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Important bookkeeping dates you need to know this August

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Important bookkeeping dates for your diary for August 2023.

August is a busy month for us bookkeepers, with deadlines abounding everywhere you look.

As a small business owner, you must navigate the next few weeks properly and ensure any payments and returns you must adhere to are in hand.

Here are the essential dates you might need in your diary for the coming month.

3rd August 2023

P46 Submission

This is the final day to submit P46 for employees whose car/fuel benefits changed during the quarter to 5 July 2023

7th August 2023

VAT Returns

VAT returns and payments are due for the Accounting Quarter period ending 30 June.

19th August 2023

Deadline

Deadline for postal PAYE, NICs and CIS payment to HMRC.

22nd August 2023

Deadline

Deadline for electronic remittance of PAYE, NICs and CIS to HMRC.

30th August 2023

Deadline

Deadline for filing of accounts with Companies House for accounting

August 30th, 2023

Tax Return

Corporation Tax returns are due for accounting periods ending 31st August 2022.

30th August 2023

Tax Return

The Corporation tax return is due for payment for accounting periods ending 30th November 2022.

Need help with your bookkeeping?

If this seems like a lot of work to remember, leave your bookkeeping to the professionals.

Entrusting your bookkeeping to Rosemary means:

  • We keep track of your deadlines for you
  • We know when your Tax return needs to be filed by
  • We can keep track of your CIS payments

To learn more about our services and how Rosemary Bookkeeping can help you, find your nearest Rosemary Bookkeeper or call 0345 862 0072 today.

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Important Dates for the New Year: Jan – April 2022

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With 2022 now underway, here is your reminder of some important dates for the rest of this financial year.

January 2022:

January has various important dates to remember.

There are two different monthly deadlines for sending off your payments for CIS, NICs and PAYE to HMRC. The postal deadline is 19th January, and the deadline for electronic payments is 22nd January. These payment dates for CIS, NICs, and PAYE then repeat monthly for the remainder of this financial year.

31st January is an important date to remember for various reasons. It is the deadline for filing your Self-Assessment tax return form for the tax year that ended in April 2021. However, due to the difficulties may have faced as a result of COVID-19, HMRC has waived late fee filing penalties for Self-Assessment Tax Returns.

If you have been unable to file your return by the 31st January deadline you will not receive a fine, permitting that you file online by 28th February. Anyone who cannot pay their Self-Assessment tax by the 31st January deadline will not receive a late payment penalty if they pay tax in full, or set up a Time to Pay arrangement by 1st April. However, interest will be payable from 1st February as usual, so it is still better to pay on time where possible.

January 31st is also the deadline by which you need to have filed your 2020/21 Capital Gains Tax, and if your company has a January 2021 year-end, you will also need to have filed your Corporation Tax by this date. Furthermore, the 31st is the date by which you need to have finalised the balancing payment of tax for 2019-2020, and the first payment of Account for Income Tax for 2021-2022.

February 2022:

The first date to remember in this month is 1st February, as it is the due date for paying Corporation Tax for the period that ended 30th April 2021.

If your business uses vehicles, the deadline for submitting Car P46 for the financial quarter ending 5th January 2022 is 2nd February. Following this, the VAT Tax Return and payments deadline for the accounting quarter period ending 31st December 2021 is 7th February. As with January, the monthly postal and electronic deadlines for the payment of CIS, NICs, and PAYE to HMRC are the 19th and 22nd respectively.

Finally, the due date to file for Corporation Tax for companies with a 28th February 2021 year-end is 28th February. Remember this is also now the final date you can now file your Jan Self-Assessment tax return online without receiving a fine.

March 2022:

1st March is both the new AFR (Advisory Fuel Rates) day for company car users and the due date for the payment of Corporation Tax for the period that ended 31st May 2021.

The 7th of March is the deadline for VAT Returns and payments of the accounting quarter that ended on 31st January 2022. For large companies with the year-end of 31st March 2022 and 31st December 2022, the due date for Corporation Tax quarterly instalments is 14th March.

Following this are the monthly postal and electronic deadlines for the payment of CIS, NICs, and PAYE on the 19th and 22nd of March. The filing date for companies with 31st March 2021 as a year-end round off the month on 31st March.

April 2022:

April is the end of the current 2021/2022 financial year. It begins with the due date for payment of Corporation Tax (for the period that ended 30th June 2021) on the 1st of April.

Then, the current tax year ends on the 5th of April, and the 2022/2023 tax year begins the following day on the 6th of April. Also on the 6th, IR35 comes into force in the private sector.

19th April is a busy day this year. Firstly, automatic interest is charged where PAYE Tax, Class 1 NI, CIS and/or Student Loans are not paid by this date, so make sure you have these paid up to date well in advance. Furthermore, PAYE quarterly payments are also due for small employers for periods 6th January 2021 – 5th April 2021.

19th April is also the deadline for employers’ final PAYE return to be submitted online for 2020/2021.

Finally, on 30th April, corporation Tax Returns need to be filed by companies with 30th April 2021 as a year-end.

Need help with your bookkeeping?

That’s all for the current tax year in 2022.

If all of this seems like a lot of work to remember, you can leave your bookkeeping to the professionals by letting us handle your books for you.

Entrusting your bookkeeping to Rosemary means:

· We keep track of your deadlines for you

· We know when your Tax return needs to be filed by

· We can keep track of your CIS payments

To find out more about our services and find out how Rosemary Bookkeeping can help you, call 0345 862 0072, or find your nearest Rosemary Bookkeeper today.

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Do I really need a Bookkeeper?

