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Important dates tax year 2021/22

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Don’t miss these important deadlines the 2021/22 tax season, ensure you’ve got all of your bookkeeping organised for the year.

MAY 2021

1st – Due date for payment of Corporation Tax for period ended 31st July 2020

3rd – Deadline for submitting P46 for employees whose car/fuel benefits changed during the quarter to 5th April 2021

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 31st March 2021

14th – Due date for Corporation Tax quarterly instalment for large companies with February, May, August or November Year Ends

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

31st – Corporation Tax Returns filed by companies with 31st May 2020 as year end

JUNE 2021

1st – Due date for payment of Corporation Tax for period ended 31st August 2020

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 30th April 2021

14th – Due date for Corporation Tax quarterly instalment for large companies with March, June, September or December Year Ends

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

30th – Corporation Tax Returns filed by companies with 30th June 2020 as year end

JULY 2021

1st – Due date for payment of Corporation Tax for period ended 30th September 2020

5th – Deadline for reaching PAYE Settlement Agreement for 2020/21

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 31st May 2021

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

31st – Second Payment on Account 2020/21 due

31st – Corporation Tax Returns filed by companies with 31st July 2020 as year-end

AUGUST 2021

1st – Due date for payment of Corporation Tax for period ended 31st October 2020

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 30th June 2021

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

31st – Corporation Tax Returns filed by companies with 31st August 2020 as year end

SEPTEMBER 2021

1st – Due date for payment of Corporation Tax for period ended 30th November 2020

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 31st July 2021

14th – Due date for Corporation Tax quarterly instalment for large companies with year end 31st March 2022

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

30th – Corporation Tax Returns filed by companies with 30th September 2020 as year end

OCTOBER 2021

1st – Due date for payment of Corporation Tax for period ended 31st December 2020

5th – Deadline for Self Assessment registration to notify HMRC of Income/Capital Gains Tax for 2020/2021

7th – Deadline for VAT returns and payments of Accounting Quarter period ending 31st August 2021

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

31st – Corporation Tax Returns filed by companies with 31st October 2020 as year-end

31st – Deadline for postal submission of Self Assessment Tax Returns for tax year ended 5th April 2021 to be received by HMRC

NOVEMBER 2021

1st – Due date for payment of Corporation Tax for period ended 31st January 2021

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 30th September 2021

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

30th – Corporation Tax Returns filed by companies with 30th November 2020 as year-end

DECEMBER 2021

1st – Due date for payment of Corporation Tax for period ended 28th February 2021

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 31st October 2021

14th – Due date for Corporation Tax quarterly instalment for large companies with year-end 31st March 2022

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

31st – Due date to file Corporation Tax for companies with 31st December 2020 year-end

JANUARY 2022

1st – Due date for payment of Corporation Tax for period ended 31st March 2021

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 30th November 2021

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

31st – Deadline for filing Self Assessment Tax Returns for tax year ended 5th April 2021 and 2020/2021 Capital Gains Tax

31st – Balancing payment of tax due for 2019-2020 and first Payment on Account for Income Tax for 2021/2022

31st – Due date to file Corporation Tax for companies with 31st January 2021 year-end

FEBRUARY 2022

1st – Due date for payment of Corporation Tax for period ended 30th April 2021

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 31st December 2021

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

28th – Due date to file Corporation Tax for companies with 28th February 2021 year-end

MARCH 2022

1st – Due date for payment of Corporation Tax for period ended 31st May 2021

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 31st January 2022

14th – Due date for Corporation Tax quarterly instalment for large companies with year-end 31st March 2022 and 31st December 2022

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

31st – Corporation Tax Returns filed by companies with 31st March 2021 as year-end

APRIL 2022

1st – Due date for payment of Corporation Tax for period ended 30th June 2021

5th – 2021/2022 Tax Year Ends

6th – 2022/2023 Tax Year Begins

6th – IR35 in the private sector comes into force

30th – Corporation Tax Returns filed by companies with 30th April 2021 as year-end

 

We can help with your bookkeeping needs, find your nearest Rosemary Bookkeeper here for more information on our services.

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Information on Allowable Expenses

When it comes to carrying out your self-assessment, it’s hard to know what can and can’t be included as allowable expenses. Contrary to popular belief, the government want you to succeed in business so will allow you to spend on certain items in your business without having to pay the tax for them.

