There’s a lot to remember when you’re running a business, so it’s easy to overlook an important deadline – or not even know about it in the first place.
Staying on top of important dates and tasks is a key factor in managing your time effectively. This is a topic that’s been discussed at length on our forums recently, with Kerwin asking other business owners: “How do you manage your time and stay productive?”.
Here are some of the best responses from the UKBF community:
“I've always made good use of a diary and having the week set up so I know what I'll be doing. It allows me to ensure I’ve planned and seen where my efforts are needed based on deadlines. I also have a built-in calendar with reminders.” – JGWS
“I recommend that you use a digital diary to plan your week. Set one-hour slots. Rather than to-do lists, put the tasks in your diary. Work out your “peak time” and schedule the most important tasks for then.” – Trevor Andrews
“A to-do list on a whiteboard. Coloured pens to indicate priority. I also use a notebook to write down notes about each task.” – fisicx
“I have always planned specific tasks for each day, and use a notebook for any telephone calls I have to make. Until everything is crossed off the pad, my working day doesn’t end.” – MBE2017
With this in mind, we’ve pulled together a list of the main dates and deadlines small business owners need to know about in 2023. From self-assessment payments and payroll deadlines to bank holidays and new tax rates, now is the time to plan out the year ahead.
Here’s our month-by-month guide to key business dates in 2023.
Staying on top of important dates and tasks is a key factor in managing your time effectively. This is a topic that’s been discussed at length on our forums recently, with Kerwin asking other business owners: “How do you manage your time and stay productive?”.
Here are some of the best responses from the UKBF community:
“I've always made good use of a diary and having the week set up so I know what I'll be doing. It allows me to ensure I’ve planned and seen where my efforts are needed based on deadlines. I also have a built-in calendar with reminders.” – JGWS
“I recommend that you use a digital diary to plan your week. Set one-hour slots. Rather than to-do lists, put the tasks in your diary. Work out your “peak time” and schedule the most important tasks for then.” – Trevor Andrews
“A to-do list on a whiteboard. Coloured pens to indicate priority. I also use a notebook to write down notes about each task.” – fisicx
“I have always planned specific tasks for each day, and use a notebook for any telephone calls I have to make. Until everything is crossed off the pad, my working day doesn’t end.” – MBE2017
Monthly guide to key business dates in 2023
Whatever way you choose to manage your time, it’s vital that you think ahead to ensure that important dates are on your radar.With this in mind, we’ve pulled together a list of the main dates and deadlines small business owners need to know about in 2023. From self-assessment payments and payroll deadlines to bank holidays and new tax rates, now is the time to plan out the year ahead.
Here’s our month-by-month guide to key business dates in 2023.
January
- 31st January – Tax deadlines for the balance due for year 2021/22 and first payment on account of tax for year 2022/23.
- 31st January – 2021/22 self-assessment tax return must be filed by this date.
March
- 15th March – Spring Budget, where the government makes a statement on any financial changes. It’s expected to include announcements about tax, support for the cost of living and the Energy Bill Support Scheme.
- 31st March – HMRC’s Customs Handling of Import and Export Freight (CHIEF) and National Export System (NES) will no longer be open for UK export declarations and these will now need to be done via the Customs Declaration Service (CDS) instead.
April
- 1st April – National Minimum Wage increases take effect from today. Visit gov.uk for a list of the latest minimum wage rates.
- 1st April – Support from the Energy Bill Support Scheme will be reduced from today.
- 1st April – New business rates come into force today, in line with updated property valuations.
- 6th April – This marks the start of the new tax year and brings in a number of tax changes. Be aware that:
- The income tax threshold is changing from £150,000 to £125,140, and earnings over this threshold will be taxed at 45%
- Tax-free dividends allowance is being reduced to £1,000
- Capital Gains Tax allowance is being reduced from £12,300 to £6,000
- Corporation Tax will increase to 25% for businesses with profits over £50,000
- 6th April – Employee payroll records must be updated for the new tax year.
- 7th April – Good Friday (bank holiday).
- 10th April – Easter Monday (bank holiday).
- 19th April – Final Full Payment Submission and Employer Payment Summary to be submitted for year ending 5th April 2022 and tax/NIC contributions due for payment.
May
- 1st May – Bank holiday.
- 8th May – Additional bank holiday for the coronation of King Charles III.
- 29th May – Bank holiday.
- 31st May – Issue P60s to all staff employed for you on the last day of the tax year.
July
- 19th July 2023 – Postal payments of employers’ Class 1A NICs due today, or on 22nd July if paid online.
- 31st July – Second tax payment for sole traders on account of tax year 2022/23.
August
- 28th August – Bank holiday.
October
- 5th October – Notify HMRC if a new partner has joined you in the 2022/23 tax year or if you are new to self employment.
- 31st October – Paper tax returns for 2022/23 self-assessment must be filed by today.
December
- 31st December – If you’re using the Trader Support Service (TSS), which helps to deal with new compliance requirements for goods moving between mainland UK and Northern Ireland post-Brexit, this service will cease from today.
