As we embark on a new year, we’ve compiled the key financial dates that businesses and individuals need to know for the months ahead. Taking note of any financial dates that affect you and your business is important so that no deadlines are missed, and everything is ready and prepared when it needs to be for the smoothest possible financial management in 2023.

1st January 2023

UK VAT returns for periods that start on this date or later will be subject to the new penalty system

31st January 2023 – Online self-assessment tax return deadline

People who file an online self-assessment tax return need to do so for the tax year 6th April 2021– 5th April 2022, by 31st January 2023. The deadline for paper returns was 31st October 2022, so has already passed.

It’s not just the online paperwork that needs to be done by 31st January, however. This is also the date by which any tax (along with national insurance and any student loan repayments) owed from that financial year needs to be paid in full to HMRC. In addition to this, a payment on account will also be needed by the same date – essentially 50% of the expected tax liability for the 2022/23 tax year, based on the figures provided in the tax return just filed. Another payment on account is required later in the year (July 2023).

Leaving self-assessment until the last minute is not advised. Not only can it mean that people are rushed and can make mistakes on their tax return more easily, it also means that if there are any technical glitches or if the online system is slow because so many people are using it, there is no time to play with. Failing to meet this January 31st deadline will mean a late filing penalty fine of £100, which will rise if you delay filing the return longer than three months or if the tax you owe is paid late. 

31st January 2023 is also the deadline for paying any 2021-2022 Capital Gains Tax due.

March 2023 – Budget statement

The financial and political situation in the UK has seen some very unusual scheduling for government statements in 2022, but at the time of writing, there is expected to be the usual annual Budget statement sometime in March 2023. The specific date for this is yet to be announced but there are usually inclusions that affect both individuals and businesses.

1st April 2023 – Minimum wage and statutory rate increases

Affecting many businesses in the UK with employees, the increases for the National Living Wage, National Minimum Wage for all age groups and the Apprenticeship Wage are important to know and prepare for in advance. Statutory sick pay (SSP) weekly rates, along with statutory maternity pay, maternity allowance, statutory paternity pay, statutory shared paternal pay, parental bereavement pay and statutory adoption pay will also see a rise on this date. 

5th April 2023 – End of the tax year

The 2022-2023 tax year ends on this date, which is especially important for the self-employed and many businesses.

6th April 2023 – Start of the new tax year

The 2023-2024 tax year begins on this date, so it’s important that any records that relate to the forthcoming tax year are updated, including employee payroll details. 

31st May 2023 – P60 forms to employees

Not only do HMRC need to be informed about payroll details and any payroll benefits they receive, the employees themselves also need an official document, called a P60, which is due at the end of the month after the tax year ends. 

31st July 2023 – Second payment on account due for self-assessment tax

Those who are self-employed and have filed the previous year’s self-assessment return by 31st January 2023 will need to pay their second and final payment on account on this date. 

5th October 2023 – Self-assessment tax registration

If you are not yet registered with HMRC as being self-employed or needing to submit a self-assessment tax return for the period covering 6th April 2022 – 5th April 2023, you must ensure that you register by 5th October 2023 so that you can start filing returns. 

31st October 2023 – Paper self-assessment tax returns sent by post

For those who file self-assessment returns by post instead of online, this is the date by which they must be submitted. 

Other deadlines – every business is different

There may well be other routine financial deadlines for your business or circumstances, depending on your VAT return period (if applicable) and when your financial year starts and ends. 

Get in touch with us to find out more about how we can help you to stay on top of all your financial deadlines and obligations in 2023 and beyond.

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