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The end of the tax year is upon us. And whether you're self-employed, a business owner, or work for a company, there are a few things you need to tick off your tax year checklist.
Wondering what’s on that list? Keep reading, we've got you covered.
Wondering what’s on that list? Keep reading, we've got you covered.
5TH APRIL - END OF THE CURRENT TAX YEAR
This is the last day of the 2019/2020 tax year.
This is also the deadline for claiming your PAYE tax refund or tax overpayments (for self-employed) from the tax year 2015/2016.
This is the last day of the 2019/2020 tax year.
This is also the deadline for claiming your PAYE tax refund or tax overpayments (for self-employed) from the tax year 2015/2016.
6TH APRIL - NEW TAX YEAR
This is when the 2020/2021 tax year begins. The standard personal allowance for income tax is staying at ÂŁ12,500.
If you're self-employed, this is the time to gather detailed documents ready for your 2019/2020 tax return.
This is when the 2020/2021 tax year begins. The standard personal allowance for income tax is staying at ÂŁ12,500.
If you're self-employed, this is the time to gather detailed documents ready for your 2019/2020 tax return.
PAYROLL
If your company operates a payroll to pay your staff, you must remember to file your final full payment submission.
You should file the full payment submission to HMRC by 5th April. Or you could face an ÂŁ100 penalty if you're late.
If your company operates a payroll to pay your staff, you must remember to file your final full payment submission.
You should file the full payment submission to HMRC by 5th April. Or you could face an ÂŁ100 penalty if you're late.
PENSIONS
If you have a pension fund and still want to make contributions, remember to make the payments before the 5th April.
The total amount you're able to contribute yearly tax-free is ÂŁ40,000.
If you have a pension fund and still want to make contributions, remember to make the payments before the 5th April.
The total amount you're able to contribute yearly tax-free is ÂŁ40,000.
(If you pay a higher rate of tax, you can claim back further tax relief through your self- assessment return).
ISAS
If you have an ISA account (Cash ISA, LISA etc), remember any unused allowance won't roll over into the next tax year.
Learn more about ISAs here: https://monzo.com/blog/2018/11/14/isas-explained
If you have an ISA account (Cash ISA, LISA etc), remember any unused allowance won't roll over into the next tax year.
Learn more about ISAs here: https://monzo.com/blog/2018/11/14/isas-explained
KEY DATES FOR YOUR DIARY Memo
• 31st May - Last date to give employees P60 for 2019/2020
• 5th Oct - Deadline to register with HMRC (self-employed)
• 31st Oct - Deadline for paper self-assessment returns for 2019/2020
• 31st Jan - Deadline for online return for 2019/2020
• 31st May - Last date to give employees P60 for 2019/2020
• 5th Oct - Deadline to register with HMRC (self-employed)
• 31st Oct - Deadline for paper self-assessment returns for 2019/2020
• 31st Jan - Deadline for online return for 2019/2020
