31 July '19 2nd payment on account due (2018/19 tax liabilities)
31 October '19 Deadline for completing paper Tax Returns
31 January '20 Tax Return filing deadline for 2018/19
Balancing payment due on tax liabilities for 2018/19
1st payment on account due (2019/20 tax liabilities)
Personal Allowance 2018-19 £11850
Personal Allowance 2019-20 £12500
If your taxable turnover for the previous 12 months is £85,000 or more you must register your business for VAT. If you believe your taxable turnover may go over the threshold in the next 30 days alone, you must register.
National Minimum Wage
Employees aged 25 and over: £8.21 phr.
Employees aged 21 to 24: £7.70 phr.
Employees aged 18 to 20: £6.15 phr.
Employees aged under 18: £4.35 phr.
(Current rates as of 1 April 2019)
Tax Free Income!
If you rent out furnished rooms in your main home, you can earn extra income up to a maximum of £7,500 per year tax free under the 'Rent a Room' scheme. If you jointly own the property with someone else, this amount is split in half to £3,750 each. (Office use is excluded)
Your peace of mind
1 day late filing your Tax Return
(even if no tax is payable, or a refund is due) £100
3 months late filing your Tax Return
£10 for each following day up to a maximum of 90 days. This is in addition to the above fixed penalty.
6 months late filing your Tax Return
£300 or 5% of the tax due, whichever is the higher. This too is in addition to the previous penalties.
12 months late filing your Tax Return
£300 or 5% of the tax due, whichever is the higher. In serious cases you may be asked to pay up to 100% of the tax due instead. Again, this is in addition to the previous penalties.