There is a lot to remember as a business owner and important dates can easily get forgotten about. We’ve pulled together a list of 12 dates we think are useful for business owners to make note of and schedule in their diaries.
The first significant date of the calendar year has already passed, 31st January 2021, the Self-Assessment Tax Return deadline. This year however due to the pandemic, providing you can prove the delay was due to Covid, returns can be filed up until 28th February 2021 without receiving a late filing penalty.
31st October 2021 is the date you must file your next Self-Assessment Tax Return by paper and 31st January 2022 for online returns.
Dates for employers
Any business owner with employees has annual payroll reporting to comply with and payment deadlines.
By 6th April 2021 your employee payroll records must be updated by for the new tax year. You must submit your Employer Annual Return, including P14 (income tax, National Insurance and deductions for each employee) and P35 (summary of all deductions for employees in the tax year) by 19th May 2021 and by 31st May 2021 have given a P60 to all employees on your payroll who are working for you.
Dates for self-employed individuals
As a sole trader, your income tax and National Insurance liabilities are paid in two stages, also known as payments on account. These are payments in advance towards your tax bill.
The first important date to remember has already passed 31st January 2021. By this date, the balance of any tax for the year 2019/20 should have been paid and the first payment on account of the tax year for 2020/21 was also due.
The second payment on account of tax for 2020/21 is dues 31st July 2021.
31st January 2022, the balance of any tax for the year 2020/21 is due and the first payment on account of tax for the year 2021/22 is due.
If you are newly self-employed you must notify HMRC of the potential chargeability to tax and National Insurance Contributions by 5th October 2021.
If a new partner has joined you in the 2020/21 tax year, you should notify HMRC by 5th October 2021 also.
Other important dates in 2021
Due to the pandemic, the scheduled budget in November 2020 was postponed until 3rd March 2021. It is not yet clear what will be announced however Chancellor Rishi Sunak has always stressed that there will be tax increases to balance the books, the question is when these increases will be made and who will be affected.
We will be watching live and bringing you up to date with all of the information you need to know.
Finally, there are the reforms to IR35 off-payroll working rules for private-sector contractors and freelances that come into force from 6th April 2021. We covered IR35 rules back in November’s edition of Fab5.
This isn’t an exhaustive list but a highlight of some of the most important dates to be aware of as a business owner. If you are unsure about anything that we have covered here, get in touch and we can help to clarify any of your obligations.
Call 0800 112 0880 or email firstname.lastname@example.org, we will be delighted to help.