Key dates employers should know
Key dates employers should know
Why it is important to know?
As an employer, it is important to stay on top of key dates to handle your business effectively.
From tax deadlines to filing periods, missing important dates can result in penalties and fines that can impact your bottom line.
In this blog, we will focus on some of the most significant dates you need to be aware of and provide you with a full guide to help you stay organised and ready for the new tax year.
We help you stay one step ahead and to avoid many costly mistakes. Below are some essential dates of 2023:
1st April 2023:
National Living wage
Every year the Government announces the new rates of the National Living Wage and National Minimum wage.
Below are the rates which will come into force from April 2023:
| Rate from April 2023 | Annual Increase (£) | |
|---|---|---|
| National Living Wage | £10.42 | 0.92 |
| 21–22-Year-Old Rate | £10.18 | 1.00 |
| 18–20-Year-Old Rate | £7.49 | 0.66 |
| 16–17-Year-Old Rate | £5.28 | 0.47 |
| Apprentice Rate | £5.28 | 0.47 |
| Accommodation Offset | £9.10 | 0.40 |
6th April 2023:
New tax year begins
The 6th of April is a very important date in accountancy - this is the first day of the new tax year.
19th April 2023:
Payroll Deadline for 22/23
All entrepreneurs need to submit the final PAYE payment to HMRC for 2022/2023 i.e., the tax year ending on the 5th April 2023 by the 19th April.
What happens if you do not pay the PAYE on time?
HMRC will not charge any additional payments if you are late for your monthly and quarterly PAYE payments for the first time.
If it is not the first time, the following percentages will apply:
| Number of defaults in a tax year | Penalty percentage is applied to the amount that is late in the relevant tax month |
|---|---|
| 1 to 3 | 1% |
| 4 to 6 | 2% |
| 7 to 9 | 3% |
| 10 or more | 4% |
Daily interest will increase on all outstanding amounts from the due day and payable date to the date of payment.
From 21st February 2023 the following rates will apply:
| Late payment interest rate | 6.5% |
|---|---|
| Repayment interest rate | 3% |
8th May 2023:
Additional Bank Holiday
In 2023 we will have an additional Bank Holiday. The Coronation of King Charles III will take place on Saturday 6 May 2023.
31st May 2023:
P60s to be given
All business owners should give P60s to all employees on their payroll as at 05th April 2023.
6th July 2023:
P11Ds Submission Deadline
Submissions for P11D are due for the 2022/2023 tax year. These need to be completed to report employee benefits and expense payments that have not gone through the payroll.
19th July 2023:
Class 1A NIC Payment Deadline
Class 1A NICs (on benefits returned on a statement of expenses and benefits (form P11D(b)) for 2022/23 must be paid by this date to HMRC.
[22nd July if the payment is made via an approved electronic payment method]
Monthly recurring dates for your Payroll calendar:
5th of every month
PAYE month-end date
Tax months run from the 6th of one month the 5th of the next.
19th of every month
PAYE & NIC Payment Deadline
The deadline date for payment of PAYE and NICs to HMRC’s Accounts Office by a non-electronic method is the 19th of each month (22nd if paid electronically)
Conclusion
By timely submissions and payments, business owners can make sure that their businesses run smoothly and unnecessary expenses i.e., penalties and fees are not incurred.
So, do diarise these for the coming year.
Please contact us if you need any help or if you have any queries
