It is impossible to ignore the fact that deadlines define life in an accountancy firm, the next big obstacle is always just around the corner. These deadlines are made all the more daunting because there are usually penalties involved in failing to meet them.
We have created a handy printable calendar in an Excel format that includes all the most important tax & accounting deadlines for 2018, as well as highlighting the key filing deadlines in the year.
The main filing deadlines are:
- Company accounts – to be filed at Companies House nine months after the year end (but beware as this is different for the company’s first accounts).
- Confirmation statement – previously known as the annual return, this has to be filed at Companies House on the anniversary of incorporation – this filing date can be changed.
- Corporation tax return – to be filed at HMRC 12 months after the year end. Watch out: to pay the tax nine months after the end of the year the tax calculation, via a tax return, must be completed.
- Corporation tax – payable nine months and one day after the year end.
- PAYE RTI (Real Time Information) returns – to be filed monthly [deadline is more precise – on or before payment date - not just “monthly” – can be weekly or daily if wages are paid weekly or daily]. HMRC often does not use the information in real time and there have been issues with data overwriting.- HMRC is using this data in nearly real time to update taxpayers personal tax accounts, and employers’ business tax accounts.
- Self assessment tax returns – by 31 January for the previous tax year.
- VAT Returns – filed and paid quarterly, one month and seven days after the quarter end. If deadline falls on a weekend or bank holiday, your payment must arrive in HMRC’s bank account on the last working day before it (unless paid by Faster Payments).
- VATMOSS returns – on 20th of Jan, April, July, Oct – payment by same deadline
This calendar was brought to you by Smarty Deadlines. A software-based solution is the best option for modern accountancy firms looking to avoid chaos at the end of each financial cycle. And Deadlines from Smarty Software is a good example of how digitising your time management can pay dividends.
Built in conjunction with finance pros, it is designed to empower entire organisations and allow them to stay on top of various vital deadlines for every client.
Powered by the cloud, this software has the added benefit of being remotely accessible, with regular reminders also sent out via email so that you can get an instant snapshot of where things stand with your clients from week to week. There is even a dedicated smartphone app to deliver full functionality on-the-go, while cutting edge servers are fully protected by the latest security measures.
Automatic alerts are issued to ensure that information on VAT, PAYE, Corporation Tax and other key areas is supplied before it is too late. This will prevent the wheels of progress from grinding to a halt on any project. And since Smarty Deadlines takes minutes to set up, is intuitive to use and can coordinate complex tasks across entire organisations, a lot of outdated practices can be eliminated.
Existing client databases can be imported quickly and securely, removing a lot of the legwork in the early stages. Then when deadlines draw near, all employees will know exactly what needs to be done and how much time is left to do it.
Changing the ethos of an accountancy firm takes time, but in truth it can only go so far in the fight against missed deadlines. On the other hand, the right software can catalyse this shift and deliver tangible improvements that will make life easier for employees while giving clients greater confidence in the organisation as a whole.