Act now to stay ahead of 2022 year-end accounting deadlines

Check in with your accountant well before these dates to maximise your savings – and minimise your stress!

Business budgeting for 2023

Business owners should avoid a December panic by preparing their budget for 2023 well in advance. Do you have enough protection and cover? Consider whether your cover levels are still adequate and accurate, including: key person insurance cover, life assurance cover, critical illness cover, income protection and provision for pension for both company directors and employees.

Our advice is that you should start planning in October to have your budget in place and ready to start on January 1st.

Income Tax

It’s almost time to submit self-assessment tax returns for the year 2021 (Form 11).  

• The deadline for 2021 for paper forms is the 31st October. 

• For those who file and pay taxes online, or through their accountants using ROS, the deadline is two weeks later on 16th November 2022.

Reduce your tax liability by ensuring you have availed of, and kept the documentation for, the wide range of tax deductions for expenses incurred while running the business. Not sure what you can claim? Common allowable expenses can include:

• Consultancy fees
• Advertising
• Rent and rates
• Energy
• Business loans and interest on loans
• Insurance costs
• Car, van and travel 
• Repair and maintenance of plant and equipment
• Asset purchase

It is essential that all your details are up to date and accurate when you self-assess. If in doubt, get advice!

Pension planning

Company owners and employees alike should check in on their pension options and obligations well before the year end deadline of 31st Dec 2022.

Personal pensions and AVCs should be considered by those that wish to make a contribution before 16th November 2022 for the tax year 2021.

Capital Gains Tax

For any gains made between 1st January 2022 and 30th November 2022 the applicable CGT should be paid by 15th December 2022. Ensure you have explored all your options and availed of any applicable reliefs.