Key dates for your business in 2023/24
In partnership with Markel, our tax and law partners, we have put together a list of key dates for your diary. You might like to print the page and keep a copy handy as there are a number of changes to tax, VAT, payroll and statutory rules that may affect your business in 2023, and beyond, which you need to be aware of.
Tax deadlines
Don’t forget, you can contact HMRC for Time to Pay or to set up a payment plan if you’re having difficulties. You have to pay interest if you pay late and potentially penalties, so do this as soon as possible and ideally in advance of the due date.
Key dates for Income tax
31 January | Self-assessment tax return due for 2021/22 tax year if doing online return |
31 January | Balance of any income tax for year 2021/22 is due |
31 January | First payment on account of income tax for year 2022/23 is due |
5 April | 2021/22 income tax year ends |
6 April | 2022/23 income tax year begins |
31 July | Second payment on account of income tax for 2022/23 due |
5 October | Notify HMRC of the potential chargeability to Tax & National Insurance Contributions for the 2022/23 tax year (if new to NIC / self-employment) |
5 October | Notify HMRC if new partner has joined you in the 2022/23 tax year (if applicable) |
31 January 2024 | Self-assessment tax return due for 2022/23 tax year if doing paper return |
Key payroll dates for employers in 2023
6 April | Update employee payroll records for the new tax year |
19 April | 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 | Give a P60 to all employees on your payroll who are working for you on the last day of the tax year |
6 July | Report employee expenses and benefits (P11D) |
19 July | Payment of Class 1A NICs by post; 22 July 2022 if paid electronically |
31 January 2024 | First payment on account of tax for year 2023/24 is due |
Key VAT dates in 2023
1 January | UK VAT returns for periods starting on or after this date fall under the new penalty regime for late returns and/or payments |
Routine VAT deadlines will vary depending on your VAT return period and whether they do quarterly, monthly or annual returns. For example, if your business is on calendar quarters March/June/September/December, VAT return periods would be:
- VAT returns & associated payments are due by 7 May/7 Aug/7 Oct/7 Feb respectively
- Annual adjustments (if a partly exempt trader) are due on either the Mar or Jun returns (so 7 May or 7 Aug)
Does your business need to register for VAT?
Non-VAT registered traders need to monitor their historic 12-month UK taxable turnover at the end of every month to see whether they have exceeded the £85,000 VAT registration threshold (rather than wait until the end of their financial or tax year end).
National Minimum Wage increase
The National Minimum Wage hourly rates are set to increase on 1 April 2023 as follows:
- National Living Wage (23+) to increase from £9.50 to £10.42
- National Minimum Wage (21-22) to increase from £10.18
- National Minimum Wage (18-20) to increase from £6.83 to £7.49
- National Minimum Wage (under 18) to increase from £4.81 to £5.28
- Apprenticeship Wage to increase from £4.81 to £5.28
Statutory rate changes
The following statutory rate increases will apply from April 2023:
- The weekly rate of statutory sick pay (SSP) increases to £109.40 (up from £99.35).
- The weekly rate of statutory maternity pay and maternity allowance, statutory paternity pay, statutory shared parental pay, parental bereavement pay and statutory adoption pay increases to £172.48 (up from £156.66)
- The lower earnings limit remains at £123 per week. To be entitled to these statutory payments, the employee’s average earnings must be equal to or more than the lower earnings limit.
Any questions?
Just Eat Partners have 12 months’ free access to Markel’s in-house solicitors and tax experts for legal and tax telephone advice. You can access these services through the Markel Law Hub.
Open an account
To enjoy access to 12 months free tax and legal advice, all you need to do today is sign up and create an account with Markel.
- Go to Markel Business Hub
- Select ‘Register’
- Enter your details and register with a valid email address
- In the ‘Token or policy number’ box please enter code: HCpNmm8B
- Click ‘Next’ to proceed
- You will receive an email to verify your account
- Once your email is verified, you’re good to go