March 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 April 2023
for period ended 30 June 2022
P46(car) electronic – 2 April 2023
Quarter to 5 April 2023
Deadline to pay national insurance – 5 April 2023
for voluntary class 2 or Class 3 for 2016-17
Tax year: 2022-23 tax year ends – 5 April 2023
Tax year: 2023-24 tax year begins – 6 April 2023
VAT return submission and payment – 7 April 2023
(online) for month end or quarter 28 February 2023
PAYE, NIC and CIS payment due – 19 April 2023
(postal) for month end or quarter end 5 April 2023
CIS return due – 19 April 2023
Payments made to contractors in month to 5 April 2023
PAYE, NIC and CIS payment due – 22 April 2023
(electronic) for month end or quarter end 5 April 2023
Plastic packaging tax return and payment due – 28 April 2023
for quarter end 31 March 2023
Corporation tax return due – 30 April 2023
for year end 30 April 2022
Annual tax on enveloped dwellings (AETD) return and payment due – 30 April 2023
for properties within the scope of AETD on 1 April 2023
Non resident landlord scheme payment of tax – 30 April 2023
for quarter ended 31 March 2023
Inheritance tax (IHT) payment due – 30 April 2023
On lifetime transfers between 6 April and 30 September 2022
New Financial Year, New Price Rises
With the new financial year approaching this month it’s normal for some prices to rise in line with inflation. Here are a few to look out for. Postage stamp prices are set to rise in April with 1st class stamp prices increasing from 95p to £1.10, and 2nd class stamps rising from 68p to 75p for a standard letter. Contemporary postage stamps do not carry their price in the design, so as long as you have newer types of stamp, which contain a barcode instead of a price, these are still valid regardless of what you paid for them. If your business uses a lot of postage stamps you could stock up before the price rise and claim the cost as an allowable expense on your tax return for 2022-23. Broadband prices are expected to rise this April by between 14-17%. Broadband price rises will be passed on to almost all customers, since providers are permitted to raise prices mid-contract by the rate of inflation, plus an extra amount on top, usually about 4% as described in their terms and conditions. Despite this, broadband providers still give preferential rates to new customers, so if you are out of contract, it is worth shopping around for competitive deals and comparing this to your current price plan, considering these forthcoming rises. Water bills are expected to increase from April. Each water company can set their own rates and there are differences of around 12% between providers. But businesses can expect an average rise of around 7.5%. These are just some rising costs to consider when you draw up your cash flow forecast for the next financial year. Prestige Business Management can help you with your forecasting. Talk to our team for business planning advice.
Strike Dates in April
Heathrow Airport workers are striking for ten days beginning 31 March until 9 April. Terminal 5 is due to be mostly affected.
Passport office workers are due to strike between April 3 – May 6, 2023 affecting the speed at which passport applications will be processed. Offices in Belfast, Durham, Glasgow, Liverpool, London, Newport, Peterborough and Southport will be affected.
Driver and Vehicle Standards Agency workers are striking between April 5 – 28, 2023
British Library workers are striking between April 3-16 and British Museum workers are striking between April 6-12 2023
Junior doctors are due to strike between April 11 – April 15w
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How to Hire the Right Buy to Let Accountant – 27 March 2023
Property is a reliable way to invest, as long as your finances are expertly managed. To be successful, you need to hire the right buy to let accountant who is experienced with property investment with up-to-date knowledge of the property finance market. Hiring the right buy to let accountant is essential for anyone with rental properties, or seeking to buy soon. Whether you have a portfolio of properties or just starting out on your investment journey and looking for more information, we are here to help. The right buy to let accountant will help you maintain compliance, navigate the world of property taxes and make sure that your property investments are performing at their very best. It’s essential for every landlord to understand property tax. There are a number of taxes associated with property, including stamp duty, capital gains tax, income tax and in some cases inheritance tax, depending on your circumstances. Find out more.
Spring 2023 Budget Review – 20 March 2023
Chancellor Jeremey Hunt’s Spring 2023 Budget has a focus on retaining workforce and his four ‘E’s – Enterprise, Employment, Education and Everywhere. Mr Hunt himself calls this his ‘back to work’ budget. Here we examine what that means. Mr Hunt says that by the end of the forecast period, the government’s current budget deficit will be in surplus. He says the OBR is expecting that he will meet his fiscal rule of keeping public sector net borrowing is now expected to hit a lower peak than expected. Forecast at 97.3%, falling to 94.6% by 2027-28. Read in full here.
What to Expect in the Spring Budget 2023 – 13 March 2023
The Chancellor, Jeremy Hunt is due to present his Spring Budget in the House of Commons on 15 March. But what changes can we expect him to announce? This will be Mr Hunt’s second fiscal policy proposal since he became Chancellor. It follows November’s Autumn Statement, which announced changes to tackle inflation and settle the markets after the controversial mini-budget from former Chancellor Kwasi Kwarteng. Although we cannot be certain until the day, here we look at some of the budget expectations, according to forecasters. Find out more.
Client Referral Programme
We pride ourselves in treating our loyal clients with top notch perks and services. Our client referral programme is one way that we like to give back and reward you for doing business with us. You can recommend a friend to receive, up to £100 cash reward, per referral! All you have to do is recommend us – and make sure they tell us you sent them. We’ll do the rest
March Top Tips
The end of the financial year is approaching on 5 April. Here are our top tips to prepare your business for closing the books on 2022-23.
Tidy up your Bookkeeping
Maintaining good record keeping throughout the year helps to make closing off the financial year as smooth as possible. Either way Financial Year And is a good time to tie up any loose ends. Ensuring that each month-end has been correctly completed, that each section is accurate, and is properly reconciled helps ensure your year-end is accurate and complete.
Check your Inventory Levels
Doing a stocktake before year-end helps to maintain the accuracy of your balance sheet. Check that your expiry dates are accurate, account for shrinkage and draw an accurate assessment of your stock on hand. Inventory checks also take account of consumables and assets on hand and ensure your asset register is up to date and helps you to prepare the new financial year’s budget in terms of forthcoming asset purchases.
Assess your Accounts Payable and Receivable
Assess what is due to be paid within the current financial year and what is due to be received as income within the current financial year. This allows you to follow up due payments and budget correctly. Ensure debts that are due, are settled, and when income due will be received. This is also an opportunity to either bring forward accounts payable transactions or delay receivable income to the new year to affect the taxable income for that FYE.
Plan your Tax
One of the core reasons for having a financial year-end is to enable the HMRC to calculate what tax your company is liable to pay. Tax planning allows you to plan transactions by accelerating or delaying them either into the current year or to the future year to save you in taxes.
Analyse Your Business Year and Plan for the New Financial Year
The end of the financial year is an opportunity to analyse the performance of your business, to see what has worked and what has not. It allows you to see trends in your business and to forecast your business activities for the new financial year.
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.