I’m sure you are aware of how HMRC’s compulsory changes to tax are affecting business from this year, with Making Tax Digital transforming tax administration and enforcing the drive towards digital.
If you are subject to Self Assessment, you’ll be required to submit your tax returns by midnight on 31 October if submitting by paper, or 31 January if online.
We have provided tools in the App, such as the Receipt Manager, that will aid with your digital record keeping, save you time and money and ease you and your company’s transition to Making Tax Digital.
It is important to prepare your return in advance just in case you may need extra forms or assistance in completing certain sections. Preparing your return early also gives you time to gain advice and consider any tax planning opportunities.
It also means that you are aware of the tax liability arising from it and will have more time to set aside funds to cover your tax bill and manage your cash flow.
31 October 2019
Deadline for submitting ‘paper’ 2018/19 Self Assessment returns
31 January 2020
Deadline for submitting your 2018/19 Self Assessment return (£100 automatic penalty if your return is late) and the balance of your 2018/19 liability together with the first payment on account for 2019/20 are also due.
6 April 2020
First day of the new tax year 2020/21