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6 | Life goes on
LIFE GOES ON
Amid all the uncertainty and Westminster hullabaloo,
things are carrying on for most businesses and their
accountants in the run-up to Christmas.
Regardless of the forthcoming election and any
developments to resolve the Brexit stalemate, we’ll
still need to file income tax returns and corporation
tax returns for 2018/19 on behalf of our clients.
Here are some key accountancy dates and deadlines
to focus on in the coming weeks and months.
One additional point worth noting is that 31 January
– a key day in the UK tax calendar – is also the latest
scheduled date for the UK to formally leave the
European Union in 2020.
Unless a further delay is negotiated with the EU, that
could make meeting the self-assessment deadline
more challenging than normal.
We’re always urging clients to complete their tax
returns early rather than waiting until the last minute
but this year, more than ever, that’s advice worth
bearing in mind. HMRC may be exceptionally busy.
And if the UK does leave the EU on 31 January,
there will be a raft of new regulations and processes
to take into account, especially those involved in
exporting or employing staff from the EU.
For example, you might need an up-to-date Economic
Operator Registration and Identification (EORI)
number. Not quite business as usual but, as usual,
we’ll all want to keep doing business.
2020: key dates and deadlines
•
•
31 January
– midnight deadline for completing
self-assessment tax returns (2018/19)
•
•
31 January
– deadline for first payment on
account (2019/20), balancing payment (2018/19)
•
•
31 January
– scheduled date for the UK to leave
the EU, subject to change
•
•
31 January
– deadline for all settlements on
loans advanced through disguised remuneration
schemes dating back to 1999, subject to change
•
•
1 April
– corporation tax falls from 19% to 17%,
subject to change
•
•
5 April
– end of 2019/20 tax year
•
•
6 April
– start of 2020/21 tax year; any new rates,
bands and allowances kick in
•
•
6 April
– off-payroll rules extend to the private
sector, subject to change
•
•
6 April
– residence nil-rate band to increase from
£150,000 to £175,000
•
•
6 April
– mortgage interest relief is fully replaced
by a tax credit based on 20% of a landlord's
mortgage interest payments
•
•
1 October
– reverse charge VAT for construction
services takes effect, subject to change
•
•
5 October
– deadline for registering to file tax
returns through self-assessment
taxpayers missed the 2019 filing deadline
for self-assessment
731,186