2020 Accounting Calendar – All the Dates You Need to Know
2020 is here at last. Whatever your resolutions, it’s important to focus on keeping your business’s finances in order throughout the year. Step one in that process is getting the key dates pencilled into your calendar.
Here are all the accounting dates you need to know about in 2020…
19th – 22nd each month
As a business, you’re responsible for paying PAYE tax and Class 1 National Insurance on behalf of your employees. You’ll need to make those payments each month by 19th if you’re doing so by post, or 22nd if you’re doing it online.
The self-assessment tax return deadline falls on 31st January every year – for online returns, at least. By 31st January, you’ll need to have completed your return for the tax year ending 5th April 2019. Failure to do so will get you a fine of £100, plus extra fines for any late tax payments.
This day is also the due date for your first ‘payment on account’. This applies to companies who pay more than £1,000 in annual tax, who are required to pay some of their tax in advance, with a second payment in July.
It’s worth noting that 31st January is something of a triple whammy in 2020. As well as the self-assessment deadline and payment on account, it’s the final day of the UK’s EU membership. At midnight in Central European Time – 11pm in Britain – the UK will leave the EU after almost three years of negotiations and two failed deadlines on 29th March and 31st October 2019.
This could affect your business, and in turn your finances, with changes to legislation or imports and exports. It’s well worth visiting the Government website to see how your industry and your business could be affected.
5th – 6th April
The 2019-20 tax year runs from 6th April 2019 to 5th April 2020. On 6th April 2020, the new tax year will begin, so it’s good practice to have your records in order, separating the 2019-20 tax year from 2020-21. At the end of the tax year, you’ll also receive a notice from HMRC about the tax return that’s now due for that year.
Businesses will need to have processed and distributed P60 forms to all employees by the end of May. This document simply outlines all of their income and tax paid for the previous tax year.
As mentioned earlier, this is the deadline for your second payment on account. Make sure you have the money set aside ready to make the payment.
If you want to register for online self-assessment for the 2020-21 tax year, you’ll need to do so by 5th October 2020. After registering online, you’ll be sent a code by post – usually within ten days – with which you can activate your account.
If you’re still filing your self-assessment tax returns by paper, you’ll need to complete the 2019-20 return by 31st October 2020. With Making Tax Digital in the pipeline, 2020 may be a good time to start completing your returns online.
Expert accounting in 2020 and beyond
If all the dates and deadlines leave you feeling overwhelmed, it might be worth outsourcing your finances to an accountant. As Leeds’ local accountants, UWM can provide specialist assistance to businesses and individuals across the UK. From annual self-assessment to ongoing payroll services, we’ve got you covered.