Newsletter - January 2022
Happy New Year round-up
We are now two years into the COVID-19 pandemic and the virus is showing a remarkable ability to adapt.
In its latest form, the so-called Omicron variant, it is proving to be more transmissible and successful at seeking out new hosts.
If we have learnt anything from the experience of the past two years of anxiety and disruption, it’s that adaptability is a key response. Included in this newsletter are tips to stay ahead of these challenges from a business perspective.
Unfortunately, the need to safeguard the NHS means that our entertainment and hospitality trades will again be asked to bear the brunt of COVID-19 related disruption strategies.
It will be interesting to see, if in the coming year, government is again drawn into providing furlough or similar grants to sustain affected small business employers and the self-employed.
With inflation rising, currently 5.1%, Rishi Sunak will be scratching his head as printing money to fund further support is directly opposite to his Autumn Budget claims that he is now focused on repaying government debt, and this largesse could fuel further inflationary pressures.
Resilience needs to be a worthwhile goal for 2022 but tempered with realism; we may be some time away from relegating COVID-19 to the same nuisance value as the flu.
Knowing your business numbers
Business numbers give you clear insight into where you are and where you've been, so you are able to make educated decisions about how to move your business forward.
It helps you determine what new products to add, when to move to a new sales channel, when to hire more employees, and other important business decisions.
Here at Bidwell Accountancy, we can help you with this. Whether it’s knowing your KPI’s or planning for the future. For more information then please contact us on (01908) 380391 or click on the links below for more details.
Below is a snapshot of the reporting that we can offer as part of our Virtual Finance Director service
Time to dust-off those online shop plans?
Do you have half-completed plans to open an online-shop this year?
Even if you have never considered internet trading, could this be an option for 2022?
Business owners
If you are selling goods, creating a web-based sales platform will vastly expand your reach to willing buyers.
Combined with effective social media and other marketing activity this may be an effective hedge against future dips in the wider economy.
If you supply services, perhaps you could create online resources to be purchased and downloaded from your website.
Non-business individuals
Do you have a hobby that you could expand into a part-time business selling goods online?
It isn’t necessary to build your own website to do this. There are a number of ready-made sales platforms like Etsy.com.
You should be able to trial this, and see if the idea has legs, without giving up your day job.
We can help
Please call if you would like to brainstorm this option for your business or to develop additional income streams.
January is tax payment time
As you will see from the tax diary notes this month, there are two significant tax payment deadlines this month.
- 1 January 2022 - Companies with a 31 March 2021 year end date will need to settle their Corporation Tax payment on or before this date.
- 31 January 2022 - Taxpayers who are subject to self-assessment will need to pay any underpaid tax and NIC for 2020-21 plus any first payment on account for 2021-22.
And if you cannot make payment in full, on the due date, you could contact HMRC to ask for more time.
You can make your own Time to Pay arrangement using your Government Gateway account, if you:
- have filed your latest tax return
- owe less than £30,000
- are within 60 days of the payment deadline
- plan to pay your debt off within the next 12 months or less
Call the Self-Assessment helpline if you cannot make your own Time to Pay Arrangement online, for example, if you owe more than £30,000 or need longer to pay.
Self-Assessment Payment Helpline
Telephone: 0300 200 3822
Monday to Friday, 8am to 4pm
The best time to call is at 8am as the queues aren't as long
For other taxes, contact the Payment Support Service, 0300 200 3835.
Tax Diary January/February 2022
1 January 2022 - Due date for Corporation Tax due for the year ended 31 March 2021.
19 January 2022 - PAYE and NIC deductions due for month ended 5 January 2022. (If you pay your tax electronically the due date is 22 January 2022).
19 January 2022 - Filing deadline for the CIS300 monthly return for the month ended 5 January 2022.
19 January 2022 - CIS tax deducted for the month ended 5 January 2022 is payable by today.
31 January 2022 - Last day to file 2020-21 self-assessment tax returns online.
31 January 2022 - Balance of self-assessment tax owing for 2020-21 due to be settled on or before today unless you have elected to extend this deadline by formal agreement with HMRC. Also due is any first payment on account for 2021-22.
1 February 2022 - Due date for Corporation Tax payable for the year ended 30 April 2021.
19 February 2022 - PAYE and NIC deductions due for month ended 5 February 2022. (If you pay your tax electronically the due date is 22 February 2022)
19 February 2022 - Filing deadline for the CIS300 monthly return for the month ended 5 February 2022.
19 February 2022 - CIS tax deducted for the month ended 5 February 2022 is payable by today.
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