“May Accounting Deadlines Every Business Should Know”

 

As the new tax year begins in April, many businesses assume the pressure eases once the financial year-end has passed. In reality, May is one of the first critical months for compliance, with several important deadlines that can impact cash flow, reporting, and overall financial health. 

 

This blog outlines the key accounting deadlines in May and how JSB Accountants can help clients stay on track. 

 

 

The UK tax year resets on 6 April, marking the beginning of a new financial cycle. However, rather than being a quiet transition period, May quickly brings a series of important obligations. For many businesses, this is the point where preparation in April is tested, as filings and payments begin to fall due. 

 

 

For businesses registered for VAT, one of the earliest deadlines is the submission of VAT returns for the quarter ending 31 March. These are typically due by 7 May, along with any payment owed. 

 

This deadline is particularly important because it directly follows the financial year-end. Businesses must ensure their records are accurate and complete to avoid errors or penalties. JSB Accountants can help clients prepare VAT returns on time and ensure all figures are correct, reducing the risk of fines. 

 

 

Employers must submit PAYE, National Insurance, and any Construction Industry Scheme (CIS) payments for April by 22 May if paying electronically. 

 

Missing this deadline can result in immediate penalties, making it essential for employers to have payroll systems running smoothly and all employee data up to date. With JSB Accountants, businesses can streamline payroll management and meet deadlines effortlessly. 

 

 

Corporation Tax deadlines depend on a company’s accounting period, but for some businesses, payments may fall due in early May. 

 

It is important for clients to understand that Corporation Tax is typically payable nine months and one day after the end of their accounting period. This often catches businesses off guard, as the payment deadline comes before the company tax return is due. JSB Accountants can assist with accurate tax calculations and ensure payments are made on time, avoiding penalties. 

 

 

By 31 May, employers are required to issue P60 forms to all employees who were on the payroll at the end of the tax year. This document summarises total pay and deductions for the year and is essential for employees’ personal tax records. 

 

JSB Accountants can manage P60 preparation and distribution, giving businesses confidence that employee obligations are handled correctly. 

 

 

JSB Accountants is a trusted partner for businesses of all sizes, providing expert guidance on tax, payroll, bookkeeping, and compliance. Their team of experienced professionals ensures that clients meet all financial deadlines accurately and on time, from VAT returns and PAYE submissions to corporation tax payments and P60 preparation. By combining technical expertise with practical advice, JSB Accountants helps businesses manage cash flow, reduce the risk of penalties, and focus on growth with confidence. Whether you need ongoing support or guidance during critical financial periods, JSB Accountants is committed to making accounting simple, efficient, and stress-free. 

 

 

May is best described as a “compliance and cash flow” month. While April focuses on closing the books, May is when businesses must act on that information. 

 

Clients should focus on three key priorities: 

 

 

With JSB Accountants, clients gain expert support to manage these priorities efficiently, ensuring compliance and peace of mind. 

 

 

Although it may not receive as much attention as the January self-assessment deadline, May plays a crucial role in setting the tone for the new tax year. Staying organised and proactive during this month can help businesses avoid unnecessary stress and maintain strong financial control. 

 

By partnering with JSB Accountants, clients can confidently navigate May’s deadlines, ensuring VAT, payroll, corporation tax, and P60 obligations are met on time, accurately, and with minimal hassle.