As February comes knocking on our door we turn our attentions to the key dates and February deadlines.
There are various tasks that taxpayers must undertake such as filing returns and paying tax all by certain dates. If these deadlines are missed, HMRC may charge late filing and late payment penalties. Interest is also charged on tax paid late.
Key dates and February deadlines
They key dates in February 2024 are 1 February for corporation tax payments, 2 February for filing your P46 (Car), 7 February 2024 for filing VAT returns and paying VAT, 19 February for payment of PAYE and NIC by cheque, 22 February for payment of PAYE and NIC electronically, 29 February for filing corporation tax returns and accounts at Companies House.
This note explains some important tax and February deadlines which must be met in 2024.
1 February 2024
Corporation tax for accounting periods ending on 30 April 2023 must be paid by 1 February 2024. However, a company has until 12 months from the end of the accounting period to file their company tax return, so while the corporation tax for the year to 30 April 2023 must be paid by 1 February 2024, the company has until 30 April 2024 to file its Company Tax Return.
2 February 2024
If you do not payroll company car benefits, you must notify HMRC on form P46 (Car) if, in the quarter to 5 January 2024, you:
• provided a company car to one or more employees;
• stop providing a company car; or
• provide someone with an additional car.
The form can be submitted online (see www.gov.uk/government/publications/paye-car-provided-to-employee-for-private-use-p46car), via your payroll software or through HMRC’s PAYE online service.
If you payroll company car benefits, any changes should be notified to HMRC through Real Time Information on the Full Payment Submission, not on form P46 (Car).
5 February 2024
PAYE tax month 10 comes to an end on 5 February 2024.
7 February 2024
VAT-registered businesses must file their VAT return for the quarter to 31 December 2023 online by 7 February 2024 and pay any associated VAT by the same date.
19 February 2024
If you pay your PAYE and NIC by cheque, you must ensure that your payment for month 9 (to 5 February 2024) reaches the Accounts Office by 19 February 2024.
While HMRC do operate a three day period of grace for payments received within three days or the due date, it is prudent to post the cheque in sufficient time for it to reach HMRC by 19 February 2024, allowing for Christmas post.
22 February 2024
If you pay your PAYE and NIC electronically, you enjoy a later deadline than those who pay by cheque. The deadline for electronic payments is the 22nd of the month. If you have pay electronically, you will need to ensure that your payment of PAYE and NIC for month 9 clears HMRC’s account by 22 February 2024.
29 February 2024
Companies with a 28 February 2023 year end must ensure that they have filed their company tax return by 29 February 2024.
If your company prepared its accounts to 31 May 2023, you will need to ensure that your accounts are filed at Companies House by 28 February 2024.
If you would like to speak to a member of our team about any of the February deadlines, you can contact us on 020 7870 9050.
