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Running an SME? Things you must be aware of for the rest of 2022

/ Accounting, SME

Author: Henry Ejdelbaum

Tags: HMRC compliance

Running an SME title image

Running an SME? As we approach the last quarter of the year, there have been a fair number of changes for SMEs, so we can’t blame you if any have been missed – even if we’ve done our best to keep everyone updated! We thought it was worth a reminder about the important things that might affect your business – with some still yet to actually happen.

We know what it’s like running a small business, after all, all AIMS Accountants run their own businesses – so here is our handy reminder list:

  1. Plastic Packaging Tax (PPT) – Started 1 April 2022 importers or producers of over 10 tonnes of plastic packaging per year will be impacted, where the materials do not contain at least 30% recycled plastic.
  2. National Insurance changes – Health and Social Care Levy increased national insurance for everyone by 1.25%. This change took effect in April as planned. To help with the cost-of-living crisis and the effect of the Health and Social Care Levy, during the spring statement, the previous chancellor announced NI thresholds would increase in July.
  3. Making Tax Digital (MTD) – MTD has now become mandatory for all VAT-registered business (you must register if you haven’t and fit the criteria) with an annual turnover exceeding £85,000.
  4. Register for Self-Assessment – If you are Self-Employed/Sole Trader or need to register a partner or partnership then the deadline is 5 October 2022.
  5. Self-Assessment Tax Return deadline in early 2023 – we would advise to submit your self-assessment as soon as possible, since leaving it for the last moments can be stressful and could mean fines for late submissions. The deadline is 31 January 2023 at midnight, but there is no reason not to start getting your information ready today. Check what is required here.

As usual, we will be reporting on any other significant changes to keep you on top of your what you need to know and do. In case you need more technical help, your local AIMS Accountant would be happy to support your business. Check our LinkedIn and Twitter for a weekly business blog and useful information to grow your business.