As we grapple with COVID-19 which has left our nation's finances in tatters with escalating debt by the day, it's hard for any business to plan for the future with so much uncertainty about the economy ...
But I do have some key dates we can build our plans around:
29th January - The third self-employed grant scheme comes to an end. The fourth and potentially final grant opens in February
31st January - The electronic filing deadline for self-assessment tax returns. Tax payment date including the tax deferred from 31 July 2020
21st February - The winter truce to prevent landlords from evicting residential tenants comes to an end. There are exceptions such as those tenants that are nine months behind in paying rent or where there is a case of domestic abuse
3rd March - The proposed budget day, having been postponed from last November. Will there be tax hikes to help deal with the escalating debt caused by COVID-19?
31st March - The stamp duty holiday ends. Will the Chancellor extend it? Applications for The Corona Business Interruption Loan Scheme and Bounceback Loans come to an end. The current Property Help to Buy Scheme comes to an end
5th April - The end of the tax year. Remember to use up your pension and ISA contribution allowances if you are in a position to do so
6th April - The start of the 2021/22 tax year. Stricter IR35 comes into force. IR35 is aimed at contractors operating through limited companies and the changes are making the contractor determine the employment status
30th April - The furlough scheme is currently set to end
31st July - Tax payment date
5th October - Deadline to notify HM Revenue & Customs of new self-employed businesses, untaxed income or capital gains
October/November - Budget Day
I hope these key dates are useful to you.
Until next time ...
ROGER EDDOWES Business Godparent
Would you like to know more?
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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