Key financial dates for 2020
We’ll be reminding you as the year goes on, but here’s a quick list of key financial dates and deadlines in 2020. To keep up to date with any changes to the financial calendar, subscribe to our newsletter here.
11 March
Following the postponement of last year’s Autumn Budget due to Brexit and the General Election, in his Spring Budget Chancellor Sajid Javid is expected to announce an increase in the National Insurance threshold, changes to social care, charges on single use plastics and help to purchase properties for first time buyers and key workers.
31 March
In an attempt to stop fraud, banks will introduce the ‘confirmation of payee’ rule, where customers are alerted if the recipient name on a bank transfer does not match the name on the account.
5 April
The last day to take advantage of tax allowances. Keep up to date with our News page or subscribe to our newsletter for our guide to end of tax year savings – but don’t leave it until the last minute!
6 April
The beginning of the new tax year will bring the removal of tax breaks on mortgage interest payments for buy to let landlords. There are anticipated changes to IR35 for self employed workers, though the final legislation may only have been revealed in March’s Budget. Inheritance tax calculations are also due to change with the additional nil-rate band rising in April. Overdraft rates will also rise to nearly 40% thanks to the FCA’s rules about transparency.
31 May
Employers must give employees their 2019/20 P60 certificate.
6 July
Deadline for resolution of 2019/20 payment settlement agreements, and submitting forms P11d. Employers should give their employees a copy of their P11d.
31 July
Mid year self assessment tax deadline, where many self-employed people must pay half the previous year’s tax bill.
5 October
SA1 form deadline to register for self-assessment, if you need to declare any taxable income. CWF1 deadline for those who need to declare to HMRC that they are newly self-employed.
31 October
The deadline for submitting your self assessment tax return on paper is midnight on this date.
3 November
The American Presidential Election. Whatever the result, there will be an impact on global markets and geopolitical agenda for the next three years.
30 December
Deadline to ask HMRC to pay self assessment tax through your PAYE tax code for 2018/19 tax year. Only available as an option if you have less than £3,000 tax to pay.
31 December
After Britain’s exit from the EU in January, Boris Johnson has set the final deadline for Britain’s membership of the EU to the end of 2020, so if the trade deal takes as long to negotiate as Brexit itself, expect another month of watching politicians shouting at each other.
Also, don’t forget your monthly tax reporting dates and deadlines for PAYE/NIC, student loan and CIS deductions. For a reminder of your key financial reporting dates in 2020, subscribe to our monthly newsletter here or at the bottom of the page.
