Today we will see Rishi Sunak deliver his March 2021 Spring Budget, which is being described as one of the most highly-anticipated Budget speeches in years.

We are expected to know further information on the furlough scheme, SEISS grants and additional support for businesses. We will produce our summary this week following on from the Budget, to help you understand the changes and how it will affect your business.

In addition to the budget, we are now heading into Spring with the new tax year fast approaching us and the Domestic Reverse Charge coming into effect. See below our timeline of key events up until the end of the tax year for 2020/21.

March 2021

  • 1st – Domestic Reserve Charge for VAT on construction and building services comes into force (For further information, click here)
  • 1st – Due date for payment of Corporation Tax for period ended 31st May 2020
  • 3rd – 2021 Budget day
  • 7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 31st January 2021
  • 15th – Last day to make CJRS claims for February
  • 22nd – Monthly deadline for electronic payments for CIS, NIC and PAYE to HMRC
  • 31st – Deadline for payments of VAT payments deferred between March and June 2020 for businesses that do not opt to pay in 11 equal instalments over the 2021-2022 financial year.
  • 31st – Last date to apply for the Bounce Back Loan Scheme, the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS) and the Future Fund.
  • 31st – Deadline for filing of accounts with Companies House for accounting periods ended 31 March 2020.