The UK tax year starts on April 6 and finishes on April 5 the following year.As an employer in the UK, you already have too much on your plate, and the last thing you want to think about is missing a critical financial deadline. Penalties and fines are costly, but they're also time-consuming and distracting. So, we've compiled a detailed list of important dates for this tax year that you need to remember for the 2022-23 financial year.
Save these dates in your tax calendar, and make sure you meet all the deadlines. Set aside more time for what you're good at, growing your business.
When you're a small business owner, every season is tax season. VAT returns, payroll, personal tax returns, and corporate tax filing deadlines are all marked on your calendar by HMRC.
In the Spring Statement, Chancellor Rishi Sunak unveiled a new tax plan met with increased support from Members of Parliament for immediate action on rising living costs. These changes had come into force as soon as the new tax year began, while others were already in effect.
April 6, 2022 – Start of the Tax Year
This is the first day of the new tax year. If you run a business, this is also the day that your new VAT return period and tax year begins. Follow the links to read about significant changes for the 2022/23 tax year, such as the new NLM and NMW rates.
19th April 2022 - Payroll Deadline
You have until April 19th to submit your final PAYE payment for the 2021/2022 tax year ending on April 5th, 2022, to HMRC, indicating that you've completed your last filing for the year.
31st May 2022 - P60
Make sure your employees' files are in good order. By May 31, you must send a P60 to all of your employees. The P60 is their official record of pay and tax deductions for the year.
6 July 2022 - P11D
Employees must submit a P11D form to HMRC by the 6th of July. This is a declaration of all costs and benefits other than tax and insurance payments, such as car allowances or interest-free loans. You'll need to create one of these forms for each person who receives any of these perks.
19th July 2022 - Payment of NI
Any Class 1A National Insurance owed on travel or attendance expenses or benefits for the preceding tax year must be paid to HMRC by the 19th of July if paying by cheque.
22nd July 2022 - Payment of NI Digitally
Any Class 1A National Insurance owing on expenses or benefits for the previous tax year must be paid to HMRC by the 22nd of July if you pay electronically.
31 July 2022 - 2nd Payment on Account
Payments on account are advance tax payments made by self-employed self-assessment individuals twice a year to avoid the cost of the year's tax. They are estimated based on your prior year's tax bill, which is about half of the previous year's tax bill—the deadline for making the second payment on account for the income tax year ending 5 April 2022 is 31st July.
5 October 2022 - Self-Assessment Tax Registration
You must register with HMRC if you have never submitted a Self Assessment tax return or did not file one the previous year. It is necessary to complete it by 5 October following the conclusion of the tax year for which you must submit a return. So, if you wish to submit a return for the 2021/22 tax year, you must do so by 5 October 2022.
31 October 2022 - Paper Self-Assessment (Mid-night)
The second self-assessment deadline of the year falls on 31 October. It is the deadline for paper tax returns. If you want to submit your return offline, you must do so by midnight on this date.
30 December 2022 - Digital Self-Assessment
The final self-assessment deadline of the year falls on 30th December. If you want HMRC to collect tax through your tax code if you owe less than £3,000 you already paid in taxes through the PAYE system; this is the deadline for online tax returns for the 2021/2022 tax year ending 5th April 2022.
31 January 2023 - 1st Payment on Account
Payments on account are advance tax payments made by self-employed self-assessment individuals twice a year to avoid the cost of the year's tax—the deadline for making the first payment on account of tax for the 2022/23 is due on this date.
31 January 2023 - Digital Self-Assessment Return (Mid-night)
The deadline for your online self-assessment tax returns for the 2021/22 tax year must be submitted by this date.
5th April 2023 - End of the 2022/23 Tax Year
This is the final day of the tax year. The final Full Payment Submission (FPS) should be submitted on or before the last payday of the tax year. If you want to pay your employees' benefits for the 2023/24 tax year through payroll, you must register online by 5th April 2023.
Make sure you have everything in order and all your documentation ready to go for the new tax year starting on 6th April 2023.
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