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2023 is here, so it's time to reflect on the last year and get geared up for next 12 months.
To help you plan ahead, we’ve compiled a list of important dates – including tax and reporting deadlines, fun calendar days and some changes to business rates that could affect SMEs and the self-employed.
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Get instant access to a printable PDF and instructions for adding these dates to your Google calendar.
31: Deadline for submitting online Self Assessments
If you need to complete a Self Assessment for the 2021/22 tax year, this is the last day to submit your tax return online.
Even though you have until the end of January to do this, we recommend getting it done earlier to avoid unnecessary stress and reduce the risk of missing the deadline.
31: Deadline for first Self Assessment payments on account
Most people who submit Self Assessments need to make advance payments towards their Income Tax. Made twice a year, each payment is half of your previous year’s tax bill.
So on 31 January 2023, you’ll make a payment on account towards your 2022/23 Income Tax. The amount you pay will be 50% of your 2021/22 tax bill.
31: Deadline for Self Assessment balancing payments
As payments on account are based on your previous year’s taxes, your advance payments might not cover your full tax bill.
If you need to make up the difference for 2021/22, you’ll need to make a balancing payment by midnight on 31 January 2023.
6-12: National Apprenticeship Week
This week-long event highlights the exceptional work being done by employers and apprentices across the country. Whatever industry you’re in, there will be plenty of events and different ways to get involved.
And if you’re considering employing an apprentice, our guide offers lots of useful insights – from the different types of apprenticeships to the support that’s available to your business.
17: Random Act of Kindness Day
February can be a gloomy month, but there’s nothing like a random act of kindness to lift someone’s spirits.
Check out our list of ideas that could help you mark the occasion.
3: Employee Appreciation Day
On the first Friday of March, many employers around the world go the extra mile to celebrate the people who work for them.
There are so many ways to say thank you to your staff – from team lunches to an afternoon off. And for businesses on a tight budget, even small gestures can go a long way. Think personalised thank you cards or a meaningful shout out on Slack.
15: Spring Statement
Twice a year, the Treasury makes a budget statement 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 could affect you or your business.
1: National Minimum Wage rates increase
Every UK business is legally required to pay their employees at least the National Minimum Wage. The rate you must pay someone depends on their age and whether they’re an apprentice, and these rates increase every year to reflect living costs.
From 1 April 2023, the rates will be:
- 23 and over: £10.42 an hour (up from £9.50)
- 21 to 22: £10.18 an hour (up from £9.18)
- 18 to 20: £7.49 an hour (up from £6.83)
- Under 18: £5.28 an hour (up from £4.81)
- Apprentices: £5.28 an hour (up from £4.81)
Remember – if you employ anyone, regardless of whether they’re full-time, part-time or temporary, you’re likely to need employers' liability insurance.
5: Deadline for registering for payrolling benefits
Payrolling is an alternative to reporting employee benefits using P11D forms. If you want to payroll your employees’ benefits, you must register with HMRC before the start of the tax year – so to payroll in 2023/24, you’ll need to register by 5 April 2023.
6: Start of the new tax year
The start of a new tax year often means changes to many different tax rates, thresholds and allowances. 2023/24 is set to be a bit different, with many thresholds and allowances being frozen – including Personal Allowances and VAT Thresholds. There’s a few notable exceptions, which we’ve outlined below.
This is a good time to get your documents and receipts from the last financial year organised and start thinking about upcoming reporting deadlines.
6: Lower tax-free allowance for dividends
For the 2023/24 tax year, the Government has lowered the threshold for paying tax on dividend income. So if you pay yourself in dividends, you'll pay tax on income over £1,000.
6: Lower tax-free allowance for Capital Gains Tax
From this date, the threshold for paying Capital Gains Tax will also be reduced. It’s set to drop from £12,300 to £6,000.
20: 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!
8: Extra bank holiday for the Coronation of King Charles
King Charles III became monarch back in September 2022. But he’ll be officially crowned in a coronation ceremony on Saturday May 6 2023. To mark the occasion, there will be an additional bank holiday on Monday 8 May. Any business with employees will need to consider the implications of this for their workforce.
