Key Financial Dates for Your 2019 Calendar
With January off to a flying start, many businesses have great intentions for the year ahead. However, it’s not always that easy to stay on top of important tax requirements and legislation – especially if you’re unsure of the impending deadlines.
That’s why we’ve put together this helpful list of key financial dates for your 2019 calendar…
The 31st January is the deadline for completing and paying your self-assessment online tax return for the tax year ending 5th April 2018. Some companies will have already completed their tax return and will simply need to make their payment by this date.
It’s also the deadline for the first payment on your account. This is an advance payment towards your tax bill, which applied to companies who pay more than £1,000 a year in tax. The second payment is in July. You can find out more about payments on account on the Gov.uk website.
This is the official day of Brexit. It’s the day the UK is scheduled to leave the EU, two years on from the triggering of Article 50 in 2017. The outcome of this day will depend on the negotiations, which are still ongoing. Nevertheless, it is an important one for your calendar, as there may be changes to how you do business with companies based in the EU and some legislative changes further down the line.
Making Tax Digital begins on this date for VAT. This means businesses earning £85,000 or more will have to keep digital records and are required to submit digital VAT returns using compatible software.
The is the last day of the 2018-19 tax year. The following day, 6th April, is the start of the new tax year. Anyone who is required to file a tax return for the previous year will receive a notice from HMRC.
The end of May is also an important date for business as it is the deadline for distributing P60 forms to your employees.
This is the deadline for the second payment on account, for eligible businesses. It’s important to have the finances available so you’re ready for this deadline.
This the last date you can register for online self-assessment. Don’t be caught short, make sure you’re prepared before this date.
The end of the October is the deadline for paper self-assessment income tax returns for the previous tax year.
It’s also important to remember that there are other ongoing deadlines throughout the year. For example, the 22nd of every month is when payments by an approved method are made for PAYE and Class 1 National Insurance. If you wish to do this by post the deadline is the 19th.
Don’t forget, there are no exact dates for VAT payment. This is because each business is different, paying VAT either monthly, quarterly or annually. It all depends on your payment type, your business type and your specific VAT scheme.
Stay on top of things in 2019
Feeling overwhelmed with deadlines, payments and schemes? Don’t worry. The expert team at UWM Accountants can help. Based in Leeds, we offer a range of specialist accounting services with a unique customer-first approach to help local and UK wide businesses prosper. For more information, contact us today.