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Daily Mail Money

NS&I plunges into meltdown: Delays as rates tumble
Sun, 27 Sep 2020 14:31:37 GMT

We have been bombarded with emails and letters from customers who are at their wits' end after tortuous dealings with call centres. The Bishops (pictured) are trying to transfer their Isas.

HSBC to face class action over money laundering claims
Sun, 27 Sep 2020 14:24:58 GMT

Two American law firms have started building class action law suits against HSBC and Standard Chartered following allegations the banking giants failed to crack down on money laundering.

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SKY Business News

Royal London eyes£500m LV= tie-up to forge 'mutual champion'
Sat, 26 Sep 2020 12:57:00 +0100

Royal London is pursuing a takeover of its fellow financial services provider, LV=, in a deal that would create a"mutual champion"with nearly 10m customers across the UK.

Borrowing records smashed as Sunak prepares to splash more cash
Fri, 25 Sep 2020 06:06:00 +0100

The Treasury borrowed the third-highest sum for any month on record in August, according to official figures - as the chancellor prepares to unleash his latest support for the coronavirus-hit economy.

The workers most at risk of losing out as focus turns to 'viable' jobs
Fri, 25 Sep 2020 13:30:00 +0100

Rishi Sunak could not have been more stark.

Boohoo 'did not move quickly enough' on Leicester supply chain malpractice
Fri, 25 Sep 2020 08:51:00 +0100

Online fashion retailer Boohoo is facing criticism over its handling of the treatment of workers within the company's Leicester supply chain.

Kuwaiti state fund in talks to buy Rolls-Royce stake
Fri, 25 Sep 2020 13:26:00 +0100

Kuwait’s sovereign wealth fund is in talks to buy a stake in Rolls-Royce Holdings as one of Britain’s most important industrial groups scrambles to raise billions of pounds of new funding.

Tax Calendar

Grey date boxes denote Personal Tax dates whilst blue date boxes denote Business Tax dates.

Use the open link to see a more detailed explanation.

February 19
2020
PAYE and CIS deductions are due for the month to 5 February 2020

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS. The contractors' monthly return showing details of payments made to subcontractors must also be filed by 19 February 2020.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of payment is 22 February 2020.

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February 28
2020
5% penalty surcharge on any 2018/19 outstanding tax due on 31st January 2020 still remaining unpaid

This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax and Class 4 NI liabilities and any capital gains tax.

The balance of any outstanding income tax, class 4 NI and capital gains tax for the year ended 5 April 2019 was due for payment by 31 January 2020. Where the payment is made late interest will be charged. If the payment is made after 28 February 2020 a surcharge of 5% will be added to the outstanding liability.

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March 19
2020
PAYE and CIS deductions are due for the month to 5 March 2020

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS. The contractors' monthly return showing details of payments made to subcontractors must also be filed by 19 March 2020.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of payment is 22 March 2020.

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April 05
2020
End of Tax financial year.

Last day to use the 2019/20 ISA investment limit

Last day to use the 2019/20 capital gains tax exemption

Last day to utilise 2019/20 inheritance tax exemptions

Taper relief for business and non business assets is withdrawn as also is indexation allowance

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April 19
2020
PAYE and CIS deductions are due for the month to 5 April 2020

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS. The contractors' monthly return showing details of payments made to subcontractors must also be filed by 19 April 2020.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of payment is 22 April 2020.

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May 03
2020
Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5 April 2020

This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where there is a change in provision for example a new or additional car is provided, or an employee ceases to have the use of a car. The completion of the form enables HMRC to amend the individual's coding notice to reflect the change in benefit.

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May 19
2020
PAYE and CIS deductions are due for the month to 5 May 2020

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS. The contractors' monthly return showing details of payments made to subcontractors must also be filed by 19 May 2020.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of payment is 22 May 2020.

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May 31
2020
Last day to issue 2018/19 P60s to employees

Employers are required to issue P60s to employees.

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June 19
2020
PAYE and CIS deductions are due for the month to 5 June 2020

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS. The contractors' monthly return showing details of payments made to subcontractors must also be filed by 19 June 2020.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of payment is 22 June 2020.

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July 19
2020
PAYE and CIS deductions are due for the month to 5 July 2020

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS. The contractors' monthly return showing details of payments made to subcontractors must also be filed by 19 July 2020.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of payment is 22 July 2020.

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July 31
2020
Second £100 penalty if 2018/19 tax return due on 31 January 2019 still outstanding.

This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, class 4 NI and any capital gains tax liabilities. There is an additional penalty imposed on 31 July 2019 if your return for 2018/19, which was due for submission by 31 January 2019, has still not been submitted.

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July 31
2020
Second payment on account 2019/20 due

Second 5% surcharge on any 2019/20 outstanding tax due on 31 January 2020 still remaining unpaid. The balance of any outstanding income tax, class 4 NI and capital gains tax for the year ended 5 April 2019 was due for payment by 31 January 2020. Where any of the liability is still outstanding a 5% surcharge will be added to the outstanding liability. Interest is charged on any late payments. The second payment on account in respect of income tax and any class 4 NI is also due for payment by 31 July 2020.

