Welcome to the April 2023 News Update from Prestige Business Management
April 2023 News Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs.
Key Dates Coming Up
Due date for payment of Corporation Tax – 1 May 2023
for period ended 31 July 2022
P46(car) electronic – 3 May 2023
Quarter to 5 April 2023
VAT return payment – 6 May 2023
month-end or quarter 31 March 2023
VAT return submission and payment – 7 May 2023
(online) for month end or quarter 31 March 2023
PAYE, NIC and CIS payment due – 19 May 2023
(postal) for month end or quarter end 5 May 2023
CIS return due – 19 May 2023
Payments made to contractors in month to 5 May 2023
PAYE, NIC and CIS payment due – 22 May 2023
(electronic) for month end or quarter end 5 May 2023
31 Corporation Tax return – 31 May
For year ended 31 May 2022
Payrolled benefits – 31 May 2023
provide statement to employees of specified information for payrolled benefits
Corporation tax return due – 30 April 2023
for year end 30 April 2022
Issue P60 to employees – 31 May 2023
National Shortage of Accountants
The accountancy profession has faced staff shortages since the effects of the pandemic hit the workforce. While accounting is not unique in facing this challenge, it does show high regional contrast. Fortunately at Prestige Business Management we are thriving and pleased to take on your accounting needs and those of your friends and colleagues. While staff shortages have rocked industries throughout the world, it has become apparent that the UKs recovery from these factors has been more sluggish than our foreign counterparts.
The Three Rs
Review, Refer, Rejoice! We love sharing our best recommendations and you can too. If you love our services, we would be ever so grateful if you could leave us a review. This really helps us to boost our credibility and keep our page looking healthy.
Client Referral Programme
Did you know it pays to refer a friend? If you recommend a friend or colleague with our client referral programme and they sign up to become a client, we will thank you with a £100 cash reward, per referral! All you have to do is recommend us – and make sure they tell us you made the recommendation. We will take care of the rest.
Government Borrowing Lower Than Predicted
Despite spending to support households with rising energy bills and facing higher borrowing costs, the Government has reported that it has spent under the amount predicted, during the last year. Government borrowing is the difference between spending and tax income. The amount borrowed last year equates to 5.5% of the value of the UK’s economy. This represents the highest percentage since 2014 (excluding the anomalous pandemic year/s.) However, the final amount borrowed was lower than the £152bn predicted by the government’s forecaster, the OBR (Office for Budget Responsibility).
Strike Dates in May
Teacher Strikes affecting some schools will take place on 2 May.
Heathrow workers are striking throughout May, on 4 – 6 May, 9 & 10 May and 25 – 27 May.
The Passport Office strike by PCS members continues on 1 – 5 May.
Click our blogs to read more and follow us for updates and breaking news
VAT is one of the most essential components of business tax to get right. It can pose challenges in terms of accounting. It can also affect your profitability. So getting the best tax advice for your small business is about more than simply maintaining compliance with HMRC, it is a fundamental element of managing all small businesses successfully. We know that managing VAT can sound daunting, but it doesn’t have to be! Our comprehensive, free VAT guide has lots of advice and guidance to get you started. Whether you need information on registration, submitting VAT and staying compliant. Or simply some of the common VAT terms explained, it’s all here. Discover if and when your business needs to register for VAT, how to submit your VAT returns to HMRC and how to choose the best VAT scheme for you. This guide also gives you everything you need to know to stay compliant and explains all the common VAT terms in straightforward language, so now you will know if you are getting the best tax advice for your small business. Read in full here.
May Top Tips
There will be an additional bank holiday on Monday 8 May 2023 to celebrate King Charles’ coronation, which takes place two days earlier. With millions preparing to celebrate the forthcoming King’s coronation, it is easy to get tripped up by the bank holidays in May. Here are our top tips for employers.
Open or Close?
As the business owner you can decide whether or not employees have to work on bank holidays. This will depend on your type of business and whether your clients will expect you to trade on a bank holiday. Leisure and hospitality industries may benefit from remaining open while potential customers are given the day off. Whereas corporate firms may struggle to maintain productivity if their closest trading partners are shut for the day.
Outline clearly in your employee’s contract whether they will be expected to work on Bank Holidays and what, if any difference in pay they can expect.
Employers are not obliged to pay staff extra for working on the bank holiday, so it will be up to you to decide. However if you are a business that stands to profit by trading on a bank holiday, a boost in pay for your staff on these dates in a good will gesture can translate into a boost in profitability.
Alternatively you can choose to include bank holidays as part of statutory annual leave. All workers are legally entitled to 5.6 weeks paid holiday per year, which is the equivalent of 28 days. If an employee is part time, they are still entitled to at least 5.6 weeks paid holiday, but this will add up to fewer than 28 days.
Bank holidays in 2023
- Monday 2 January New Year’s Day (*substitute day)
- Friday 7 April Good Friday
- Monday 10 April Easter Monday
- Monday 1 May Early May bank holiday
- Monday 29 May Spring bank holiday
- Monday 28 August Summer bank holiday
- Tuesday 26 December Boxing Day
- Monday 25 December Christmas Day
Use HR software to manage annual leave. This will help to ensure that your employees requests for annual leave to not clash. Remind your team to submit their requests early to ensure their request can be met and allow you time to plan.
Prestige Business Management Works for You
At Prestige Business Management we can help your business understand the best solutions for the success of your business. Find out what we can do for you. Call us today on 0203 773 2927.