Posted on: 23 March 2020
The date that marks the end and the start of each tax year will be in the mind of many business owners around the UK, but what are some of the other tax-related dates that business owners should have in their calendar for the upcoming tax year?
Here are some of the key dates that you should know as a business owner.
Key dates for the 2020/21 tax year
6th April 2020 – Start of the new tax year
The first day of the new tax year. You should use this opportunity to gather some detailed information from the 2019/2020 tax year. This will make your self-assessment easier at the end of the year.
31st May 2020 – P60 Documents
On this date, you should issue P60 documents to your employees for the 2019/20 tax year, either on paper or electronically.
The P60 is the form that shows how much tax an employee has paid for the tax year. A P60 will allow your employee to claim back on overpaid tax, apply for tax credits or act as proof of income for a loan or mortgage.
6th July 2020 – P11D Documents
This is the deadline date to issue a P11D document to employees for the 2019/20 tax year.
The P11d is the form that outlines payments of benefits-in-kind, such as a company car or an interest-free loan from your business.
31st July 2020 – Tax payment
The deadline for your second tax payment on the tax year that ended on 5th April 2019.
31st October 2020 – Paper self-assessment form
This date marks the deadline for your paper self-assessment return forms for the 2019/20 year. Because of the new Making Tax Digital scheme, this could be the last year that you will use a paper return form.
30th December 2020 – Online self-assessment form
This is the deadline for the online submission of a self-assessment tax return for the tax year that ended on 5th April 2019.
It will allow HMRC to collect employment or pension income on PAYE tax codes if less than £3,000 is owed.
31st January 2021 – Deadline for online self-assessment
Midnight on 31st January marks the deadline for self-assessment tax returns and for paying your tax for the 2019/20 tax year.
5th April 2021 – End of the tax year
This date marks the end of the tax year for 2020/2021.
Penalties for late tax returns
If your tax returns are up to 3 months late, you could be issued with a fine of £100, as well as potentially paying interest on your late bill. You are also likely to be fined extra for paying your tax bill late.
Your penalty fee may mean you have to pay more depending on how long you have taken to send your return or pay your tax.
Protecting your business with insurance
It’s important to make sure that you have the right insurance in place to protect the business that you have built.
Every business is different and has its own business insurance needs, which is why we work with some of the UK’s most well-known insurers to make sure that you are getting the right insurance cover for your business.
Get in touch to speak to one of our insurance experts for advice about the insurance you need to protect your business.
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