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Do I need a bookkeeper? Well, for me at this moment in time, I personally do not, why? Because as I am employed full time and have no other income that I need to account for. But; once upon a time my situation was different. Before I worked where I work now, I like about 5.7 million other people every year made the decision that starting my own business was my next step.

Do I really need a Bookkeeper

I know from experience that starting a business from scratch is not easy, from the practicalities of where do I run my business from? What business bank account should I get or do I even need a business bank account? To, should I be a Limited business? How do I register as a Limited business? And where is my registered address going to be? There is so much to work out, it can be overwhelming for some and possibly ignored by others.

Like many other new business owners I found my feet, made a list and worked my way through all of the things I thought I needed to get my business up and running. I decided I wanted to have a limited business to make sure I kept business and private lives separate. I found three local accountants, did some research and had appointments with them all before deciding which one was best for me, this is important, it is likely that you are going to have a very long relationship with them. I used the accountants address as my registered address because I wanted to keep my business and private life separate, then registered with Companies House… everything was coming together well.

My business got off the ground, we gained clients (the most important part) and the business grew nicely but let’s face it, running a business is a learning curve, we all know (or think we know) what we are good at, taking that to running a business doing it is quite different. There are so many things you find out that you need to be doing, and because you are a micro, small or start-up business we all try to keep costs down to a minimum. Like many other start-up’s and small business owners, I did most if the admin and back office stuff (I am going to call it stuff because well, I am great at what I am great at, it doesn’t make me great at ‘stuff’) myself because that is what I thought was the most cost effective option. – We all like to save money right?

Anyway; my business was growing well and we had our happy clients but after a number of years, I made the decision that I didn’t want to work for myself any longer and one of the main reasons was that I had found myself spending most of my time doing jobs that I didn’t actually want to do, jobs that were not part of what I wanted to do as ‘my’ business. I am pleased to say that my company is still growing nicely and in safe hands with a family member as Managing Director but, I am pleased I stepped away to spend more of my time focussed on doing the jobs that I love.

As part of my current ‘Job’, I work with lots of small and medium sized businesses and have also worked with Rosemary Bookkeeping; as someone that has had a small business, I realise how valuable their services would have been to me as a business owner. I knew I needed an accountant, as was a priority but I did not understand how beneficial it would have been to have someone doing my bookkeeping for me. It never occurred to me that outsourcing some of the admin and day to day ‘stuff’ would have been such a huge benefit to me as a business owner, I just thought I was doing the most cost effective things. If I had known, I would have spent less time doing my bookkeeping and more time on what I love and maybe, just maybe I would have chosen to stay in my business?

The Bookkeeping isn’t the only service that as small business owners we find ourselves tied up doing, there are lots of other things too. Is it time to evaluate how effective and efficient your time is? Would your time be better spent doing something else, like talking to customers, selling your services, creating a bit of artwork or doing whatever it is that you are great. Why not consider outsourcing the rest of it to someone great at it?

So; Do I really need a Bookkeeper? No, I am still employed full time and have no other income that I need to account for, what about you?

What to see how a Rosemary Bookkeeper can help? Have a look here

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Top 10 Excuses For Missing Tax Deadlines

There is no excuse for missing any tax deadlines and unfortunately, HMRC does not accept excuses! However, some of them are quite funny, here is our list of favourite excuses:

Tax Excuses

“I failed to submit my tax return because…”

    1. “My bad back means I can’t go upstairs and that’s where my tax return is!”🚶
    2. “I had a run-in with a cow!”🐮
    3. “I’ve been cruising around the world in my yacht and only picking up post when I’m on dry land!”🛥️
    4. “My tax papers were left in my shed and a rat ate them!”🐀
    5. “My boiler had broken and my fingers were too cold to type!”❄️
    6. “After seeing a volcanic eruption on the news, I couldn’t concentrate on anything else!”🌋
    7. “A pirate stole all of my accounts!”🏴‍☠️
    8. “I was up a mountain in Wales, and I couldn’t find a postbox or get any signal!”🌄
    9. “My dog ate all of the tax returns and all of the reminders!”🐶
    10. “I had an argument with my wife and went to Italy for five years!”🇮🇹

Now for a bonus one, this has got to be our favourite excuse of all time…

“I couldn’t file on time as my partner’s being seeing aliens and won’t allow me to enter the house!”👽

If you find yourselves making up excuses contact us today to help with any tax returns you may have outstanding. Remember excuses like this the HMRC will not take to them kindly at all!

Important Tax Dates

31 January

This is the final deadline for online tax returns unless the notice to make an online tax return was issued by HMRC after 31 October 2019, in which case you have three months from the date of issue. This is also the deadline to pay any tax due for paper and online filers.

1 February

It’s important to be aware that filing your tax return late, or failing to pay the tax you owe on time, will probably mean you face extra penalty fees and interest charges, starting from the very next day!

5 April

This is the end of the tax year and shortly after this date, anyone who is required to file a tax return will receive a notice advising that you must file a tax return for the tax year just ended.

6 April

This is the start of the tax year. Why? Well, that’s a story dating back to 1582, read all about it here!

31 July

This is the deadline for additional payments if you make advanced payments on your account (known as ‘payments on account’) but you don’t want to miss this one – there are penalties if you do!

31 October

This is the deadline for filing a paper tax return, whether you choose to work out how much tax your owe yourself or want HMRC to do it. However, if you receive notice that you must file a tax return after 31 July 2017, you’ll need to send back the completed form within three months of the notice’s date of issue.

 

For all of your bookkeeping needs find your nearest Rosemary Bookkeeper and contact them today.

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