Crunch Time: Why Your Business Should File with HMRC Now
As the new tax year rolls in, UK business owners are facing a looming deadline that could cost them a hefty £400 penalty if they slip up. It’s not just about avoiding the fine—there’s also the risk of interest piling up if payments are overdue.
Key Deadlines
- April 19 – Submit the Final Full Payment Submission (FPS). This tells HMRC what you finally paid your employees and confirms that all income and deductions are correctly reported.
- April 22 – Pay any outstanding PAYE and Class 1 NIC contributions to HMRC’s bank account.
What Happens If You Miss The Mark?
Missing either of these dates can trigger penalties that climb up to £400, plus interest on unpaid amounts. For SMEs, those extra costs can be a serious blow.
Joe Phelan’s Straight‑Ahead Advice
“Don’t leave it to the last minute,” says Joe Phelan, a money.co.uk savings expert. “Make sure you have a clear picture of all PAYE and NIC obligations, and that your payroll data—employee details, pay, deductions, taxes—are spot‑on. You can find the complete list of requirements on the government’s website.”
Keep Your Finances in Check
Before the FPS deadline, double‑check that you’re not misreporting wages or deductions. A mistaken entry can cost more than a late submission. Once you know the exact amount owed, review your cash flow and reserves to confirm you’re set to cover the payment.
Don’t Compromise Accuracy for Speed
Submitting something too quickly can backfire. If an error slips through, correct it straight away and alert HMRC—that way you’re less likely to be hit with a hefty fine.
Plan Ahead for Next Year
Set up a calendar reminder, or an email alert, as these dates approach. Staying on top of deadlines keeps your business running smoothly and saves you the hassle of scrambling at the eleventh hour.
Take It One Step at a Time
There’s still time. Prioritise getting your paperwork in order now, and you’ll be set to roll it into next year’s finances with ease.
Stay sharp, get a system you like, and keep your taxes on track—your business (and your wallet) will thank you.
