 2022/23 self assessment income tax return, the return must be filed within three months from the date of the notice, whether the return is electronic or paper.
  • An individual who submits a paper self assessment return for 20/22/23 must do so by 31st October 2023 if they wish to HMRC to collect the tax due through their future PAYE code.

November

2nd November:
  • Employers must submit Form P46 (Car) to report cars first provided during the quarter ending 5th October 2023.

December

30th December:
  • Last day for a person to submit an electronic self assessment return for 2022/23 if they wish HMRC to collect the tax due through their future PAYE code where the taxpayer owes less than £3,000.

January

31st January:
  • Online Self Assessment tax returns deadline.