It can be hard to keep up with all the deadlines regarding you or your business, leaving you feeling a little overwhelmed. Don’t worry, though – we’ve got your back. In this article, we’ll go over everything you need to know about upcoming tax deadlines in the UK in June 2023.

Including the types of taxes you may be responsible for and when those taxes are due. We’ll break it down so you can be prepared and ready to tackle your taxes this month.

So let’s dive in!

June Breakdown

June 1st

Corporation tax due for accounting periods ended 31 August 2022 where not payable in instalments.

As well as this, if you run a business and provide your employees with a company car, HMRC reviews the advisory fuel rates each year to ensure they are up-to-date.

June 7th

It’s time to sort out your VAT return and payments for the month or quarter end April 30th 2023. If you’re registered for Value Added Tax (VAT), it’s important that you get this done on time to avoid any nasty penalties.

So make sure you’ve got all the relevant paperwork ready, like invoices, receipts, and bank account information, before you start.

Once you’re in the swing of it, the process is relatively straightforward.

June 14th

This date sees a number of corporation tax instalment payment deadlines for large companies, depending on when their year-end is.

You may not think this affects you now; however the new associated company rules that came in to force on 1st April 2023 may mean these may soon be dates you need to consider – watch out for our upcoming Blog.

For large companies, the list is as follows:

• Large companies with a year-end of 30 June 2023 – instalment 4
• Large companies with a year-end of 30 September 2023 – instalment 3
• Large companies with a year-end of 31 December 2023 – instalment 2
• Large companies with a year-end of 31 March 2024 – instalment 1

June 19th

PAYE

For the month end of June 5th, 2023, all PAYE, NICs and student loan deductions, as well as CIS deductions not paid electronically, must be paid on time. This may mean you will need to make manual payments.

Dont forget to follow the necessary steps to ensure payment is made correctly and on time.

Delays can incur penalties, so its important that you remain vigilant about this obligation.

The deadline for payment is fast approaching, so act now!

EPS

The deadline for filing your Employer Payment Summary (EPS) is coming up. HMRC can apply a reduction on what you owe them from the Full Payment Submission (FPS).

CIS

Are you ready to file your CIS returns with a month-end of June 5, 2023? Don’t wait until the deadline – get organised now! It’s easy to take care of everything you need to do in a few simple steps. Here’s what you’ll need to do:

• Check that your records are up-to-date, including any subcontractors you’ve had in the last month.
• Gather all of your relevant paperwork and documents that prove how much you’ve paid each subcontractor.
• Calculate the total amount of Construction Industry Scheme deductions due from each subcontractor.
• Submit your CIS return to HMRC before the deadline.

If you have any questions or need assistance with making your payments, please don’t hesitate to reach out. We’re here to help!

June 22nd

As mentioned on our note for June 19th, those with a month end of 5th June must meet the deadline for all PAYE, NICs and student loan deductions, as well as CIS deductions. However, this time, this deadline is for those who pay electronically.

June 30th

Corporation Tax

Time to prepare and submit your corporation tax return if you have an accounting period ending June 30, 2022. This return includes details of profits, expenses and tax payable or repayable for the reporting period. Get ahead now and make sure you’re ready to file on time! You don’t want any nasty late fees.

Don’t forget that the deadline for amending your corporation tax returns for accounting periods ending on June 30th 2021, is coming up fast! So if you need to make any changes, now is the time to do it.

VAT

If you’re using VAT annual accounting with a VAT accounting period that ends on April 30, 2023, then it’s time to get your ducks in a row. Make sure you submit your VAT returns and pay any balancing payments owed so you can stay compliant. Don’t forget to keep records of everything too!

This quarter is the time to include your VAT partial exemption annual adjustments for year-end 31 March 2023 into your returns.

What to expect next month

Next time, we will be focusing on all the deadlines to expect in July, making sure you haven’t missed anything and that you’re in the loop.

If you have any further questions, please don’t hesitate to get in touch.

Email us at info@studholme-bell.com

Or ring us on 01257 241 111