We’re always here to keep you up to date with the latest accounting, tax and compliance deadlines. Here are the forthcoming deadlines and cut-off points for Q3 of 2022 to add to your diary.
Requirement to register for Making Tax Digital for VAT (MTD for VAT)
Previously, businesses with annual turnover (sales) below £85,000 could opt out of signing up for MTD for VAT.
For all periods that start on or after 1 April 2022, your business must sign up for MTD for VAT and submit returns using software that’s MTD-compatible. This will apply to monthly returns from April 2022 onwards and quarterly returns from June 2022 onwards.
From April 2022 onwards, you must submit your VAT returns using MTD-compliant software.
NOTE: If your company’s accounting period is longer than 12 months, the first tax payment deadline is normally 21 months and 1 day after your accounting period started, and the second one is 9 months and 1 day after your accounting period ends.
For example, a company with an accounting period running from 01/09/2020 to 31/12/2021 will pay the first tranche of corporation tax by 01/06/2022 and the balance by 01/10/2022.
If your profits are more than £1.5 million, then tax is payable quarterly with two payments before the end of your accounting period and two after. The first payment is normally six months and 13 days after the start of the period, with the others three-monthly from that point.