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Tax timeline: Key deadlines for farm diaries in 2019/2020

Chartered accountants Saffery Champness have highlighted some of the key dates farmers need to be aware of.

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Tax timeline: Key deadlines for farm diaries in 2019/2020

With the new tax year fast approaching on April 6, farmers and rural businesses need to be aware of the key dates to make sure their tax affairs are up to date over the next 12 months.

 

Saffery Champness has compiled a helpful guide to the new tax year.

 

Deadlines for companies may vary according to their accounting reference dates. The dates below assume the business’ accounts are made up to 31 March.


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Self-Assessment

April

 

  • 5th: Last date for making pension contributions in 2018/19. The annual contribution limit remains at £40,000 but will be restricted to a maximum of £10,000 if total income exceeds £150,000. The £40,000 limit will be reduced by £1 for every £2 of earnings in excess of £150,000 until earnings exceed £210,000. 2018/19 ISA contributions and EIS/SEIS investments must also be made by this date.
  • 6th: 2019/20 tax year begins

 

July

 

  • 31: Deadline for 2nd 2018/19 Payment on Account. Payments on account are based on 50 per cent of the prior year’s liability. If you applied to reduce your payments on account, consider whether the reduction is still appropriate. Interest will be charged on underpaid Payments on Account, and possible penalties.

October

 

  • 5: Deadline for registration for Self-Assessment if a new source of income commenced or a chargeable gain arose in 2018/19
  • 31: Deadline for submission of paper self-assessment tax returns for 2018/19 (or 3 months after the date of issue of a self-assessment tax return if later)

 

December

 

  • 30: Deadline for online submission of 2018/19 Self Assessment Tax Returns for HMRC to collect tax through PAYE codes, where you owe less than £3,000

 

January

 

  • 31: Deadline for online submission of 2018/19 Self Assessment Tax Returns. Returns filed after this date incur an automatic £100 penalty. Amended Self Assessment Tax Returns in respect of 2017/18 must be filed by this date.
  • 31: Deadline for paying 2018/19 ‘balancing payments’ of income tax, capital gains tax and Class 2 and 4 NICs.
  • 31: Deadline for payment of the 1st Payment on Account for 2019/20, based on 50 per cent of the 2018/19 liability. If you anticipate lower taxable income, consider applying to reduce the payments on account.

 

March

 

  • 1: Last day to make payment of 2018/19 balancing liability before incurring a 5 per cent surcharge.

Employers

April

 

  • 5: Send final Full Payments Submission (FPS) payroll reporting form to HMRC on or before your employees’ last payday of the tax year.
  • 6: Update employee payroll records for all individuals employed by the business on 6th April. A payroll record needs preparing for all employees and their tax code needs inputting.

 

May

 

  • 31: Last date for giving 2018/19 Forms P60 to each employee working for you on 5 April 2019

 

July

 

  • 5: Deadline for agreeing PAYE Settlement Agreements for the year ended 5 April 2019
  • 6: Last date to give Forms P11D to relevant employees and to file these forms with HMRC
  • 6: Last date to submit the online return for Employment Related Securities reporting
  • 19: Deadline for postal payments to reach HMRC for any outstanding 2018/19 Class 1A NICs. Electronic payments must be cleared in HMRC’s account by 22nd July.

 

October

 

  • 22: Tax and National Insurance owed under PAYE Settlement Agreements must reach HMRC by this date (October 19 if paying by cheque)

Company

April

 

  • 14: Deadline for the submission of CT61 for the quarter ended March 31 2019 and payment of any income tax due.
  • 14: Companies with taxable profits of over £1.5m must pay their third corporation tax quarterly instalment payment by 1 month and 13 days after the end of their accounting period, i.e. 14 April 2019 for accounting periods ending March 31 2019

 

July

 

  • 14: Deadline for the submission of CT61 for the quarter ended 30 June 2019 and payment of any income tax due.
  • 14: Companies with taxable profits of over £1.5m must pay their final corporation tax quarterly instalment payment by 3 months and 13 days after the end of their accounting period, i.e. July 14 2019 for accounting periods ending March 31 2019.

 

October

 

  • 14: Deadline for the submission of CT61 for the quarter ended 30 September 2019 and payment of any income tax due.
  • 14: Companies with taxable profits of over £1.5m must pay their first corporation tax quarterly instalment payment by 6 months and 13 days after the start of their accounting period, i.e. 14 October 2019 for accounting periods ending March 31 2019

 

December

 

  • 31: Company accounts must be filed at Companies House by nine months from the accounting reference date, ie. by 31 December for companies with accounts made up to March 31. Companies House levies penalties for late filing.
  • 31: Directors loan accounts for the period ended March 31 2019 must be cleared. From March 2013, there are anti-avoidance rules that prevent a loan being taken out shortly after the repayment in certain circumstances. For example, where a loan is repaid and another taken out within 30 days, the repayment is matched to the new loan and the corporation tax charge on the original outstanding loan remains. Care needs to be taken in these circumstances.

 

January

 

  • 1: Companies with taxable profits of not more than £1.5m must pay their corporation tax and any s455 liability (loan to participator) by 9 months and one day after the end of their accounting period, i.e. 1 January 2020 for accounting periods ending March 31 2019.
  • 14: Deadline for the submission of CT61 for the quarter ended 31 December 2019 and payment of any income tax due.
  • 14: Companies with taxable profits of over £1.5m must pay their second corporation tax quarterly instalment payment by 9 months and 13 days after the first day of their accounting period, i.e. 14 January 2020 for accounting periods ending March 31 2019

 

March

 

  • 31: Companies with an accounting period ended March 31 2019 must file their CT600 Company Tax Return by March 31 2020. There are penalties for late filing of a return.
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