Key dates for businesses during the cost of trading crisis
Inspiration
Key learnings
- With so much uncertainty in the marketplace, one of the best ways to protect your business is to hope for the best and plan for the worst.
- The Energy Bill Relief Scheme came into effect for businesses on 1 October, 2022 and will be in place until 31 March, 2023.
Many businesses are concerned about the impact of the #costoftradingcrisis on their bottom line as energy prices, labour shortages, supply chain issues and weakened demand make for an uncertain outlook. But one of the best ways to meet that uncertainty is to plan ahead and so, we have pulled together some key dates that businesses need to be aware of up to the end of the financial year.
At UMi, we understand that just as the rising cost of living is creating problems for households, the rising cost of doing business or cost of trading is also having a significant impact.
With so much uncertainty out there in the market, it’s important keep up to date with any changes that might be happening and planning for them well in advance.
Below are some key dates for you to keep in your mind until the end of the financial year.
1
19 October – Latest CPI inflation figures
The latest consumer prices index (CPI) figures will be released on 19 October, as inflation approaches the highest levels since at least 1990.
CPI is currently 10.1% and is expected to rise further in the months ahead.
If you’re worried about the impact of inflation on your business, check out our bundle of support.
2
23 November – Autumn Budget delivered
Following September's Growth Plan outlined by the UK Government, the Chancellor of the Exchequer, the Rt Hon Kwasi Kwarteng MP will set out the Autumn Budget.
Specific measures to continue to tackle inflation and reduce energy bills will be top of the agenda, but a range of targeted support could also be announced for businesses.
3
1 January – Review of Energy Bill Relief Scheme, new VAT penalty regime and corporation tax deadline for 2021/22
Following the government's three-month Energy Bill Relief Scheme which is in place from 1 October, 2022 to 31 March, 2023, it is expected that the scheme will be reviewed at the halfway point and further announcements may be made about any continuing support to help businesses to manage the cost of trading crisis.
A new VAT penalty regime also comes in effect on 1 January whereby any UK VAT returns will be subject to the new penalty regime for late returns and/or payment.
The deadline for corporation tax submissions for the financial year 2021/22 is also 1 January.
4
21 January – Deadline for capital gains tax for 2021/22
The deadline for capital gains tax to be paid on assets sold in the 2021/22 financial year is 21 January.
5
March - Budget 2023
The Budget normally takes place some time in March and sets out the government’s full plan for the year ahead, including its forecasts for the trajectory of the UK economy.
While there will be a slew of announcements by the new Prime Minister before Budget 2023, it is still an important date in the calendar for businesses.
6
31 March – Deadline for submission of 2021/22 company tax return and Energy Bill Relief Scheme ends
31 March will be the deadline for submitting your company tax return for the previous financial year (i.e., 2021/22).
Be sure to submit your return by this date to avoid penalties.
The Energy Bill Relief Scheme for businesses will come to an end on 31 March.
7
5 April - End of 2022/23 financial year
The financial year 2022/23 will end on 5 April.
8
6 April – Beginning of financial year 2023/24
The new financial year for 2023/24 will begin on 6 April, hopefully bringing with it some rest bite for businesses after what is shaping up to be a challenging winter.
Next steps...
- If you’re worried about the impact of inflation on your business, our cost of trading crisis bundle is a useful starting point for information about what to do.
- UMi Sat Nav subscribers can call our Business Advisers on 0330 124 7305 for more tailored help and support.
- You can find new customers in a cost-effective way by reading our guide to doing business development on a shoestring.