Spring Budget Report 2023

page 12 BUDGET 15 MARCH 2023 If the due date for payment falls on a weekend or bank holiday, payment must normally be made by the previous working day. Every month 1 Annual corporation tax due for companies (other than large companies) with year ending nine months and a day previously, e.g. tax due 1 July 2023 for year ending 30 September 2022. 14 Quarterly instalment of corporation tax due for large and very large companies (month depends on accounting year end). 19 Pay PAYE/NIC and CIS deductions for period ending 5th of the month if not paying electronically. Submit CIS contractors’ monthly return. 22 PAYE/NIC and CIS deductions paid electronically should have cleared into HMRC bank account. Month end Submit CT600 for year ending 12 months previously. Last day to amend CT600 for year ending 24 months previously. File accounts with Companies House for private companies with year ending nine months previously and for public companies with year ending six months previously. FINANCIAL CALENDAR April 2023 1 New corporation tax rates come into force. Full expensing capital allowances for companies introduced. R&D tax reliefs amended. 5 Last day to submit final Full Payment Submission (FPS) or Employer Payment Summary (EPS) for 2022/23. Final day to register online to ‘payroll’ benefits and expenses in 2023/24. 6 First day of the 2023/24 tax year. Reduced additional and top rate income tax thresholds, dividend allowance and capital gains tax annual exempt amount come into force. Pensions lifetime allowance charge removed and pension annual allowances increased. SEIS personal investment limit rises to £200,000. Start of transitional year for basis period reforms. 14 Due date for CT61 return for quarter to 31 March 2023. 19 Final day to send a late FPS for 2022/23. A penalty will usually be charged. 23 Interest accrues on employers’ unpaid PAYE and NIC for 2022/23 (20th if not paying electronically). 30 IHT due on lifetime transfers between 6 April and 30 September 2022. (IHT on other transfers payable six months after the end of the month in which the transfer or death occurred.) May 2023 1 Start of daily £10 penalty where the 2021/22 tax return has not been filed (charged for up to 90 days). 3 Submit employer forms P46 (car) for quarter to 5 April 2023 (5 April if notifying electronically). 31 Last day to issue 2022/23 P60s to employees. July 2023 5 Last date to agree a 2022/23 PAYE Settlement Agreement (PSA) with HMRC. 6 Deadline for employers to make returns of expenses and benefits (forms P11D and P11D (b)) for 2022/23 to HMRC and provide copies to employees. 6 Deadline for online filing of 2022/23 returns for all employee share schemes, with online registration by this date (unless a reasonable excuse) for new schemes set up during 2022/23. 14 Due date for CT61 return for quarter to 30 June 2023. 22 Pay Class 1A NICs (19 July if not paying electronically). 31 Confirm tax credit claims for 2022/23 and renewal for 2023/24. 31 Make second payment on account for 2022/23 income tax and Class 4 NIC. August 2023 1 Penalty of 5% of the tax due or £300, whichever is the greater, where the 2021/22 tax return has not been filed. 2 Submit employer forms P46 (car) for quarter to 5 July 2023. 2 Second 5% penalty imposed on 2021/22 tax still unpaid on 2 August. October 2023 5 Deadline to register for self-assessment for 2022/23. 14 Due date for CT61 return for quarter to 30 September 2023. 22 Pay tax and Class 1B NIC on PSAs (19th if not paying electronically). 31 Deadline for 2022/23 tax return if filed on paper. November 2023 2 Submit employer forms P46 (car) for quarter to 5 October 2023. December 2023 30 Deadline to submit 2022/23 tax return online to have underpaid PAYE tax collected through the 2024/25 tax code. January 2024 14 Due date for CT61 return for quarter to 31 December 2023. 31 Submit 2022/23 self-assessment tax return online. Pay balance of 2022/23 income tax and Class 4 NIC, all of Class 2 NIC and balance of CGT, plus first payment on account for 2023/24 income tax and Class 4 NIC. February 2024 1 Initial penalty imposed where the 2022/23 tax return has not been filed or has been filed on paper after 31 October 2023. 1 Penalty of 5% of the tax due or £300, whichever is the greater, where the 2021/22 tax return has not been filed. 2 Submit employer forms P46 (car) for quarter to 5 January 2024. 2 Third 5% penalty imposed on 2021/22 tax still unpaid on 2 February. March 2024 1 Last day to pay 2022/23 tax to avoid automatic 5% penalty. 2 First 5% penalty imposed on 2022/23 tax unpaid on 2 March. 31 Last few days to use any pension, CGT and IHT annual allowances and exemptions and to invest in an ISA in 2023/24.

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