Get a head start on your 2019 plans, with our handy guide for all of the key accounting dates to pop in your diary. The first deadline of 2019 is the looming Self Assessment Tax Return deadline on the 31st January. A date we know is pretty much the first date every self-employed business owner has looming over them at the start of the new year.
If you’re a Heelan Associate client, don’t worry, we will remind you with plenty of notice (and frequently) to make sure you can manage your priorities and workload.
31st January – Self Assessment Tax Return Deadline
Pretty self explanatory, but this is the big one, the cornerstone of Tax Season for us (our busiest period), and often the big ‘to do’ list for the start of the year. Completing your self assessment tax return as a business client of Heelan Associates is all part of the service!
1st April – Making Tax Digital
Businesses will need to keep records and submit VAT online as part of Making Tax Digital.
5th & 6th April 2019 – Happy New Tax Year!
The tax year 2018/19 ends on Friday 5th April 2019
The tax year 2019/20 begins on Saturday 6th April 2019
31st May 2019 – P60
Proof of each employee’s tax paid on your salary in the tax year (6 April to 5 April). If you or your employees have more than one job, they will need a P60 for each job. P60 For financial year 2018/19 to be issued by 31 May 2019.
6th July 2019 – P11d
If your business issues your employees benefits in kind, such as a company car or interest free loans. Contact us if you’d like to find out more about what qualifies as a benefit in kind.
For financial year 2018/19 to be issued by 6 July 2019.
31st July 2019 – Payment on account
Each payment is for 50% of your previous year’s tax bill, and needs to be paid by 31st January and 31st July.
31st December 2019 – Paying Tax Through PAYE
If you have some income that’s already taxed through PAYE and if your Self Assessment Tax Bill is below £3,000, the tax owed for 2018-19 can be collected through PAYE via your tax code. The deadline for this is 31st December 2019.
(Taxable profits of up to £1.5 million)
Your Corporation Tax payment will be due 9 months and 1 day after the end of your accounting period. (Your accounting period will usually be the same as your financial year). An important thing to note is that when you set-up (or we set up) your Limited Company you may have two accounting periods for the first year of trading.
(Taxable profits of more than £1.5 million)
Your Corporation Tax will need to be paid in instalments. Contact us and the team will be happy to discuss how we can help you manage these instalments.
Have questions about any of the above? Contact the team who will be happy to cover in more detail.
Tel: 02392 240040