Attention Finance – Key Dates for Your 2020 Diary
In recent years, we’ve had Duty to Report on Payment Practices legislation and GDPR come into effect. Now Britain has officially left the European Union, what should we bear in mind and what other dates are key to note?
Key Dates for the Finance Team in 2020
For companies, the dates to submit accounts and tax returns and pay Corporation Tax will depend on your financial year end date.
You need to file annual accounts with Companies House nine months after your company’s financial year ends. Your Corporation Tax is due nine months and one day after your ‘accounting period’ for Corporation Tax ends. And you need to file a Company Tax Return 12 months after your accounting period for Corporation Tax ends.
For VAT, the deadline for submitting the return online and paying HMRC are usually the same – one calendar month and seven days after the end of an accounting period. You’ll find more details here.
2020 Tax Changes
There are a couple of tax changes it’s important to be aware of.
The first is National Insurance contributions. The threshold for contributions rises to £9,500 per year for the 2020 – 2021 tax year, which starts on 1 April 2020.
Changes to VAT if you deal with chain transactions and zero-rated goods came into force on 1 January 2020. A chain transaction is where there are a number of businesses successively buying and selling the same goods but where the goods themselves are transported directly from the original supplier and delivered to the final purchaser. There’s further information available here.
Actions to Take Now the UK Has Left the EU
The UK left the EU on 31 January and is now in an implementation period until 31 December 2020. During this 11-month period nothing much will change because the UK will continue to be subject to EU rules and remain a member of the single market and customs union.
However, there are some actions businesses need to take to get prepared for the end of the transition period. The actions you can take now can be found at www.gov.uk/transition. You can sign up for email updates on this page too. There is also tailored information on how to get ready for the new rules in 2021 at www.gov.uk/transition-check.
If you’re a VAT-registered business that trades with EU businesses, the government has issued guidance on what you need to do now ready for the end of the implementation period. You should have received a letter but if you no longer have it to hand, the information is available here.
Other Dates for Your Diary
Aside from the big accounting dates, there are some smaller dates you might want to put in your diary.
Fairtrade Fortnight runs from 24 February and celebrates the farmers and workers who grow the food we eat, promoting a living wage and fair trade. Find out more here.
Carers Week 2020 runs from 8 to 14 June. It’s an annual campaign to raise awareness of caring, highlight the challenges unpaid carers face and recognise the contribution they make to families and communities throughout the UK. There are around 7 million unpaid carers in the UK and nearly one in eight workers is a carer. Find out more here.
Get to Know Your Customers day is the third Thursday of each quarter (January, April, July, October). The next one is on 16 April and you can join the celebrations on Twitter with the hashtag #GetToKnowYourCustomersDay.
National Freelancers Day is on 18 June and celebrates the two million people who are self-employed in the UK. If your business works with freelancers, contractors, consultants, independent professionals or interims, this is their day. Find out more here.
National Stress Awareness Day is 4 November and is a great opportunity to take a moment to think about wellbeing and find advice or support on managing stress. Find out more here.
On 7 December, Small Business Saturday celebrates family run businesses, local shops and small online businesses. All the information you need is here.
Check Your Bank Holidays!
And finally, if you only take note of one date this year, make sure it’s the Early May Bank Holiday. This year, it’s on a Friday rather than the usual Monday, to mark the 75th anniversary of VE Day on 8 May. Millions of calendars and diaries have got the wrong date – so check yours now!
