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DIARY DATES OF MAIN TAX EVENTS FEBRUARY/MARCH 2020

Tax Diary

Date What’s Due 01/02/20 Corporation tax for year to 30/04/19 unless quarterly installments apply 19/02/20 PAYE & NIC deductions and CIS return and tax, for month to 05/02/20 (due 22/02 if you pay electronically) 29/02/20 VAT for Returns ended 31/12/19 (due 07/02 if paid electronically, 12/02 if paid by direct debit) 01/03/20 Corporation tax payment […]

ANOTHER REASON TO SELL PROPERTY BEFORE 6 APRIL 2020

Estate Planning, HMRC

If the draft legislation issued for consultation last year is enacted in the next Finance Act there will be important changes to private residence relief for disposals after 5 April 2020. Firstly, the exemption for the final period of ownership will be reduced from 18 months to 9 months. This applies where a former main […]

CHANGES TO PAYING CGT ON RESIDENTIAL PROPERTY FROM 6 APRIL

HMRC

From 6 April 2020 there is a major change in the reporting and payment of CGT on residential property disposals. From that date, it will be necessary to report the disposal of the property within 30 days of completion of the disposal and pay CGT on account to HMRC. This will be a significant acceleration […]

POSSIBLE U-TURN ON PENSIONS FOR HIGH EARNERS?

Pensions

There have been many stories in the press about GPs and senior hospital doctors refusing to take on extra shifts and additional responsibilities due to the additional tax they are required to pay on the extra pension contributions paid by the NHS. A number of solutions have been put forward. There are now strong rumours […]

REVIEW OF OFF-PAYROLL WORKING RULES

Employers, Tax

In January the government launched a four-week review of the changes to IR35 “off-payroll” working rules scheduled to come into force in April, as the result of mounting criticism about the way they will operate. The review is scheduled to conclude by mid-February and will see the government hold a series of meetings with stakeholders […]

DON’T BE LATE IN PAYING YOUR PERSONAL TAX BILL

Tax

Individual’s 2018/19 income tax, CGT, class 2 and 4 NIC liabilities should have been paid by 31 January 2020.   Note that if the balance is still unpaid at the end of February 2020 a 5% surcharge penalty is added in addition to the normal interest charge unless a time to pay arrangement has been […]

WILL INHERITANCE TAX BE SIMPLIFIED?

Tax

Another announcement to listen out for in the Spring Budget is whether the Chancellor acts on the recommendations of the Office of Tax Simplification (OTS) regarding inheritance tax (IHT). As reported in an earlier newsletter, the OTS suggested simplifying IHT on lifetime gifts including reducing the period of potential exemption from 7 to 5 years. […]

CHANGES TO DISGUISED REMUNERATION LOAN CHARGE

Tax

The independent loan charge review, conducted by Sir Amyas Morse, was published on 20 December, having been delayed due to the general election. The loan charge was introduced to collect tax from individuals who had benefited from schemes devised to avoid PAYE and national insurance. The date that the loan was made to the individual […]

BUDGET DAY IS NOW 11 MARCH

Budget 2020

The December General Election meant that the Autumn Budget was delayed and we now know that Sajid Javed will deliver his first Budget on the second Wednesday in March which is when Budget day used to be!   We are expecting that the tax measures in the Conservative Party manifesto will be announced again together […]

DIARY DATES OF MAIN TAX EVENTS JANUARY/FEBRUARY 2020

Blog, Tax Diary

Date What’s Due 01/01/20 Corporation tax for year to 31/03/19 unless quarterly installments apply 19/01/20 PAYE & NIC deductions and CIS return and tax, for month to 05/01/20 (due 22/01 if you pay electronically) 31/01/20 VAT for Returns ended 30/11/19 (due 07/01 if paid electronically, 12/01 if paid by direct debit) 31/01/20 Deadline for Self-Assessment […]