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August 02
2020
Deadline for submitting P46 (car) for employees whose car/fuel benefits changed during the quarter to 5 July 2020

This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where there is a change in provision for example a new or additional car is provided, or an employee ceases to have the use of a car. The completion of the form enables HMRC to amend the individual's coding notice to reflect the change in benefit.

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August 19
2020
PAYE and CIS deductions are due for the month to 5 August 2020

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS. The contractors' monthly return showing details of payments made to subcontractors must also be filed by 19 August 2020.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of payment is 21 August 2020.

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September 19
2020
PAYE and CIS deductions are due for month to 5 September 2020

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS. The contractors' monthly return showing details of payments made to subcontractors must also be filed by 19 September 2020.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of payment is 22 September 2020.

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October 05
2020
Deadline for notifying HMRC of new sources of taxable income or gains for 2019/20 if no tax return has been issued

This deadline is relevant to individuals who have not received a self assessment tax return for the year ended 5 April 2020 but who believe they have received income or capital gains which will result in a tax liability. Individuals must notify HMRC of their liability so that a self assessment return can be issued in good time for the submission deadline of 31 January 2021.

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October 19
2020
Tax and NI due under a 2019/20 PAYE Settlement Agreement

This deadline is relevant for employers who have entered into a PAYE settlement agreement to pay tax and national insurance in respect of benefits in kind for their employees for the year ended 5 April 2020.

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October 19
2020
PAYE and CIS deductions are due for the month to 5 October 2020

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS. The contractors' monthly return showing details of payments made to subcontractors must also be filed by 19 October 2020.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of payment is 22 October 2020.

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October 19
2020
PAYE quarterly payments are due for small employers for the pay periods 6 July 2020 to 5 October 2020

This deadline is relevant to small employers only. As a small employer with income tax, national insurance and student loan deductions of less than £1,500 a month you are required to make payment to HMRC of the income tax, national insurance and student loan deductions on a quarterly basis.

Where the payment is made electronically the deadline for receipt of payment is 22 October 2020.

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October 31
2020
Deadline for submission of 2019/20 self assessment returns if you require HMRC to compute your tax liability

This deadline is relevant for those individuals who complete a paper self Assessment tax return and who are employees. Where you have an underpayment of up to £2,000 only, you may request that HMRC collect any tax outstanding by an adjustment to your tax code for the year 2021/22.

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October 31
2020
Deadline for submitting 'paper' 2019/20 self assessment returns

This deadline is relevant to individuals who need to complete a self assessment tax return for 2019/20 and wish to file the return in a paper form. Self assessment returns submitted after this date must be submitted electronically.

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November 02
2020
Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5 October 2020

This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where there is a change in provision for example a new or additional car is provided, or an employee ceases to have the use of a car.

The completion of the form enables HMRC to amend the individual's coding notice to reflect the change in benefit.

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November 19
2020
PAYE and CIS deductions are due for the month to 5 November 2020

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS. The contractors' monthly return showing details of payments made to subcontractors must also be filed by 19 November 2020.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of payment is 20 November 2020.

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December 19
2020
PAYE and CIS deductions are due for the month to 5 December 2020

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS. The contractors' monthly return showing details of payments made to subcontractors must also be filed by 19 December 2020.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of payment is 22 December 2020.

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December 31
2020
Online deadline for submitting 2019/20 S.A. return if you require HMRC to collect any underpaid tax via your 2020//21 tax code

This deadline is relevant for those individuals who complete a self assessment tax return online and who are employees. Where you have an underpayment of up to £2,000 only, you may request that HMRC collect any tax outstanding by an adjustment to your tax code for the year 2020/21.

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January 19
2021
PAYE and CIS deductions are due for the month to 5 January 2021

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS. The contractors' monthly return showing details of payments made to subcontractors must also be filed by 19 January 2020.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of payment is 22 January 2021.

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January 19
2021
PAYE quarterly payments are due for small employers for the pay periods 6 October 2020 to 5 January 2021

This deadline is relevant to small employers only. As a small employer with income tax, national insurance and student loan deductions of less than £1,500 a month you are required to make payment to HMRC of the income tax, national insurance and student loan deductions on a quarterly basis.

Where the payment is made electronically the deadline for receipt of payment is 22 January 2021.

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January 31
2021
Balance of your 2019/20 tax due, plus first payment on account for 2020/21.

The balance of any outstanding income tax, class 4 NI and capital gains tax for the year ended 5 April 2019 is due for payment by 31 January 2021. Where the payment is made late interest will be charged.

The first payment on account in respect of income tax and any class 4 NI is also due for payment by 31 January 2021.

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January 31
2021
Deadline for submitting your 2019/20 self assessment return (up to £100 penalty if your return is late).

This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Class 4 NI and any capital gains tax liabilities. There is a penalty of up to £100 if your return is not submitted on time.

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February 02
2021
Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5 January 2021

This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where there is a change in provision for example a new or additional car is provided, or an employee ceases to have the use of a car. The completion of the form enables HMRC to amend the individual's coding notice to reflect the change in benefit.

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Gorman Darby & Co Ltd
Registered in England & Wales under number 5750702. Registered office is 39 Hatton Garden London EC1N 8EH.