In general, tax-deductible items will come under the following categories;

  • Travel
  • Office
  • Stock
  • Marketing
  • Legal & Financial

Travel Costs

fuel expenses

Any business-related car or van use may be allowed. Things such as;

  • Vehicle insurance
  • Fuel
  • Hire charges
  • Repairs
  • Servicing and breakdown cover

You are not able to claim these charges for general use such as driving to and from work but if your vehicle is genuinely used for work purposes, these allowances may be available for you.

It can be difficult to calculate your use if your vehicle is used for both personal and business. In this case, refer to the “simplified vehicle expenses” form on the government website where you will find a flat rate for each circumstance.

Under travel, you may also be able to claim for;

  • Train
  • Bus
  • Plane
  • Taxi
  • Hotel rooms
  • Evening meal during a business trip.

If you are taking a trip but it’s for a combination of personal and business, you will need to calculate how much is used for business and only submit that amount as allowable expenses.

Office Costs

postage expenses

There are many items that can be listed under allowable expenses whether you work from premises or your own home. It’s a little more complicated when you work from home which I will explain later.

The type of things you can possibly include are;

  • Stationary
  • Printing costs (including ink)
  • Postage

You can claim for equipment such as computers, printers and software but this may have to be claimed under your capital allowance if you don’t use cash basis accounting.

With regards to your premises, the following may be allowed;

  • Rent
  • Maintenance & repair
  • Utility bills
  • Property insurance & security.

If you work from home, you may be able to claim for a proportion of your utility bills, but you will need to work out what proportion is used for business and what is used personally.

Stock Costs

stock expenses

Your allowable expenses for your stock may include;

  • Stock held
  • Raw materials
  • Costs incurred from producing goods

Marketing Costs

marketing expenses

Most businesses need to budget for marketing costs and this is taken in to account when it comes to allowable expenses. They may cover the following;

  • Newspaper adverts
  • Directory listings
  • Mailshots
  • Free samples
  • Website

You may also be able to claim for certain subscriptions. An example of these would be;

  • Membership to trade bodies or professional membership organisations
  • Subscriptions to trade or professional journals

Legal & Financial Costs

legal expenses

There are some fees that are essential in business and they may be covered under allowable expenses. For example;

  • Accountancy fees
  • Solicitor fees
  • Bank, overdraft and credit card charges (If used for business)
  • Interest on business loans
  • HP interest and leasing payments
  • Business insurance such as Public Liability Insurance

Other items that may be covered are;

  • Uniform or PPI
  • Staffs salaries
  • Bonuses
  • Pension contributions
  • Benefits
  • Agency Fees
  • Employer NI contributions.

This is just a guide and more information can be found on the gov.uk website. The most important thing to remember is that you will always need to prove these expenses so remember to keep a record of all receipts and invoices.

Outsourcing is actually a very realistic option for business owners so don’t be scared. If you’re still not sure, Rosemary Bookkeeping are more than happy to come and do a 1-2-1 health check with you and give you the opportunity to decide for yourself if you think you could benefit with no obligation, contact your local Rosemary Bookkeeper today.

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Rosemary Bookkeeping Checklist

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We’ve put together a bookkeeping checklist for you to follow and make sure you’ve got your books together.

Have a read to learn what is involved for your bookkeeping 👇👇

Bookkeeping Checklist

Bookkeeping Checklist by Rosemary Bookkeeping

Do you want to download the checklist to print it out to stick on your wall? Click here – Download

  1. Enter sales invoices
  2. Enter purchase invoices
  3. Enter cheque payments
  4. Enter bank receipts
  5. Enter petty cash receipts
  6. Reconcile bank accounts
  7. Reconcile credit card accounts
  8. Enter prepayments and accruals journals
  9. Enter depreciation journals
  10. Enter payroll journals (if required)
  11. Enter stock journals (if required)
  12. Run VAT return (if required)
  13. Run aged debtor and aged creditor reports
  14. Run Profit & Loss statement
  15. Run Balance Sheet
  16. Check all reports for accuracy

Confused over this Checklist?

If you’re not confident in your bookkeeping ability then this checklist may just look like a lot of words and not make any sense.

There is no need to worry, that is what we do on a daily basis and we’re always here to help in any way we can.

 

Find your local bookkeeping expert here

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