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.

Clients reading this reminder who need to know how much to pay or reference numbers to quote should contact us asap.

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

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.