Important Financial Dates 2020-21Nikki
Read our round up of the most important financial dates for the year 2020/21.
With 2020 drawing to a close it’s a good time to make sure you are up-to-date with your accounting processes and financial requirements. There are some key dates approaching in the next couple of months that will bring the tax year 2020/21 to an end.
7th – Deadline for VAT returns
30th– Deadline for online submission of Self Assessment tax returns for tax year ended 5 April 2020
31st– Due date to file Corporation Tax for companies with 31 December 2019 year end
Due date to file company accounts with Companies House for limited companies with 31 March 2019 year end
14th – Income tax due date for CT61 period to 31 December 2020
31st – The deadline for submitting online self-assessment returns for the 2019/20 period.
1st – New Advisory Fuel Rates (AFR) comes into effect for company car users.
The Domestic Reserve Charge for VAT on Construction and building services also comes into force on 1st March 2021.
31st– The coronavirus furlough scheme is due to end.
1st – The new financial year begins
5th – The 2020/21 tax year ends
VAT payments deferred from 20th March 2020 and 30th June 2020 as a result of the coronavirus pandemic are also due by 5th April 2021.
6th– The 2021/22 tax year begins
IR35 also comes into force on the 6th April in the private sector.
Are you worried about staying up-to-date with your accounting requirements? Sage 50 Accounts is an accounting package designed for SME’s that will help you keep on top of your business finances. It’s also perfect for submitting your MTD tax returns. To read more about Making Tax Digital view our checklist here and our previous article on Phase 2.