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PARTNERS:                          
Rebecca. A. Foxwell, FCA, MAAT
Rachael . L. Johnson, FCA, MAAT
Resources

Resources

                                        2023/24 tax dates and deadlines

April 2023
6 – start of 2023/2024 tax year
22 – Monthly deadline for electronic remittance of CIS,
NICs and PAYE to HMRC
7 – Deadline for VAT returns and payments of Accounting Quarter period ending 28th February 2023
May 2023
7 – Deadline for VAT returns and payments of Accounting
Quarter period ending 31st March 2023
31 – Provide a P60 to any employees on your payroll
22 - Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC
June 2023
7 – Deadline for VAT returns and payments of Accounting Quarter period ending 30th April 2023
22 - Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC
July 2023
5 – Deadline for PAYE Settlement Agreement (PSA), if applicable
22 – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC
6 – Submit P11D forms online to HMRC and provide copies to all employees
31 – 2nd payment on account of self-assessment tax
August 2023
22 – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC
September 2023
22 – Monthly deadline for electronic remittance of CIS,NICs and PAYE to HMRC
October 2023
5 – Deadline to notify chargeability of Income Tax / Capital Gains Tax for 2022/23
31 – Deadline for paper self-assessment tax returns
for tax year ending 5th April 2023
22 - Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC
November 2023
22 – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC
December 2023
22 – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC
January 2024
22 – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC 
31 - Deadline for online filing of self-assessment tax returns for tax year ended 5th April 2023, and paying any tax due. This is also the deadline for first payment on account for 2023/24.
February 2024
22 – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC
March 2024
22 – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC
April 2024
5 – End of 2023/2024
tax year

Monthly dates

Construction Industry Scheme (CIS) deadlines
Deadline for receipt of the contractor’s monthly return is the 19th of each month.

PAYE and Class 1 National Insurance Contribution (NICs) deadlines
Deadline for electronic payments to be cleared in HMRC’s bank account for any PAYE and Class 1 NICs is the 22nd of each month.

National Minimum Wage and the National Living Wage April 2023*

*National Minimum Wage rates change every October, and National Living Wage rates change every April.
Year
23 and over
21 - 22
18 - 20
Under 18
Apprentice aged under 19
Apprentice aged 19 and over but in first year of apprenticeship
April 2023
£10.42
£10.18
£7.49
£5.28
£5.28
£5.28

Corporation Tax 2023 - 2024

Corporation Tax main rate - 25%. (companies with profits over £250,000)
         Corpration tax small profits rate - 19% (companies with profits under £50,000)

Capital Gains Tax 2023 - 2024

Allowance:
Rate:
£6,300
£3,000 for trusts
18% or 28% depending on your tax bracket on the sale of residential property.
10% or 20% depending on your tax bracket on the sale of other assets.

VAT 2023 - 2024

Standard rate:
Registration level:
Deregistration level:
20%
£85,000 p.a.
£83,000 p.a.

Income Tax Rates and Allowances 2023 - 2024

Personal allowance (0%):
Basic rate (20%):
Higher rate (40%):
Additional rate (45%):
Up to £12,570
£12,571 - £50,270
£50,271 - £125,140
Over £125,140
You don’t get a Personal Allowance on taxable income over £125,140

You may be able to claim Marriage Allowance to reduce your partner’s tax if your income is less than the standard Personal Allowance. The Marriage Allowance permits you to transfer £1,100 of your Personal Allowance to your husband, wife or civil partner. If you or your partner were born before 6 April 1935, you may be able to claim Married Couple’s Allowance. Married Couple’s Allowance could reduce your tax bill by between £322 and £835.50 a year.

If you are registered with your local council as a blind or severely sight impaired, you can claim the Blind Person’s Allowance. This will add an extra £2,290 to your personal allowance.

Inheritance tax

Inheritance Tax must be paid if a person’s estate is worth more than £325,000 when they die. The rate of Inheritance Tax is 40% on anything above £325,000. The rate may be reduced to 36% if 10% or more of the estate is left to charity.
G. Foxwell & Co Chartered Accountants offers a full range of accountancy services to customers across Blaenau Gwent and Cardiff. Our services include personal tax planning, accounts preparation and cloud-based accounting. Contact us today to learn more about our services.
For a free 1-hour consultation on accounts preparation for your business in Blaenau Gwent or Cardiff, call us on 01495 302404 today
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