How to prepare for the 2023 tax year end

How to prepare for the 2023 tax year end

When running a business, there are many different dates and pieces of information that you need to be aware of and have in mind throughout the year. Unfortunately, running a business isn’t as straightforward as we’d often like it to be. You need to be on top of the latest HMRC guidelines and deadlines in order to comply with tax regulations and avoid any penalties. Here’s where we are here to help – we’ve put together a list of all the key information and dates you need to be aware of this tax year.  

Thresholds and allowances for 22/23 tax year

PAYE tax rates and thresholds

  • Employee Personal Allowance: £12,570
  • Basic Rate Tax Band: 20% on income between £12,571 and £50,270
  • Higher Rate Tax Band: 40% on income between £50,271 and £150,000
  • Additional Rate Tax Band: 45% on income above £150,000

National Insurance Contributions

National Minimum Wage and National Living Wage

  • For employees aged 23 and above, the minimum hourly rate is £9.50
  • For employees aged 21 or 22, the minimum hourly rate is £9.18
  • For employees aged between 18 and 20, the minimum hourly rate is £6.83
  • For employees under 18 years old but above compulsory school leaving age, the minimum hourly rate is £4.81
  • For apprentices of all ages, the minimum hourly rate is £4.81

Key dates for the 2022/2023 tax year

There are many dates that you need to be aware of throughout the year, no matter the nature of your business. We have broken them down into categories to help you prioritise the ones that you need to put in your calendar. 

Self-assessment tax return dates

  • 6th April 2022 – 2022/2023 tax year begins
  • 31st July 2022 – Second Payment on Account (POA) for Income Tax for 2021/22
  • 5th October 2022 – Deadline for Self Assessment registration to notify chargeability of Income Tax/Capital Gains Tax for 2021/22
  • 19th October 2022 – Deadline for postal payments of CIS, Class 1 B NICs and PAYE to HMRC
  • 22nd October 2022 – Deadline for electronic remittance of CIS, Class 1 B NICs and PAYE to HMRC
  • 31st October 2022 – Deadline for postal submission of Self Assessment tax returns for tax year ended 5 April 2022 to be received by HMRC
  • 30th December 2022 – Deadline for online submission of Self Assessment tax returns for tax year ended 5 April 2022
  • 31st December 2022 – Due date to file company accounts with Companies House for limited companies with 31 March 2022 year end
  • 31st January 2023 – Deadline for filing Self Assessment Tax Returns for tax year ended 5 April 2022 and 2021/22 Capital Gains Tax. Balancing payment of tax due for 2021/22 and first Payment on Account for Income Tax for 2022/23.
  • 5th April 2023 – 2022/2023 tax year ends

Deadlines for submitting VAT returns

  • 7 April 2022 – Deadline for VAT returns and payments of Accounting Quarter period ending 28 February 2022
  • 7 May 2022 – Deadline for VAT returns and payments of Accounting Quarter period ending 31 March 2022
  • 7 June 2022 – Deadline for VAT returns and payment Accounting Quarter period ending 30 April 2022 if filed online
  • 7 July 2022 – Deadline for VAT returns and payments of Accounting Quarter period ending 31 May 2022
  • 7 August 2022 – Deadline for VAT returns and payments of Accounting Quarter period ending 30 June 2022
  • 7 September 2022 – Deadline for VAT returns and payments of Accounting Quarter period ending 31 July 2022
  • 7 October 2022 – Deadline for VAT returns and payments of Accounting Quarter period ending 31 August 2022
  • 7 November 2022 – Deadline for VAT returns and payments of Accounting Quarter period ending 30 September 2022
  • 7 December 2022 – Deadline for VAT returns and payments of Accounting Quarter period ending 31 October 2022
  • 7 January 2023 – Deadline for VAT returns and payments of Accounting Quarter period ending 30 November 2022
  • 7 February 2023 – Deadline for VAT returns and payments of Accounting Quarter period ending 31 December 2022
  • 7 March 2023 – Deadline for VAT returns and payments of Accounting Quarter period ending 31 January 2023

As a team of accountants, we aren’t just here to fill out your paperwork for you. We are here to offer advice, support and guidance through a whole range of processes. If you’re not sure about what you need to do throughout the year to prepare for the year end, please get in touch with us by emailing [email protected]