There have been many different grants, schemes and tax-deferment options throughout the coronavirus pandemic. Whilst they have been vital to the economy and survival of UK businesses, the various start and end dates are quite confusing.
Keeping track of timescales for grants, loans and tax deferment is also essential for good cash-flow planning. With this in mind, we have put together a list of important dates for your tax diary.
Important Dates To Remember
This blog will detail the key dates for your tax diary including when the rules change when claims must be submitted, and when payments of deferred tax become due.
The list below concentrates on the CJRS, SEISS, VAT and income tax payments. There may be other application deadlines for regional grants and business loans.
1st September 2020 – Furlough V2 – Contributions Reduced To 70%
Whilst any furloughed employees should continue to receive 80% of their usual wages for periods on furlough, the CJRS V.2 will only fund 70% of their usual wages up to the amount of £2187.50 per month.
Therefore, the employer must contribute 10% of the employees wage up to £312.50 Additionally, employers must pay the employer’s class 1 NIC and the employer’s minimum workplace pension contributions for all wages paid to the employee, including furlough wages.
30th September 2020 – September Furlough Period End
Furloughed periods for September 2020 come to an end. The table below highlights the phased reduction in contributions from the CJRS and the necessary employer contributions.
1st October 2020 – Furlough Reduced To 60%
Similarly to the period of September, employees must continue to receive 80% of their usual wages for periods on furlough. However, contributions from the CJRS V.2 will now only fund 60% of the usual wages up to £1,875 per month.
Employers must, therefore, contribute 20% of the employees wage up to £625. Again, employers must pay the employer’s class 1 NIC and the employer’s minimum workplace pension contributions in respect of all wages paid to the employees, including furlough wages.
19th October 2020 – Last Date To Apply For SEISS
You can make a claim for the second SEISS grant if your business has been adversely affected by coronavirus on or after the 14th of July 2020. To apply you must also meet all other eligibility criteria.
How To Claim
To make a claim for the second and final SEISS grant you must apply on or before the 19th of October 2020.
You will need your:
- Self Assessment Unique Taxpayer Reference (UTR) – if you do not have this find out how to get your lost UTR or K.A.Farr & Co clients can contact us directly to obtain their UTR.
- National Insurance number – if you do not have this find out how to get your lost National Insurance number
- Government Gateway user ID and password – if you do not have a user ID, you can create one when you make your claim
UK bank details (only provide bank account details where a Bacs payment can be accepted) including:
- bank account number
- sort code
- name on the account
- your address linked to your bank account
31st October 2020 – Furlough Ends
All furlough periods must end for all employees.
30th November 2020 – Final Date For Furlough Submissions
All CJRS V.2 claims for furloughed employees up until the end of October 2020 must be submitted to HMRC by the 30th November 2020.
31st January 2021 – Self-assessment Returns Deadline
Self-assessment tax returns must be completed and submitted by the 31st of January in the normal manner.
- Electronic self-assessment 2019/20 personal tax returns, and any tax returns excluded from online filing for 2019/20, must be filed by this date.
- All outstanding self-assessment income tax and class 4 NIC for 2019/20 including the POA deferred from 31 July 2020, must be paid.
- The first POA for 2020/21 must also be paid by this date, calculated as half the 2019/20 liability.
- Any capital gains tax due for 2019/20 must be paid, or topped-up where a payment on account has already be paid in respect of residential property disposal.
- All grants received as part of the SEISS grant scheme must also be included in the self-assessment.
31st March 2021- All Deferred VAT Now Due
Any VAT payments which were deferred between the 20th of March 2020 and the 30th of June 2020 must be paid in full on or before 31 March 2021. For more information, you can visit Pay your VAT bill.
Help Is At Hand
Whilst we as accountants cannot make claims for SEISS on your behalf we are able to assist you in all other matters relating to your tax returns and payroll arrangements.
Please get in touch with our friendly team if you need assistance with any tax matters or payroll enquiries.
You can contact us on 01704 211434 or email us at firstname.lastname@example.org