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.