When Do My Taxes Need To Be Paid? A Simple Guide
One of the most common questions we hear from business owners is “when do my taxes actually need to be paid?”
The answer depends entirely on how you earn your income. Many people do not struggle with the tax itself. They struggle because they did not plan for when it was due.
Here is a simple breakdown to help you understand the key payment dates and avoid unnecessary stress, interest, and penalties.
Self Assessment Tax Deadlines
Self Assessment applies to sole traders, landlords, and company directors who receive dividends or other income outside PAYE.
The key dates are:
31 January
You must pay the tax owed for the previous tax year. This is also when your first payment on account is due if applicable.31 July
This is the second payment on account, again if applicable.
Payments on account often catch people out. HMRC assumes you will earn a similar amount again the following year and asks you to pay the tax in advance. This can create cash flow pressure if you are not prepared for it.
Limited Company Corporation Tax
Corporation Tax applies to limited companies and is completely separate from your personal tax bill.
Corporation Tax is due 9 months and 1 day after the end of your accounting period.
For example, if your company year end is 31 March, your Corporation Tax must be paid by 1 January.
This payment date often comes before your accounts are finalised, which is why planning and forecasting are so important.
VAT Payment Deadlines
If your business is VAT registered, VAT is usually paid quarterly.
In most cases, VAT is due 1 month and 7 days after the end of each VAT quarter.
If you are on schemes such as Flat Rate or Annual Accounting, the dates can differ slightly, so it is important to check which scheme you are on and what applies to you.
Late VAT payments can trigger interest and penalties under HMRC’s points based system.
Where To Check What You Owe
If you are ever unsure whether you need to pay anything, your first stop should always be your Government Gateway account.
This is where HMRC show:
What they believe you owe
What has already been filed
Upcoming payment deadlines
Make sure all relevant taxes are linked to your account, including Self Assessment, Corporation Tax, PAYE, and VAT. Missing links often lead to missed deadlines.
Planning Matters More Than The Tax Itself
In most cases, tax problems do not arise because the tax is too high. They arise because payment dates were not planned for.
Knowing when tax is due allows you to:
Set money aside gradually
Avoid cash flow shocks
Reduce stress
Prevent interest and penalties
Good planning turns tax from a panic into a predictable process.
The Bottom Line
Tax deadlines vary depending on how you earn your income, but they are all fixed and predictable once you understand them.
If you want help reviewing your tax deadlines, understanding what you owe and when, or putting a plan in place so tax never catches you off guard again, get in touch. We are here to help.
Meet Lewis
Lewis is a professional accountant and founder of Rhombus Accounting. He regularly shares his knowledge and best advice here on his blog and on other channels such as LinkedIn.
Book a call today to learn more about what Lewis and Rhombus Accounting can do for you.
