A busy April ahead .. key dates for businesses and individual taxes

April is very busy month of tax and accountancy front so here is a reminder of key dates:-

Businesses
1 April
  • New minimum wage rates kick in – details here
  • Corporation tax main rate increases to 25% and a small profits rate of 19%.  More details are here.
  • Substantial changes to R&D tax relief claims commence, including:
    • Pre-notification to HMRC
    • All claims to be made digitally
    • RDEC increased to 20% (from 13%)
    • SME additional deduction reduced from 130% to 86%
    • SME credit rate reduced from 14.5% to 10% (exception being R&D intensive companies)
  • Likely increases in Business Rates in light of revaluation of properties to bring in line with current property values:
    • 2023 Supporting Small Business Relief available which means an increase of no more than £600 for the 202324 tax year, if:
      • business property rates have increased after the last revaluation on 1 April 2023 and
      • the business loses some or all of its small business rate relief or rural rate relief
5 April
  • Employers to register for pay-rolled benefits for 2023/24 tax year
  • Deadline to pay voluntary NIC Class 2 payments
6 April
  • SEIS (Seed Enterprise Investment Scheme) can raise up to £250,000 (increased from £150,000)
    • Annual investor limits have increased to £200,000
  • Basis periods transition year for unincorporated businesses
    • this means all businesses (not LTDs) need to start the transition to move their accounting year end so it ties in with the end of the tax year
    • only applies where a business’s accounting year is not 05 April
    • As a sole trader/partnership you should already have been made aware about this by your accountant and planning for the changes
7 April
  • VAT Return to be submitted and any VAT liability paid for VAT quarter ending 28 February 2023
19 April
  • Deadline for employer’s to submit their final payroll report to HMRC
30 April
  • Corporation Tax Returns to be submitted with HMRC for accounting period ending 30 April 2022.
Individuals & Personal Taxes
5 April
  • Last day of the personal tax year
  • Last opportunity for the following:-
    • Make pension payments qualifying for relief
    • Utilise £2,000 dividend allowance of 0%
    • Max out your ISA (£20,000)
    • Claim up to £1,000 from the Government utilising a LISA (£4,000) 
  • Deadline to make claim for married couples allowance for 2022/23 or withdraw it for 2023/24
  • Last day to use the capital gains tax allowance of £12,300 on any capital disposals made in 2022/23
6 April
  • A new tax year !
  • Dividend allowance of 0% drops from £2,000 to £1,000
  • Additional rate taxpayers threshold decreases from £150,000 to £125,140
  • Pensions allowance increases from £40,000 to £60,000
  • Lifetime allowance cap has now been removed
  • Lump sum pension drawdown which was previously taxable @ 55% for some, now taxed as an individual’s marginal rate of income tax
  • Capital gains tax exempt amount reduces to £6,000 for individuals and £3,000 for trusts.
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