This page was updated on 4 March 2021. 

This last year businesses have had to adapt to change more than any other and staying on top of everything that is going on can pose a challenge for even the most experienced leader. 

Beever and Struthers has collated the key business dates for the year, to ensure you can stay focused on the bigger picture, knowing the detail is all in hand. 

23 February - The VAT deferral ‘New Payment Scheme’ opens and businesses can opt in to pay their deferred VAT in interest-free instalments. The online service will close on 21 June 2021.

28 February - If by any chance you didn’t pay the balance of any tax by 31 January then do try to pay it before 28 February otherwise HMRC will penalise you with an extra 5% surcharge, so beware. This year only we have an extension to filing tax returns to this date.  

1 March - The new rules for the Construction Industry VAT reverse charge apply whereby those within a construction supply chain, who are also subject to the CIS scheme, will only onward charge output VAT when they are invoicing an end user, all other intermediary subcontractors will not be able to charge output VAT and so cashflow will need to be carefully managed.  

3 March - Rishi Sunak will announce his first budget following the pandemic. What major changes will he have in store?  

31 March - Deadline to pay the deferred VAT in full unless having opted into the VAT Deferral "New Payment Scheme". The temporary 5% reduced rate of VAT to certain supplies relating to hospitality, hotel and holiday accommodation and admissions to certain attractions will be extended to 30 September.

1 April -  You should ensure your self-assessment tax bill has been paid in full or you have set up a payment plan by 1 April 2021, to avoid being charged the 5% late payment penalty.

5 April - Another tax year ends, and it all starts again tomorrow, but before it does you need to submit your year-end PAYE reports. Make sure you have made your payments into tax efficient funds such as pensions plans and Individual Savings Accounts.  

6 April - The new rules for off payroll working for large or medium-sized private sector businesses will apply whereby the end client assesses the freelancer or contractor’s “employment” status and informs them of whether they fall within or outside of IR35, falling within IR35 will result in the end client or agency deducting PAYE and NIC from the fee paid to the freelancer/contractor.  

31 May - P60’s should be sent to all employee’s by today.  

30 June - Retail, hospitality and leisure businesses, as well as nurseries, will not have to pay business rates until the end of June. From 1 July 2021 to 31 March 2022, businesses in these sectors will be eligible for a discount and will only be required to pay two-thirds of their business rates bill.  

6 July - If you or any of your employees have benefits, i.e. goods or services provided by the business such as cars, private medical insurance or interest-free loans – then forms may need to be completed and submitted to HMRC by 6 July to avoid penalties.  

19 July - Any Class 1A national insurance that is arising on the employee benefits (listed on 6 July) will need to be paid by 19 July to avoid interest accruing.  

31 July - The second payment on account will be due for self-assessment taxpayers. You could possibly reduce this payment if you have completed your tax return.  

1 October - Corporation tax payments are due for those companies who have a 31 December year-end. 

Christmas It’s here again before you know it, and hopefully some much-needed rest and relaxation! But remember that if you are closing for a period that it could bring monthly deadlines early such as PAYE, VAT or perhaps needing to pay any liabilities such as corporation tax before 1st January if you have a March year end. 

Another thing to consider is if you have a small self-assessment liability i.e. less than £3,000 and have some of your tax deducted under PAYE, if you tick the right box and submit your tax return before 30 December then this liability can be included in your tax code and collected over a future 12-month period. 

Your year end 

It’s always a good idea to think about a pre-year end chat with your advisors so they can let you know any key dates that may be coming up, such as changes in capital allowances, so you can get all your capital spend into the year which will give more tax relief.

Accounts to Companies House

Generally, nine months after the year end you will need to submit your accounts to Companies House to avoid any penalties. You may also need to pay any corporation tax if your business is a company.

Written by Shelim Rahman, Stephen Harding and John Jones, Beever and Struthers. For more information visit Beever and Struthers' website.

For fully-funded support for your business planning, contact the GC Business Growth Hub via Enquire and Grow.  

More information is available on the UK Government’s Coronavirus Business Support website. For more personalised advice call us on: 0161 237 4128 or email us at: BGH@growthco.uk 

The information provided is meant as a general guide only rather than advice or assurance. GC Business Growth Hub does not guarantee the accuracy or completeness of this information and professional guidance should be sought on all aspects of business planning and responses to the coronavirus. Use of this guide and toolkit are entirely at the risk of the user. Any hyperlinks from this document are to external resources not connected to the GC Business Growth Hub and The Growth Company is not responsible for the content within any hyperlinked site.