HMRC have recently announced that from 5 July 2022, the 3.5% interest rate for late payments on main tax returns will be increased to 3.75%.
This has followed the Bank of England’s recent announcement about increasing its base rate from 1.0% to 1.25%.
Other interest rates for repayments and overpayment will remain the same, both set to 0.5%.
Tax returns deadlines
- 31st October – paper tax return submission
- 31st January – Online submission
- 31st January – Tax payment deadline
Please note that businesses with a Self-Assessment tax bill of more than £1,000 are required to make a ‘Payment on Account’ towards their following year’s tax bill.
Learn more about ‘Payment on Account’. (payment on account article will be updated)
If you cannot pay your Self-Assessment bill on time and owe less than £30,000, you can contact HMRC to set up a Time to Pay payment plan.
VAT – Submitted quarterly
One calendar month and 7 days after the end of an accounting period.
- Submit your first accounts to Companies House – 21 months after registering your company on Companies House.
- Submit your annual accounts to Companies House – 9 months after your company’s financial year end.
- Submit and pay – 9 months and one day after the end of your accounting period.
- File your company’s tax return – 12 months after your company’s corporation Tax accounting period, ends.