Newsletter January 2020

Self Assessment Tax Returns for 2019:

With the deadline for completing and submitting self-assessment tax returns online for 2019 (2018/19 tax year) is 31 January 2020 and many of you may be struggling to get the job done. We have put together a list of helpful tips and advice to help make the task more bearable.

Do I need to complete a tax return?

Self-assessment is not just for self-employed people. If you fall under one of the following categories, you will need to complete a tax return too:

• You are self-employed
• You are a company director in receipt of dividends in excess of £2,000
• Your annual income is £100,000 or more
• You have income from letting any property or land you own
• You receive other untaxed income, or significant capital gains, and the tax due on it cannot be collected through a PAYE tax code
• You need to claim expenses or reliefs
• You or your partner receive Child Benefit and your income is over £50,000.

• There are also other reasons, such as being a minister of religion, in receipt of trust or settlement income, have taxable foreign income or you are a trustee
• Please note this list is not exhaustive.

When should I start the application process?

Now! You can only submit your tax return online if you have already registered and have a unique tax reference (UTR). If you haven’t done this yet, you should do it now. It can take up to seven working days for HMRC to send you an activation code by post. The deadline to submit your tax return is the 31 January, so you need to start the application as soon as possible.

Or why not let us complete your tax return for you!

DATES TO REMEMBER:

1 January 2020 - Due date for Corporation tax for companies with an accounting period ended 31 March 2019.

7 January 2020 - Due date for filing and payment of VAT for the period ended 30 November 2019, unless you submit a paper return then the date is 31 December 2019.

31 January 2020 - Latest date for filing your 2019 online self assessment tax return if you wish to avoid a late filing penalty. 

31 January 2020 - Due date for payment of the tax for 2018/2019 and first payment on account for 2019/2020.

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Monthly Dates:

19th of the Month:

Due date for postal payments of PAYE, NIC and CIS deductions and on-line filing deadline for CIS300 monthly return to HMRC.

22nd of the Month:

Due date for electronic payments of PAYE, NIC and CIS deductions to HMRC.
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