Tax calendar

This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 NI, capital gains tax and High Income Child Benefit Charge liabilities. 

There is a penalty of £100 if your return is not submitted on time, even if there is no tax due or your return shows that you are due a tax refund.

The balance of any outstanding income tax, Classes 2 and 4 NI, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2019 is due for payment by 31st January 2020.  Where the payment is made late interest will be charged.

The first payment on account for 2019/20 in respect of income tax and any Class 4 NI or High Income Child Benefit Charge is also due for payment by 31st January 2020.

If we have already dealt with your self assessment return on your behalf you need take no action.

This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where a car is first provided or an additional car is provided, or an employee ceases to have the use of a car without replacement.  The completion of the form enables HMRC to amend the individual’s coding notice to reflect the change in benefit.  This notification may be made by completing and printing off the relevant by paper or online forms. Where one car is merely replaced with another, this may be notified online. A change in car for car benefits which are being ‘payrolled’ should not be reported on a P46(car).

This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.  

Where the payment is made electronically the deadline for receipt of cleared payment is Friday 21st February 2020 unless you are able to arrange a ‘Faster Payment’ to clear on or by Saturday 22nd February.

New Advisory Fuel Rates (AFR) for company car users apply from today. The rates can be found by visiting https://www.gov.uk/government/publications/advisory-fuel-rates

This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 NI, capital gains tax or High Income Child Benefit Charge liabilities. 

The balance of any outstanding income tax, Classes 2 and 4 National Insurance, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2019 was due for payment by 31st January 2020.  Where the payment is made late interest will be charged. On 2 March 2020 a late payment penalty of 5% will be added to the outstanding liability. 

If we have already dealt with this matter on your behalf you need take no action.

This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.  

Where the payment is made electronically the deadline for receipt of cleared payment is Friday 20th March 2020 unless you are able to arrange a ‘Faster Payment’ to clear on or by Sunday 22nd March.

The final deadline of 5th April 2020 is relevant to individuals who have not considered year end tax planning issues.  These issues include:

• utilising your annual capital gains tax exemption
• utilising your annual inheritance tax exemption for gifts
• utilising your annual Individual Savings Account investment limit (ISA)
• making additional pension contributions for 2019/20.

Please do get in touch if you would like any further advice on these or any other issues.