Whether or not you’ll have to give your staff an extra day off depends on how their employment contracts are worded. For example, if your employees’ contracts say they get paid time off for ‘all bank and public holidays’, you’d be breaching the contract if you required them to work.
If your employees’ contracts don’t entitle them to paid leave for additional bank holidays, you may still consider giving them the day off as a gesture of goodwill.
31: P60 deadline
A P60 summarises an employee’s total pay and deductions for the tax year. This is the deadline for issuing P60s for the 2022/23 tax year.
You’ll need to send one to anyone working for your business on April 5 2023. If someone left the company before this date, they don’t need a P60 as you should have issued them a P45 instead.
If you run a limited company and pay yourself a salary, you’ll need to issue yourself a P60. You don’t need to issue yourself a P60 if you work as a sole trader.
21: Start of the summer sale period
While you can organise a sale any time you like, this is a good benchmark for when to start your summer sale.
The summer sale period traditionally starts on this date as it gives retailers plenty of time to use discounts to clear out their stock and make room for autumn and winter products.
28: Insurance Awareness Day
This is a good time to review your business insurance and check that your covers, limits and excess suit your current needs.
6: Submit P11D/P11D(b) forms
A P11D form tells HMRC what expenses and benefits you've given your employees over the year, helping HMRC calculate how much tax and National Insurance is due.
If your business gave employees benefits in the 2022/23 tax year, you'll need to submit your forms by this date.
22: Deadline for paying Class 1A National Insurance contributions
After reporting expenses and benefits given to employees in 2022/23, you'll need to pay Class 1A National Insurance contributions on those benefits.
However you pay, you'll need to make sure you leave enough time for the money to reach HMRC – and if you want to pay by cheque, you'll need to post it early enough that it arrives before 19 July.
31: Deadline for second Self Assessment payments on account
You have until midnight to make your second advance payment towards your 2022/23 tax bill.
5: Deadline for registering for Self Assessments
You need to register for tax returns by 5 October in your business' second tax year. So if you set up a business between 6 April 2022 and 5 April 2023, you’ll need to register by 5 October 2023.
You can register by post, but it’s easier to do it online through your business tax account.
31: Deadline for submitting paper Self Assessments
Although most businesses prefer to submit their tax returns online, you can do it by post. Keep in mind the earlier deadline – for the 2022/23 tax year, the cut-off date is October 31 2023.
31 (or around then): Autumn Budget
The second of the Treasury’s budget statements to Parliament, the Autumn Budget sets out the Government's spending plans for the near future. It can include things like tax and business rate changes, spending cuts or inflation predictions.
Just like the Spring Statement, it's likely that the announced budgets and adjustments will affect you in one way or another, so it’s worth tuning in and following the news to find out what the Autumn Budget could mean for small businesses.
Please note: while the Government has confirmed the exact date of the Spring Statement, the date for the Autumn Budget is open to change. It usually takes place at the end of October or the start of November.
24: Black Friday
Black Friday is one of the biggest days for retailers, with many businesses offering deals and discounts to kick off the Christmas shopping season.
While Black Friday was traditionally held in physical retail stores, it's become common for online retailers to get involved as well.
27: Cyber Monday
Held the Monday after Black Friday, Cyber Monday is usually a time for online retailers to offer discounts to their customers.
2: Small Business Saturday
A day to celebrate small business success and encourage customers to support their community by shopping locally. You could mark the day by offering discounts, hosting an event or collaborating with other businesses in your area.
Find different tools, resources and ideas for getting involved on the Small Business Saturday UK website.
26: Boxing Day sales
Over the last few years, the post-Christmas sale period has been starting increasingly early – with many online brands launching their sales on Christmas Day or sooner.
But Boxing Day still remains a key date for in-person sales. UK shoppers spent an estimated £3.8bn on Boxing Day 2022, with a 50% rise in footfall compared to the year before.
This content has been created for general information purposes and should not be taken as formal advice. Read our full disclaimer.
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