Amid all the uncertainty and Westminster hullabaloo, things are carrying on for most businesses and their accountants in the run-up to Christmas.
Regardless of the result of the election and any developments on Brexit, we’ll still need to file income tax returns and corporation tax returns for 2018/19 on behalf of our clients.
Key January Dates
|31st January||Midnight deadline for completing self-assessment tax return (2018/19)|
|31st January||Deadline for the first payment on account (2019/20), balancing payment (2018/19)|
|31st January||Scheduled date for UK to leave the EU, subject to change|
|31st January||Deadline for all settlements on loans advanced through disguised remuneration schemes dating back to 1999, subject to change|
One additional point worth noting is that 31 January – a key day in the UK tax calendar – is also the latest scheduled date for the UK to formally leave the European Union in 2020.
Unless a further delay is negotiated with the EU, that could make meeting the self-assessment deadline more challenging than normal. It was reported that 731,186 taxpayers missed the 2019 filing deadline for self-assessment, which also adds to the pressure on HMRC and taxpayers.
We’re always urging clients to complete their tax returns early rather than waiting until the last minute but this year, more than ever, that’s advice worth bearing in mind. HMRC may be exceptionally busy this year. It was reported that 731k tax payers missed the 2019 deadline.
And if the UK does leave the EU on 31 January, there will be a raft of new regulations and processes to take into account, especially those involved in exporting or employing staff from the EU.
For example, you might need an up-to-date Economic Operator Registration and Identification (EORI) number. Not quite business as usual but, as usual, we’ll all want to keep doing business.
For further information on self-assessment tax returns, please contact Helen Spalding on 023 8046 1234.