Creative Industry Professionals are notoriously one of the worst for keeping on top of their taxes. The all-consuming nature of creative industry careers that often requires travelling and long-hours, makes keeping on top of taxes all that bit harder. Not to mention the complexities that can occur within tax due to cross-border trade and the unique reliefs that are available depending on profession.
In preparation for the 2018/19 tax filing period, which begins on 6th April 2019, we have put together an article breaking down all the key dates and deadlines you need to be aware of. Being aware of the HMRC’s deadlines will help prevent against unneeded stress and penalties.
6th April 2018- 5th April 2019
Starting with the basics, the tax year for the 2018/19 tax return accounts for the period dating between the 6th April 2018 and 5th April 2019. This means that you must report all income and expenses gathered during this period on your 2019/19 tax returns.
· In order to use the Payrolling Employees Taxable Benefits and Expenses service you must register with the HMRC before the start of the tax year.
6th April 2019
Key tax changes come into effect. This includes changes to thresholds, income tax and NI.
22nd April 2019
PAYE and NIC’s for the month or quarter, which ended 5th April, must be paid to HMRC electronically. Please note if you are paying by cheque, the deadline is 19th April 2019).
3rd May 2019
For Employers: File a P46(car) to HMRC relating to the quarter ending 5th April 2019 for benefits that are not pay rolled.
31st May 2019
For Employers: must give each employee a Form P60
6th July 2019
For Employers: Submit Forms P11D/ P11D(b) for benefits and expenses not pay rolled.
For Employers: 2018/19 Employee share scheme annual return submission deadline
30th September 2019
Reclaim VAT spent on supplies from other EU countries. This is not necessary if you do this as part of your regular VAT return.
Registration deadline for if you have any income which is not fully taxes or any capital gains liabilities for the 2018/19 tax year.
Deadline to file your 2018-19 tax return if you would like to collect any underpayment automatically through your PAYE tax code.
31st January 2020
Online Self-assessment tax deadline for 2018/19.
Pay first instalment of your self-assessment tax payment.