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24 Sep
HMRC Set To Gain New Powers To Force Disclosure Of Assets
Finance bill measures would allow tax authority to bypass tribunals – Financial Times HM Revenue […]
22 Sep
Chancellor Warned Scrapping Tax-free Shopping Risks Jobs
UK retailers, hoteliers, and airport chiefs have warned the chancellor that scrapping tax-free shopping for […]
14 Sep
UK Must Become Global Leader In Tackling Climate Crisis
Britain needs to step up and become a global leader in climate action, creating a […]

Resources

Companies House forms

AA01, AA02, AA06, AD01, AD02, AD03, AD04, AP01, AP02, AP03, AP04, TM01, TM02, CH01, CH02, CH03, CH04, DS01, DS02, IN01, MR01, MR02, NM01, SH01, SH03, SH06, SH08, LL IN01, LL AP01, LL AP02, LL CH01, LL CH02, LL TM01, LLAA01, LLAA06, LL AD01, LL AD02, LL AD03, LL AR01, LL DE01, LL MR01, LL MR02, LL NM01, LL DS01

HMRC forms

64-8, CH2, P11D(b), P46, P46: CarSelf Assessment payment slip, CT41G (Clubs)VAT1, VAT2, VAT65A, VAT68

Website links for business owners

Essential Tax Dates for March 2020

  • 1 March 2020 – Due date for Corporation Tax due for the year ended 31 May 2019.
  • 2 March 2020 – Self-assessment tax for 2019/19 paid after this date will incur a 5% surcharge.
  • 19 March 2020 – PAYE and NIC deductions due for month ended 5 March 2020. (If you pay your tax electronically the due date is 22 March 2020)
  • 19 March 2020 – Filing deadline for the CIS300 monthly return for the month ended 5 March 2020.
  • 19 March 2020 – CIS tax deducted for the month ended 5 March 2020 is payable by today.

Income Tax

Allowances                                                                            2020/21                                        2019/20

Personal Allowance (PA)*                                                   £12,500                                               £12,500

Marriage Allowance†                                                            1,250                                                      1,250

Blind Person’s Allowance                                                     2,500                                                     2,450

Rent a room relief**                                                               7,500                                                     7,500

Trading Income**                                                                  1,000                                                      1,000

Property Income**                                                                 1,000                                                      1,000

*PA is withdrawn at £1 for every £2 by which ