Tax Deadline Breakdown- August

August Tax Deadlines

As we dive into August, it’s crucial for businesses to stay on top of their game and stay informed about upcoming tax deadlines. Compliance with ever-evolving regulations is essential so, to help you out, here’s a comprehensive list of tax obligations you should keep in mind this month. Stay ahead of the game and ensure smooth operations, leaving no room for surprises!

August Breakdown

1st August 2023

Corporation tax payment due for accounting periods ending on 31st October 2022, unless payable by instalments. This tax is based on taxable profits during a specific period and is a financial obligation imposed on corporations.

2nd August 2023

Submission of P46 (car) forms for the quarter ending 5th July 2023. Timely submission is crucial, especially if employee benefits haven’t been included in the payroll system. Compliance with this requirement is vital for managing finances effectively.

5th August 2023

Employment intermediary reports due for the quarter ended on 5th July 2023. The deadline for amending employment intermediary reports for the quarter ended on 5th April 2023.

7th August 2023

VAT returns and payments due for the month or quarter ended on 30th June 2023. Ensuring timely submission of VAT returns is essential for smooth financial management.

14th August 2023

Corporation tax instalment payments due for large companies as follows:

  • Year ended 30th April 2023 – instalment 4
  • Year ended 31st July 2023 – instalment 3
  • Year ended 31st October 2023 – instalment 2
  • Year ended 31st January 2024 – instalment 1

Corporation tax instalment payments due for very large companies as follows:

  • Year ended 31st August 2023 – instalment 4
  • Year ended 30th November 2023 – instalment 3
  • Year ended 28th February 2024 – instalment 2
  • Year ended 31st May 2024 – instalment 1

19th August 2023

CIS returns due for the month ended on 5th August 2023. EPS due for the month ended on 5th August 2023, allowing HMRC to apply a reduction on what is owed from FPS. PAYE, NICs, student loan deductions, and CIS deductions should be paid non-electronically for the month ended on 5th August 2023.

22nd August 2023

PAYE, NICs, student loan deductions, and CIS deductions due for the month ended on 5th August 2023, should be paid electronically.

31st August 2023

Corporation tax return due for accounting periods ended on 31st August 2022. Deadline for amending corporation tax returns for accounting periods ended on 31st August 2021. VAT partial exemption annual adjustments for the year ended on 31st May 2023 should be included in this quarter’s returns (if not included in the return for the quarter ended on 31st May 2023). Inheritance tax due for deaths in February 2023.

Staying organised and meeting tax deadlines is crucial for businesses to avoid penalties and maintain financial compliance. Make sure to mark these important dates on your calendar and consult with your accountant for any specific requirements related to your business.

Remember, being proactive in meeting your tax obligations will help you stay on top of your financial game and contribute to your business’s success.

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

Email us at info@studholme-bell.com

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