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When juggling the challenges that come with running your business, forgetting important dates is something that's all too easy to do. But there are some dates and deadlines that small business owners can’t afford to miss.
So, we’ve highlighted the most important dates for small business owners in 2023. From tax deadlines to planned reductions in energy bill support, read on to make sure you’re up to date.
The deadline for submitting your Self Assessment tax return is 31 January but you can submit it before if you want to. Make sure you have everything you need to complete your tax return on time to avoid fines.
Self Assessment taxpayers may choose to use payment on account – so the deadline for the first payment is also 31 January.
Due to a global energy crisis, small businesses have faced record-high bills that many would have found unaffordable. From October 2022 to 31 March 2023, an Energy Bill Support Scheme reduced the impact of rising energy costs.
From 1 April until the end of March 2024 there's a reduced Energy Bills Discount Scheme. These are the discounted rates:
up to £19.61 per MWh for electricity
Eligibility for the scheme hasn’t changed, so if you previously benefited from the scheme, you’ll continue to.
The discount will be automatically applied by your energy supplier from May 2023.
It’s a legal requirement for businesses with employees to pay at least the national minimum wage.
From 1 April, the national living wage increases to £10.42 which is a 9.7 per cent increase. The rate for 16 to 22 year olds and people on apprenticeships also increases now.
If you run your business from a commercial property, and sometimes from home, you’ll pay business rates. These rates change in April, following a government review and more recent property valuations.
The changes to business rates vary depending on what type of business you run. Our guide to business rates explains the differences in more detail. It’s important to understand how your business will be affected so you can budget for the coming year.
The new tax year starts on 6 April.
As you’d expect at the beginning of the new tax year, there will be tax changes. Although some taxes aren’t technically rising in 2023-2024, there are “stealth taxes” to be aware of.
Some thresholds and allowances have been frozen but due to rising inflation, many will end up in higher tax bands without earning more.
The chancellor is reducing the additional income tax threshold from £150,000 to £125,140, which means any earnings over £125,140 will be taxed at 45 per cent.
The personal allowance of £12,570 has been frozen until 2028 rather than rising in line with higher earnings – this means you’ll pay tax on more of your money.
Prior to 6 April you could have up to £2,000 of tax-free dividends, but from 6 April that's reduced to £1,000. This means more of your dividends will be taxed at the basic rate.
You pay capital gains tax on the profits you make from selling your business assets, like land or machinery. The tax-free allowance reduces from £12,300 to £6,000 on 6 April 2023.
Our guide goes into detail about what assets come under capital gains tax as well as how to calculate and pay them.
The deadline for issuing your employees with a P60 form is 31 May. This is the same time each year – the end of the month after a new tax year begins.
Holly & Co created a Shop Independent Day for 24 June 2023 to support micro businesses and encourage people to shop small. Businesses can access free marketing assets and join the conversation on social media.
If you have employees and offer benefits like company cars or season ticket loans then you’ll need to report this to HMRC. You do this by filling in a P11D form every year.
If you spread the cost of your tax bill using payments on account then your second payment is due on 31 July. The payments are based on your previous year’s tax bill and work as advance payments towards your next tax bill.
A new bill giving employees the right to request flexible working is going through parliament and expected to become law by the summer. Keep an eye on updates on this if you're an employer.
Every year small businesses get the chance to win £25,000 cash with our Business Boost competition. Applications open on 15 August for 2023.
This is a good prompt for businesses to start thinking about their self-employed pension (if you haven’t already got one) and starting to plan for retirement.
And if you have employees, make sure you’re up to speed on workplace pensions.
If you’re newly self-employed then you’ll need to register for Self Assessment with HMRC by 5 October after the end of the tax year you became self-employed. Read our guide to registering as self-employed to learn more.
Every year the government announces an Autumn Budget – an annual statement of what tax changes and spending plans are coming up. An independent economic and fiscal outlook is usually published by the Office for Budget Responsibility (OBR) on the same day.
The full Budget announcement is usually in October or the start of November, but recent years have also seen a ‘mini-Budget’ and ‘fiscal statements’ that disrupted the usual timetable.
The government’s Money & Pensions Service uses Talk Money Week in November to encourage conversations about money, pensions, and financial wellbeing.
So whether you have a self-employed pension or you're struggling with the cost of living crisis, it’s a good time to check that you understand all your options.
Black Friday is a global sales event retailers can take part in by offering discounts to consumers online or in their shops. It often kick-starts the beginning of the Christmas shopping period, but is Black Friday helpful or harmful to small businesses?
Following on from Black Friday, Cyber Monday is a date where online retailers might choose to offer large discounts and sales promotions.
If you’ve sold or disposed of a business asset then you’ll need to pay capital gains tax. This can be reported on your Self Assessment tax return or paid at the time you made the gain.
A new law is making it illegal for employers to withhold tips from workers. The bill has passed and new tipping rules are likely to come into force sometime in 2024.
The latest the government can hold a General Election is January 2025, but it’s been mooted that it could be called in spring 2024. Keep an eye on the Knowledge centre for what this could mean for small businesses.
This article was updated on 26 July 2023 to include additional dates.
Zach Hayward-Jones is a Copywriter at Simply Business, with six years of writing experience across entertainment, insurance, and financial services. Zach specialises in covering small business and landlord insurance. He has a particular interest in issues impacting the hospitality industry after spending a number of years working as a pastry chef.
We create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer
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