2022 is officially upon us! For the Ellis & Co. team and our clients, we have hit the ground running when it comes to planning for the year ahead.
We can all agree that 2021 was eventful (to put it mildly!), but as we seemingly ease our way out of the pandemic, the year ahead looks set to be a big one for the business world.
To ensure you are able to meet all of your requirements as a business owner, we have compiled a list of some of the key dates for your 2022 diary!
31st January – Deadline for submitting 2020/21 self-assessment
Of course, those who have seen our latest article on HMRC’s decision to waive late payment penalties for self-assessment tax returns will know that this deadline can now extend until 28th February 2022.
Last minute planning for tax year 2021/22
5th April will mark the deadline for any considerations you may have with regards to year end tax planning. In March you should think about issues such as: utilising your annual capital gains tax exemption, your annual inheritance tax exemption for gifts, your annual Individual Savings Account Investment limit (ISA) or any additional pension contributions for 2021/22.
6th April – A new tax year
With a new tax year comes new tax rates and the introduction of a number of items outlined in 2021’s autumn budget. Take a look at what to expect here.
31st May – P60s
Employers must provide all employees who were employed by 5th April 2022 with their 2021/22 P60 form.
6th July – Submit P11D forms
These forms should be submitted to HMRC for the 2021/22 period, as well as supply all relevant employees with P11D information for this same time.
31st October – Submit paper tax return
Unless excluded, paper income self-assessments for 2021/22 must be filed with HMRC on this date for individuals, trustees and partnerships that include one or more individuals.
Of course, these are just some of many key dates for business owners to consider in 2022. For further updates on all tax dates you may need for the coming 12 months, visit our tax diary here.
The team at Ellis & Co. are here to help any business owners looking to partner with a qualified and experienced chartered accountant in 2022, get in touch with our team today to find out more about our services. Call us on 01244 343 504.