Important Financial Dates for the Year 2020-21 to Add to Your Calendar
As a self-employed business owner or an employer, it can be difficult to juggle and remember the important financial dates throughout the tax year. These dates cover self-assessments, tax rate changes and key PAYE dates.
With the deadline for self-assessment returns already passed (31st January) here are the main financial dates for the year 2020-21 to add to your calendar if you are self-employed.
6th April 2020
The first day of the 2020-2021 tax year, this is the day when any scheduled tax rate changes come into effect. Look out for the Chancellor’s budget (currently scheduled for 11th March) for news on the tax and spending budget for the year ahead.
31st July 2020
For the self-employed, this is the date that the first payment is due on your tax account to cover 2020-21.
5th October 2020
If you became self-employed during the 2020/21 financial year or started to earn income from property, this is the deadline to register with HMRC for self-assessment.
31st October 2020
The deadline to submit paper self-assessment returns for the 2018/19 period.
31st January 2021
The deadline for submitting online self-assessment returns for the 2018/19 period.
5th April 2021
The end of the 2020-21 tax year.
For those who employ members of staff, there are also a few extra dates to be aware of during this period relating to PAYE. These dates are;
19th April 2020
Your final submission to HMRC under Real Time Information (RTI) should be completed by this date, including answering the ‘end of the year questions’
31st May 2020
P60’s should be issued to all employees on this date, along with filing P11d forms with HMRC.