We’ve pulled together some useful dates and deadlines for business owners as they navigate 2023. Whilst most dates remain unchanged from one year to the next, a handy reminder is always welcome.
Personal Tax Dates and Deadlines
With Blue Monday out of the way, it does mean we are over halfway through January and the Self-Assessment Tax Return deadline is drawing ever closer. If you are yet to file your return, you must make this a high priority in the coming days.
For personal tax you pay your income tax and National Insurance liabilities in two stages, known as payment on account as follows.
31 January 2023 – remaining balance of any tax for year 2021/22 is due
31 January 2023 - first payment on account of tax for year 2022/23 is due
31 July 2023 – second payment on account of tax for 2022/23 is due
31 January 2024 – balance of any tax for year 2022/23 is due
31 January 2024 – first payment on account of tax for year 2023/24 is due
Anyone experiencing cashflow difficulties can contact HMRC for Time to Pay and set up a payment plan. If this is the case, it is advised you do this as soon as possible. Be mindful that if you make a late payment, you will be required to pay interest.
Company Tax Dates and Deadlines
After the end of its financial year, your limited company must prepare relevant (‘statutory’) annual accounts and a Company Tax Return (CT600).
You need your accounts and tax return to meet deadlines for filing with Companies House and HM Revenue and Customs (HMRC) as follows.
- File annual accounts with Companies House – 9 months after your company’s financial year ends
- Pay Corporation Tax or tell HMRC that your limited company does not owe any – 9 months and 1 day after your ‘accounting period’ for Corporation Tax ends
- File a Company Tax Return to HMRC – 12 months after your accounting period for Corporation Tax ends
It is generally good practice to file your annual accounts and company tax return together along with any tax due to avoid missing deadlines and penalties.
VAT Return Dates and Deadlines
Routine VAT deadlines vary depending on your VAT return period and whether your returns are completed quarterly, monthly, or annually.
For instance, if your business follows calendar quarters March/June/September/December, due dates for VAT return periods would be.
- VAT returns & associated payments are made by 7 May/7 Aug/7 Oct/7 Feb respectively
- Annual adjustments (if a partly exempt trader) are made on either the March or June returns (so 7 May or 7 Aug)
New for 2023, UK VAT returns for periods starting on or after 1 January 2023 will fall under the new penalty regime for late returns and / or payments.
Payroll Dates and Deadlines
If you employ anyone, there are annual payroll and payment deadlines that you must comply with.
6 April 2023 – Update employee payroll records for the new tax year
19 April 2023 – Submit your final Full Payment Summary and Employer payment summary for the year ended 5 April 2022 and pay any tax/NIC due for the year.
31 May 2023 – give a P60 to all employees on your payroll who are working for you on the last day of the tax year
6 July 2023 – reporting of employee expenses and benefits
19 July 2023 – payment of Class 1A NICs by post, 22 July 2023 if paid electronically
Ahead of the new tax year you must take appropriate action to prepare for the increase in the National Living Wage announced in Chancellor’s autumn statement.
Make Note of the Additional Bank Holiday
The Coronation of King Charles III will take place on Saturday 6 May 2023. An additional bank holiday has announced to take place on Monday 8 May 2023.
Get Help with Meeting Deadlines
This is not a definitive list of dates and deadlines, but a general overview and exceptions may apply. If you are someone who finds these aspects of running a business overwhelming and complicated, outsourcing these tasks could be an appropriate solution to consider.
Growing businesses need more from their accountant; as business accountants, analysts and advisors, we help you understand and manage your numbers to drive plans and decision making. If you would like to discuss the ways we can help you and your business, simply call 0800 112 0880 or email [email protected].