Budget Report 2020

page 12 BUDGET 11 MARCH 2020 Every month * If the due date for payment falls on a weekend or bank holiday, payment must normally be made by the previous working day. 1* Annual corporation tax due for companies (other than large companies) with year ending nine months and a day previously, e.g. tax due 1 July 2020 for year ending 30 September 2019. 14* Quarterly instalment of corporation tax due for large and very large companies (month depends on accounting year end). 19* Pay PAYE/NIC and CIS deductions for period ending 5th of the month if not paying electronically. Submit CIS contractors’ monthly return. 22* PAYE/NIC and CIS deductions paid electronically should have cleared into HMRC bank account. Month end Submit CT600 for year ending 12 months previously. Last day to amend CT600 for year ending 24 months previously. File accounts with Companies House for private companies with year ending nine months previously and for public companies with year ending six months previously. FINANCIAL CALENDAR . March 2020 31 Last few days to use any pension, CGT and IHT annual allowances and exemptions and to invest in an ISA in 2019/20. April 2020 5 Last day to submit final Full Payment Submission (FPS) or Employer Payment Summary (EPS) for 2019/20. Final day to register online to ‘payroll’ benefits and expenses in 2020/21. 6 First day of the 2020/21 tax year. Changes apply to tax allowances, rates and thresholds, car benefit scales, JISA limits and pension taper thresholds. Start of new rules for off-payroll working (IR35) for private businesses. Changes to CGT on residential property. 14 Due date for CT61 return for quarter to 31 March 2020. 19 Final day to send a late FPS for 2019/20. From 19 April 2020 HMRC will accept FPSs with YTD figures and will also accept changes notified on an Earlier Year Update (EYU). A penalty will usually be charged. 23 Interest accrues on employers’ unpaid PAYE and NIC for 2019/20 (20th if not paying electronically). 30 IHT due on lifetime transfers between 6 April and 30 September 2019. (IHT on other transfers payable six months after the end of the month in which the transfer or death occurred.) May 2020 1 Start of daily £10 penalty where the 2018/19 tax return has not been filed (charged for up to 90 days). 3 Submit employer forms P46 (car) for quarter to 5 April 2020. 31 Last day to issue 2019/20 P60s to employees. July 2020 5 Last date to agree a 2019/20 PAYE Settlement Agreement (PSA) with HMRC. 6 Deadline for employers to make returns of expenses and benefits (forms P11D and P11D (b)) for 2019/20 to HMRC and provide copies to employees. 6 Deadline for online filing of 2019/20 returns for all employee share schemes, with online registration by this date (unless a reasonable excuse) for new schemes set up during 2019/20. 14 Due date for CT61 return for quarter to 30 June 2020. 22 Pay Class 1A NICs (19 July if not paying electronically). 31 Confirm tax credit claims for 2019/20 and renewal for 2020/21. 31 Make second payment on account for 2019/20 income tax and Class 4 NIC. August 2020 1 Penalty of 5% of the tax due or £300, whichever is the greater, where the 2018/19 tax return has not been filed. 2 Submit employer forms P46 (car) for quarter to 5 July 2019. 2 Second 5% penalty imposed on 2018/19 tax still unpaid on 1 August. October 2020 5 Deadline to register for self-assessment for 2019/20. 14 Due date for CT61 return for quarter to 30 September 2020. 22 Pay tax and Class 1B NIC on PSAs (19th if not paying electronically). 31 Deadline for 2019/20 tax return if filed on paper. November 2020 2 Submit employer forms P46 (car) for quarter to 5 October 2020. 30 Deadline to submit 2019/20 tax return online to have underpaid PAYE tax collected through the 2021/22 tax code. January 2021 14 Due date for CT61 return for quarter to 31 December 2020. 31 Submit 2019/20 self-assessment tax return online. Pay balance of 2019/20 income tax and Class 4 NIC, all of Class 2 NIC and balance of CGT, plus first payment on account for 2020/21 income tax and Class 4 NIC. February 2021 1 Initial penalty imposed where the 2019/20 tax return has not been filed or has been filed on paper after 31 October 2020. 1 Final penalty of 5% of the tax due or £300, whichever is the greater, where the 2018/19 tax return has not been filed. 2 Submit employer forms P46 (car) for quarter to 5 January 2021. 2 Third 5% penalty imposed on 2018/19 tax still unpaid on 1 February. March 2021 1 Last day to pay 2019/20 tax to avoid automatic 5% penalty. 31 Last few days to use any pension, CGT and IHT annual allowances and exemptions and to invest in an ISA in 2020/21.