April 2022 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
Corporation tax due – 1 May
for accounting periods ended 31 July 2021 where not payable by instalments
P46 (car) forms due – 3 May
for the quarter ended 5 April 2022 (where benefits not payrolled)
Employment intermediary reports due – 5 May
for quarter ended 5 April 2022
Deadline for amending employment intermediary reports – 5 May
for quarter ended 5 January 2022
VAT payments due – 6 May
for month or quarter ended 31 March 2022 if not paid by Faster Payments
VAT returns and payments due – 7 May
(if paid by Faster Payments) for month or quarter ended 31 March 2022
Corporation tax instalment payments due – 14 May
for large companies as follows:
- Year ended 31 January 2022 – instalment 4
- Year ended 30 April 2022 – instalment 3
- Year ended 31 July 2022 – instalment 2
- Year ended 31 October 2022 – instalment 1
Corporation tax instalment payments due – 14 May
for very large companies as follows:
- Year ended 31 May 2022 – instalment 4
- Year ended 31 August 2022 – instalment 3
- Year ended 30 November 2022 – instalment 2
- Year ended 29 February 2022 – instalment 1
CIS returns due – 19 May
for month ended 5 May 2022
EPS due – 19 May
for month ended 5 May 2022 so HMRC can apply a reduction on what is owed from FPS
PAYE, NICs, student loan deductions and CIS deductions due – 19 May
for month ended 5 May 2022 paid non electronically
PAYE, NICs, student loan deductions and CIS deductions due – 22 May
for month ended 5 May 2022 paid electronically
Deadline for employers to give employees P60s – 31 May
Deadline for employers to give relevant employees details of payrolled benefits – 31 May
Corporation tax return due – 31 May
for accounting periods ended 31 May 2021
Deadline for amending corporation tax returns – 31 May
for accounting periods ended 31 May 2020
Inheritance tax due – 31 May
for deaths in November 2021
VAT returns and balancing payments due – 31 May
for those using VAT annual accounting with a VAT accounting period ending on 31 March 2022
Deadline for financial institutions to report – 31 May
under the Automatic Exchange of Information (AEOI) agreement for the year ended 31 December 2021
Self Assessment Tax Returns Due for 2021-22
Last month the tax year 2021-2022 ended on 5th April. This means that if you are self-employed your self assessment tax return is now due for the year 2021-22. The deadline to file your online return is by 31st January 2023. There’s usually a second payment deadline of 31 July if you make advance payments towards your bill (known as ‘payments on account’). HM Revenue and Customs (HMRC) must receive your tax return and any money you owe by the deadline. If you are newly self-employed you will need to register for self assessment by 5th October 2022, this applies to sole traders and those registering a partner or partnership. Paper tax returns must be filed by midnight on 31st October 2022. You could face a penalty for filing your tax return after the deadline or for non payment of your tax bill by the deadline.
Council Tax Rebates Issued
The chancellor announced in February that millions of households will receive a £150 council tax rebate to help ease the cost of living crisis. The rebate aims to help people who are being affected by rises in energy costs. In England, households in council tax bands A-D are eligible to receive the £150 rebate.This does not need to be applied for and will be paid directly into the account from which you pay your council tax. The rebate is a one-off payment from your local authorities and does not need to be repaid. The Department for Levelling Up, Housing and Communities has announced that ‘all council tax rebate grants should be paid as soon as possible’ from April 1 2022.
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How to Hire an Accountant – 29th April 2022
Starting a new business can be daunting. Beyond your great ideas there is paperwork, legal responsibilities, marketing, operations and hiring staff and you want to get it all just right. Striking this balance can be a challenge, especially in the early days. It might surprise you to know that one of the most supportive partners you can have on your team will be your accountant, or accounting and tax planning firm. Every business requires an accountant or accounting team. However there is no one size fits all type of accountancy. The needs of your business will be unique to you and may even change over time. The foundation to this is a good relationship with your accountant. This relationship will play a key role in your profitability, but good financial guidance throughout your business development will influence the sustainability and profitability of your business. So how do you set out to hire an accountant who is right for you? Find out more here.
Corporation Tax Versus Income Tax – 27th April 2022
Tax is a charge paid to the government by individuals, consumers and businesses. A direct tax is paid directly by a person or business to the government from wages or profits. These are known as income tax and corporation tax. An indirect tax is applied to goods or services at the point of sale, known as value added tax (VAT). These are the government’s main sources of revenue. Income tax is liable on earnings such as wages and salaries. This applies to the earnings of employees and self-employed, whether that is a sole trader or a partnership. Corporation tax is liable on the profits of a limited company, either private or public. Read the guide in full.
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
April Top Tips
With a triple whammy of bank holidays in the way accompanied by warmer weather and relaxation in covid related travel restrictions many of us are thinking about reintroducing foreign holidays. Here are our 5 top tips for five for saving money when booking a trip away.
Cheap flight groups
There are a number of cheap flight groups that offer discounted air travel to their members via a regular newsletter. Some of these are Airfare, Jack’s Flight Club or Watchdog.
The cost of renting an apartment often compares well against hotel accommodation and may offer more flexible options. This is especially true for people travelling in groups.
Book as early as possible to get a better rate if you are planning to park at the airport. Plan ahead and compare the cost of car parks nearby. Advanced bookings very often have preferential rates.
Searching for “fare finder” online to find low fares for flights and train tickets from leading operators. It’s becoming easier to plan longer journeys which involve different stages in this way.
Buying your travel insurance annually will cover you for multiple trips so you can travel any time under one policy and save money.
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.