2020 Tax Dates
There are a number of important tax dates to remember in HMRC’s penalty-driven calendar. Any seasoned business owner will know the big deadlines in any year – self-assessment on 31 January, Tax year end on 5 April, VAT returns four times a year and whenever their corporation tax deadline hits (9 months – and a day – after the year end). But what many business owners don’t know is those little outsider deadlines – and they probably ought to know them better.
When do end of year payroll returns have to be filed? When does HMRC need to know about a new company car? The answers to these are completely different from what they were even five years ago. Business owners often don’t know that their company tax return isn’t even due when their payment is – or that they have two years to change a personal tax return.
All these dates join many dozens of others that are all wholly a business owner’s responsibility.
How do you know what tax dates to look out for?
Firstly, if you have a good accountant (not one who simply doesn’t miss a deadline, but beats everyone by many months), they will keep an eye out for you.
Secondly, the key is actually to combine these important tax dates across all the things that you’re involved in. So for example, if you have a personal tax return, that’ll be due by 31 January following the tax year end. But if you have a pension that’s paid through your company and take dividends from it too, that introduces another three deadlines straight away. A good accountant will bear these in mind.
In 2020, we have a few new things on the horizon. Firstly, there are big changes afoot in the world of IR35. Making Tax Digital is creeping into the world of non-VAT registered businesses which everyone needs to look out for. For VAT registered businesses, something called Reverse Charge is on its way in, which is something that only businesses who previously dealt with Europe had to worry about.
Accounting firms (like us) are quickly updating their processes to look after these new scenarios clients find themselves in. Many clients will need to adapt to HMRC’s new rules and we will be there to help them. For some businesses, not having an accountant is a choice they are able to manage when it comes to filing deadlines. But on a wider point of view, the legislative changes that are coming in, are coming at a rate they’ve not done before and if any time was a good one to engage with an accountant, it’s now. So, if you would like more accountant related information, get in touch and we will be happy to help!