Key Dates for Small Businesses

If you are a small business these dates below are ones that you should consider:

5th April 2022 – End of the 2021/2022 tax year. Ensure that all accounts are in order and all documents are given to employees         

6th April 2022 – Start of the 2022/2023 tax year.

19th April 2022 – 2021/ 2022 submission deadline for year end payroll

7th May 2022 – Deadline for VAT returns and payments of quarter ending 31st March 2022

31st May 2022 – Issue P60 to all employees on payroll

6th July 2022 –  Online submission of P11D to HMRC, inform HMRC of the total account of Class 1A National Insurance owed on form P11D(b) and make sure you give all employees a copy of the information.

22nd July 2022 – Deadline for monthly electronic remittance of CIS, PAYE and Class 1 A NICs to HMRC

31st July 2022 – Second Payment on Account (POA) for 2021/2022 Income Tax

7th August 2022 – Deadline for VAT returns and payments of quarter ending 30th June 2022

7th November 2022 – Deadline for VAT returns and payments of quarter ending 30th September 2022.

31st December 2022 – Due date for companies with year end 31st December 2021 to file Corporation Tax

1st January 2023 – Deadline of Corporation Tax payment for the period ended 31st March 2022

31st January 2023 – Self Assessment Tax Returns Deadline for tax year ended 5th April 2022 and 2021 – 2022 Capital Gains Tax Balancing payment for tax due 2021/2022 and first payment on account for income tax for 2022/2023

7th February 2023 – Deadline for VAT returns and payments for quarter end 31st December 2022

6th April 2021 – 2023/2034 tax year starts

What happens if you miss these deadlines?

Self Assessment penalties
It’s important to submit your Self Assessment Tax Return on time as you will
have to pay a £100 filing penalty if your tax return is up to 3 months late. If it’s over 3 months you will be charged more. You will incur interest if your payments
are late. If you have a reasonable excuse for late filing or payment you are able
to appeal against the penalty.

Late payment of PAYE and CIS for employers
HMRC will charge interest daily from the date a payment is due and payable to
the date it is paid in full. For PAYE tax, Class 1 NICS, student loan deductions and
CIS payments interest is charged from day 19 of the relevant month/ quarter for
all cheque payments, day 22 of relevant month/quarter for all electronic
payments.

VAT surcharged and penalties.
The surcharges for VAT are dependent on how many times you have been late
paying. Please see table below:

Penalties:
HMRC can charge you a penalty up to:
- 100% if tax is understated or overclaimed due to an inaccurate return
- 30% of an assessment if HMRC sends you one that’s too low and you fail
to tell them its wrong within 30 days
- £400 if you submit a paper VAT return
CIS late filing penalties
The penalty for late filing of CIS is as follows:

For any returns later than 12 months you may be given an additional penalty
which can be up to £3,000 or 100% of the CIS deductions on the return
(whichever is higher).
Corporation Tax Penalty
If your company is liable to Corporation Tax and the HMRC deadlines and
requirements aren’t met then you may face a penalty. If an error is made or you
have done something you should have, if it’s corrected immediately you may not
be charges a penalty or the penalty charged may be less. Please see below the
maximum penalty for each type of failure: