Flexible monthly business insurance
It’s the start of a new year, which means it's time to reflect on the last 12 months but also a time to get geared up and organised for the year ahead.
As a business owner, you've probably written some business goals that you’d like to achieve this year. And while you might be plotting some dates in your calendar that will help you achieve your plans, it’s useful to be aware of some key dates that could affect your business, so you can also plan for these accordingly.
To help you out, we’ve compiled a list of these dates, which includes tax and reporting deadlines, fun calendar days that your business could get involved in and some changes to business rates that could affect your outgoings or circumstances. We’ve aimed to make this relevant for both small businesses and self-employed people.
You can download a PDF version of calendar below and we've also added these dates to a Google calendar, so that you can integrate them into your own account and see what's coming up alongside your everyday appointments.
Download your free business dates calendar
Get instant access to a printable pdf calendar and instructions to add these dates to your Google calendar.
31st January – Online tax return deadline
Self-employed people that do their tax returns online have until this date to submit theirs for the previous tax year. While this is the deadline, we would recommend submitting your tax return earlier to avoid any extra stress.
31st January – Pay the tax you owe
If you submit self-assessment tax returns, this is the date that you have to pay any tax you owe to HMRC for the previous tax year.
However, this year, HMRC is waiving late filing and late payment penalties for Self Assessment taxpayers. While you're still encouraged to file by the 31st January, if you can't or you need more time, these penalty waivers should help:
- If you can't file your return by the 31st January, you will not receive a late filing penalty so long as you file online by 28 February
- If you can't pay your Self Assessment tax by the 31st January, you will not receive a late payment penalty so long as you pay your tax by 1 April
7th February – National apprenticeships week
Has your business thought about taking on an apprentice? Every business can help individuals build skills and knowledge to reach career goals through an apprenticeship. This week-long event is a celebration of apprenticeships and encourages individuals, employers, training providers and communities to get involved.
To read more, have a look at our guide to employing an apprentice
28th February – deadline for late filing of your tax return
If you needed a bit of extra time to file your return, this is the final deadline that you'll need to do it by.
23rd March – Spring Statement
One of two budget statements made by HM Treasury to Parliament, the Spring Statement usually includes an update on the UK's economy and progress made since the Autumn budget. It's important to be aware of the Spring Statement as it may include key changes that are relevant to you or your business.
1st April – Increases to minimum wage
This is a useful one to note for anyone who has employees working on minimum wage.
The increases that will come into effect for different age brackets will be:
- Over-23s: from £8.91 to £9.50 an hour
- Those aged 21-22: from £8.36 to £9.18 per hour
- Those aged 18-20: from £6.56 to £6.83 per hour
- Under-18s: from £4.62 to £4.81 per hour
- The Apprentice rate: from £4.30 to £4.81 per hour
Remember – if you employ anyone, regardless of whether they’re full-time, part-time or temporary, you are required to have employers' liability insurance in the UK.
1st April – National Insurance rate rise
The National Insurance (NI) rate will rise by an extra 1.25p per pound earned for classes 1 and 4 only. This includes employees earning more than £184 a week and self-employed people earning profits of £9,569 or more a year.
1st April – Increase in dividend tax rates
If you own a company or shares in a firm, the tax rates for dividends will also rise.
The same rule applies for Personal Allowance, meaning you do not pay tax on any dividend income under £12,570.
The rises will be as follows:
- Basic rate taxpayers: 7.5% to 8.75%
- Higher rate taxpayers: 32.5% to 33.75%
- Additional rate taxpayers: 38.1% to 39.35%
1st April – late payment of Self Assessment tax due
If you couldn't pay your Self Assessment tax by the 31st January, this is the final date you have to pay it or you may incur penalties.
5th April – Payroll benefits reporting
If you offer employee benefits such as medical insurance or a company car, you can payroll these benefits, which allows employees to pay tax on a month-by-month basis in the same tax year that they received the benefit. This is the date that employers must have registered payroll benefits and expenses online for the current tax year.
6th April – Start of the new tax year
While this is the date from when everything starts afresh, it’s a good time to get your documents and receipts from the last financial year organised. You may even want to submit your Self Assessment tax return, so there’s no end of year panic.
This is also the date that your personal allowance changes come into effect and you may receive a new tax code, so keep an eye out for that.
21st April – ‘Get to know your customers’ day
One for the marketing calendar – this date is a prompt to chat to your customers and get to know them. You could hold an event, a competition or offer a discount, but the main aim is to connect with your consumers on a deeper level – you never know what you might learn!
31st May – P60 deadline
This is the date that you have to send a P60 to all of your employees as well as yourself if you’ve taken a salary from your limited company. A P60 is the summary of income received and tax paid for the last tax year, so it’s an important one to have if you file a self-assessment tax return.
21st June – Summer sale period begins
Truthfully, you can organise a sale any time you like. But traditionally, the summer sale period starts on this date in June. This is the date that many online and bricks and mortar stores offer discounts to make room for their autumn and winter stock. So, if you need a benchmark of when to organise your summer sale, this is it.
22nd July – Payment deadline for Class 1A National Insurance contributions
Businesses that give their employees work benefits, such as company cars or mobile phones, are required to pay Class 1A National Insurance contributions on those benefits by this date.
31st July – Second payment for the 2021/22 tax year is due
If you submit payments on account through your self-assessment tax return, this is the deadline for your second payment on account.
5th October – Register for Self Assessment tax return
If you set up a business between 6th April 2021 and 5th April April 2022, you’ll need to register for Self Assessment with HMRC by the 5th October.
23rd October – Autumn budget
The Autumn budget is an annual statement made to the House of Commons by the Chancellor of the Exchequer. It sets out the UK government's spending plans for the near future, which could include things like spending cuts, tax and business rate changes, grants or inflation predictions.
Similar to the Spring Statement, it's likely that certain budgets and adjustments may affect you or your business, so it's definitely one to tune in to.
31st October – Submission of paper tax return deadline
If you submit your tax return by post, this is the date that you need to have sent off your paper tax return by.
25th November – Black Friday
Black Friday is the biggest shopping holiday in the year, with many retailers offering deals and discounts to shoppers to kick off the Christmas shopping season. While Black Friday is traditionally held for physical retail stores, many online retailers also offer discounts on this date.
28th November – Cyber Monday
Cyber Monday is held on the Monday following Black Friday and is usually a time for online retailers to offer discounts to their customers.
3rd December – Small business Saturday
This is a day to celebrate small business success and encourage customers to support their community by shopping local. Many businesses participate by offering their customers a discount, hosting an event or showcasing other small businesses in their shop or on their platform.
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This content has been created for general information purposes and should not be taken as formal advice. Read our full disclaimer.