All working people whether small business owners or contractors have to be in the know for what all they have to do be in compliance with tax matters. There is lot of things needed to be taken care of in a tax or financial year. In the UK, the tax year runs from 6th April to 5th April every year. So, it becomes crucial to have a list of all the most important days on hand. If you are well versed with the dates then it can save you from falling into last-minute panics and also be ready with all the necessary paperwork. In return, it saves you a considerable amount of money in the long run.
For keeping you ahead and planned for the upcoming financial year, here's a comprehensive guide to everything you need to know about, and plan for, when it comes to the 2019/20 tax year.
You can save this guide as a reference to check the upcoming key dates. Additionally, it could prove invaluable to the wellbeing of your business.
Key dates of the UK tax year 2019 / 20
- 6 April 2019: First day of 2019/20 tax year
- 31 July 2019: Second Payment on Account for the 2019/20 tax year
- 5 October 2019: Deadline for Self Assessment registration for the self-employed and freelancers, or additional income earners
- 31 October 2019: Paper tax return submission
- 30 December 2019: Online tax return submission
- 31 January 2020: Self Assessment online tax return deadline and first Payment on Account for the 2019/20 tax year
- 6 April 2020: 2019/20 tax year ends
What are the important dates for self employed adhering to self assessment?
Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.
Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return.
Register for Self Assessment if you’re self-employed or a sole trader, not self-employed, or registering a partner or partnership: 5 October 2019
Paper tax returns: Midnight 31 October 2019
Online tax returns: Midnight 31 January 2020
What about the Self Assessment for 2018 / 19?
All the above dates and deadlines refer to the upcoming financial year. You must be thinking what all you must be taking care of for current financial year. Talking about the current tax year i.e., 2018/2019, it started on 6 April 2018 and will finish on 5 April 2019. 31 January will be the last day to file Self Assessment. This is the biggest date of the whole year for many self-employed people and small business owners. If you’re earning any income outside of PAYE, you’ll need to submit what is known as a Self Assessment tax return.
Self Assessment submissions are due by midnight on 31st January. Miss it, and you could end up being forced to pay a considerable penalty. Good News! You can hire the services of DNS Accountants to complete your tax return for you, and we will correspond with HMRC on your behalf if there are any issues or discrepancies.
Our Self Assessment Tax return service starts from as little as £150 + VAT. For further information or to discuss your situation in confidence call on 020 8903 6330 and a member of our team will be happy to help. Alternatively you can email us on firstname.lastname@example.org.