Financial Year 2023-24 Important Dates to Remember

1. Section 1: Tax Year 2023-24 Dates

The tax year 2023-24 runs from 6th April 2023 to 5th April 2024, and there are several important dates to keep in mind for tax submissions, payments and refunds. As the tax year changes, it is essential to ensure that tax codes and payroll software are updated accordingly. Here are some of the important dates to remember for the tax year 2023-24:

• 6th April 2023: Start of the tax year 2023-24
• 31st October 2023: Deadline for paper tax returns
• 31st January 2024: Deadline for online tax returns, and payment of any tax owed
• 31st January 2024: Deadline for self-assessment tax returns for individuals who need to make payments on account
• 5th April 2024: End of the tax year 2023-24

Throughout the year: Make sure to use updated payroll software and tax codes to reflect the new tax year. For self-employed individuals and businesses, there are additional deadlines to keep in mind:

• 31st January 2024: Deadline for payment of the second payment on account for self-employed individuals
• 31st July 2024: Deadline for payment of the balancing payment for self-employed individuals

Missing these deadlines can result in significant penalties, so it is essential to plan ahead and ensure that all tax submissions and payments are made on time.

2. Section 2: PAYE and NI Deadlines

Pay As You Earn (PAYE) and National Insurance (NI) contributions are an essential part of payroll processing, and there are specific deadlines that must be met to avoid penalties for non-compliance. Here are some of the key dates to remember for PAYE and NI contributions:

• 19th of each month: Deadline for payment of PAYE and NI contributions for the previous month (or 22nd if paying electronically)
• 5th April 2024: Deadline for submitting P11D forms for employees who have received benefits in kind during the tax year
• 6th July 2024: Deadline for reporting and paying Class 1A NICs for benefits in kind

Throughout the year: Ensure that payroll software is updated with the correct tax codes and employee details. Late or incorrect submissions and payments can result in penalties from HMRC, so it is crucial to avoid common errors and delays in payroll processing.

Common mistakes include: Entering incorrect employee details or tax codes. Failing to submit reports on time, miscalculating PAYE or NI contributions.

Brain Payroll UK can help automate these processes, reducing the risk of errors and ensuring that all submissions and payments are made on time.

3. Section 3: Pension Contributions Deadlines

Pension contributions are another important aspect of payroll processing, with specific deadlines for both employers and employees. It is essential to keep accurate records and comply with auto-enrolment regulations to avoid penalties for non-compliance. Here are some of the key dates to remember for pension contributions:

• 19th of each month: Deadline for payment of employer pension contributions for the previous month
• 22nd of each month: Deadline for payment of employee pension contributions for the previous month

Throughout the year: Ensure that accurate records are kept and comply with auto-enrolment regulations. Non-compliance with auto-enrolment regulations can result in significant penalties from The Pensions Regulator. It is essential to stay up to date with the latest regulations and ensure that all contributions are made on time.

Brain Payroll UK can help simplify pension administration and ensure compliance with auto-enrolment regulations.

4. Section 4: Other Important Dates

In addition to tax, PAYE, NI, and pension contribution deadlines, there are other important dates to keep in mind during the UK financial year 2023-24. These include:

• Statutory Payments: Employers must provide statutory payments to their employees in certain circumstances. These payments include:
  • Statutory Sick Pay (SSP)
  • Statutory Maternity Pay (SMP)
  • Statutory Paternity Pay (SPP)
  • Statutory Adoption Pay (SAP)

  The deadlines for reporting and paying statutory payments are as follows:

  • SSP - ongoing
  • SMP, SPP, SAP - within 28 days of the end of the relevant pay period

• Student Loan Deductions: Employers must make deductions from their employees' pay for student loans. The deadlines for reporting and paying student loan deductions are:
  • Monthly - by the 19th of each month
  • Quarterly - by the 19th of July, October, January, and April

• Benefits in Kind Reporting: Employers must report any benefits in kind provided to their employees during the tax year. The deadline for reporting benefits in kind is:
  • By 6th July following the end of the tax year

It is important to note that failing to meet these deadlines can result in penalties and interest charges. Therefore, it is crucial to stay on top of these dates and ensure compliance.

Tips for Staying on Top of Important Dates

To avoid missing important deadlines and incurring penalties, here are some tips that can help:

• Use a calendar or a reminder system to keep track of deadlines
• Make sure your payroll software is up to date and can accommodate the new tax year changes
• Familiarize yourself with the requirements for each type of deadline
• Keep accurate records of all payroll transactions and communications with HMRC
• Seek advice from a qualified accountant or payroll provider if you are unsure about any aspect of payroll processing or compliance