Key accounting dates

Managing deadlines is a valued trait for any business owner and is an important part of your accountancy. A business regardless of size is required to comply with several financial obligations required by the Government, these can change the type of business.

VAT Returns are required by HMRC at the end of every financial quarter and are likely to appear very different from quarter to quarter. In a Post-Covid world, we are likely to see significant VAT rate changes compared to 2019 and before, not remaining updated to these changes can prove problematic for any business. Additionally, the business must account for how much VAT they owe or VAT they can reclaim. These factors can make filing quarterly VAT reports challenging for someone who is inexperienced in accounting.

Businesses must pay Corporation Tax at the end of each Fiscal year. This requires accurate accounting records kept throughout the year as Corporation Tax is not worked out by HMRC but by the business themselves. Incorrect or delayed tax payments can lead to devastating fines for the business. While not all businesses are required to pay Corporation tax, those that don’t are likely to pay a Self-assessment Tax.

 

Self Assessment tax return deadline The first payment on account deadline Beginning of the New tax year! New budget changes come into effect today. This year’s first quarterly VAT return filing deadline Deadline for issuing any employees with their annual P60s Deadline for filing P11D(b) and issuing P11Ds to any employees Deadline for paying Class 1A NIC Second payment on account deadline This year’s second quarterly VAT filing deadline This year’s third quarterly VAT return filing deadline Deadline for filing your company’s annual accounts if your company’s year-end is 31st March

Date	Event
31 December 2021	deadline for the tax to be paid through PAYE
1 January 2022	Corporation Tax payment deadline for 31 March year-end
31 January 2022	Self Assessment tax return deadline
31 January 2022	The first payment on account deadline
6 April 2022	Beginning of the New tax year! New budget changes come into effect today.
7 May 2022	This year’s first quarterly VAT return filing deadline
31 May 2022	Deadline for issuing any employees with their annual P60s
6 July 2022	Deadline for filing P11D(b) and issuing P11Ds to any employees
22 July 2022	Deadline for paying Class 1A NIC
31 July 2022	Second payment on account deadline
7 August 2022	This year’s second quarterly VAT filing deadline
7 November 2022	This year’s third quarterly VAT return filing deadline
31 December 2022	Deadline for filing your company’s annual accounts if your company’s year-end is 31st March

Please note, this is not a comprehensive list and your business may be subject to other deadlines. For a unique insight into your business, Kubed Solutions offers a free 30-minute consultation, for more information, visit www.kubedsolutions.com