It’s the beginning of March, perhaps a little early to be the start of Spring, but the evenings are steadily getting lighter and the daffodils are beginning to appear in the hedgerows and gardens.
The last few months of 2022 were certainly memorable, with three different Prime Ministers in office, and while we said a sad farewell to our incredible HM Queen Elizabeth II, we very much look forward to the forthcoming Coronation of HM King Charles III in May, a first for many of us.
Let’s hope that 2023 can be a positive year for us all.
The Spring Budget is scheduled for 15 March. Business leaders are calling on Chancellor Jeremy Hunt to deliver a plan for economic growth ahead of his first Budget. Please click here for further details.
HMRC has reminded families that they can save up to £2,000 per year on their childcare costs using the Tax-Free Childcare (TFC) scheme. Please see the article Tax-Free Childcare in our online Business Factsheet Library, which provides information on the scheme. This can be found in the Savings and Investments folder.
Pension contributions are very tax efficient, but remember, they must be physically paid by 5 April to utilise this year’s allowances. Talk to your IFA for financial advice and guidance.
Dates and Deadlines
Corporation tax payment
Corporation tax payment due for year end 31 May 2022, for those companies not liable to pay their liability by instalments.
Advisory fuel rates
New fuel rates come into force.
Due date for January VAT returns unless exempted.
Spring Budget 2023
Monthly postal PAYE/class 1 NICs/student loan payment
If you pay by cheque through the post, monthly payments due for PAYE, class 1 NICs and student loan deductions from February 2023.
Construction Industry Scheme: monthly return due for period up to 5th of previous month.
Due date for payment of supplementary declarations for February 2023.
Monthly electronic PAYE/class 1 NICs/student loan payment
If paying electronically, pay PAYE, class 1 NICs, student loan deductions and deductions from payments to subcontractors for the month up to the 5th of this month.
Please don’t hesitate to get in touch if there’s anything you need help with.