Important Tax Deadlines/Changes

There are many different tax rates and deadlines that may affect your business.  Knowing which ones impact your business can help you save time and money.

Tax Deadlines

Important Dates To Remember

Being aware of tax deadlines is important in ensuring you do not receive any fines as well providing sufficient time to prepare for each submission.

Whether is it Self Assessment submissions, being aware of the start and end of tax years or PAYE tax dates, saving these in your phones can save both time and money.

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Self Assessment Dates

  • 5 Apr 2019  – Last day of 2018/19 tax year.
  • 31 Jul 2019 – Deadline for 2nd payment on account for tax year ending 5 April 2019.
  • 31 Oct 2019 – Deadline for paper self-assessment returns for 2018/19 tax year.
  • 31 Jan 2020 – Online self-assessment tax returns for 2019/20 tax year must be submitted by this date.

 

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PAYE Tax Dates

6 Apr 2019 – First day of new tax year 2019/20.

31 May 2019 – Copies of 2018/19 P60 documents issued to employees.

6 Jul 2019 – Copies of 2018/19 P11d documents issued to employees.

5 Apr 2020 – Last day of tax year 2019/20.

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Company Year End Accounts

The choice of date for your accounting year-end is entirely up to you as a business owner.

Determining the date is an important decision with several factors to consider, as  this will affect when you pay tax on your profits. 

Contact us for assistance and more information regarding this.

2020/21

Tax Changes

The 2020/21 tax year will see the personal allowance remain at £12,500. The higher rate threshold will also remain at £50,000 in England, Wales and Northern Ireland.

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Student Loan Payments

The earning thresholds for student loan repayments has increased as follows:

Plan 1 : The threshold will rise from £18,935 to £19,390.

Plan 2: The threshold will rise from £25,725 to £26,575.

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Pension Contributions

The lifetime allowance will increase from £1.055 million to £1.073 million.

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Dividend Allowance

There is no change to dividend tax rates in 2020/21:

  • The tax-free dividend allowance is £2,000
  • Basic-rate taxpayers pay 7.5% on dividends
  • Higher-rate taxpayers pay 32.5% on dividends
  • Additional-rate taxpayers pay 38.1% on dividends.
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National Insurance

The current (2020/21) National Insurance(NI) Tax allowance is £9,500.

This is calculated monthly, so each month your NI tax free allowance for pre-tax earnings is 1/12 of £9,500. Thus, you only pay national insurance tax each month on any earnings above £792.

Additional Queries

If you require more information/assistance with respect to tax deadlines/submissions or any other queries, please do not hesitate to contact us and we will aim to help resolve your queries