The UK Government has announced an additional bank holiday for 2023 in honour of the coronation of His Majesty King Charles III. The bank holiday will fall on Monday 8 May following the coronation on Saturday 6 May.
The Bank of England Monetary Policy Committee announced on 23 March 2023 to increase the Bank of England base rate to 4.25% from 4%.
HMRC interest rates are set in legislation and are linked to the Bank of England base rate.
As a consequence of the change in the base rate, HMRC interest rates for late payment and repayment will increase.
These changes will come into effect on:
3 April 2023 for quarterly instalment payments, and
13 April 2023 for non-quarterly instalments payments.
Late payment interest is set at base rate plus 2.5%. Repayment interest is set at base rate minus 1%, with a lower limit – or ‘minimum floor’ – of 0.5%.
For existing employers who already submit the original P11D and P11D(b) returns online, there is no change. For those remaining employers who have submitted paper returns in previous years, from 6 April 2023, they will need to submit their original P11D and P11D(b) returns online.
HMRC is changing legislation to mandate the submission of original P11D and P11D(b) returns online.
HMRC will no longer accept paper P11D and P11D(b) forms. This includes lists. For employers who need to submit up to 500 P11D and P11D(b) returns, the free HMRC PAYE online services can be used. For anything more, 3rd party software is required.
HMRC will publish electronic versions of the P11D and P11D(b) forms on GOV.UK, which will enable employers and agents to submit amended forms electronically from 6 April 2023.
No software changes are required, as this electronic form is not part of the current online services.
If an employer submits a paper P11D or P11D(b) (original or amendment) from 6 April 2023 the form will be rejected on the basis that it has not be submitted to HMRC in the prescribed manner. The employer or agent will be notified of the rejection and sign-posted to the correct process.
| Date | What’s Due |
| 01/04 | Corporation tax payment for year to 30/6/22 (unless quarterly instalments apply) |
| 05/04 | 2022/23 tax year ends on 5th April. 2023/24 tax year begins on 6th April. |
| 19/04 | PAYE & NIC deductions, and CIS return and tax, for month to 5/04/23 (due 22/04 if you pay electronically) |
| 01/05 | Corporation tax payment for year to 31/7/22 (unless quarterly instalments apply) |
| 19/05 | PAYE & NIC deductions, and CIS return and tax, for month to 5/05/23 (due 22/05 if you pay electronically) |
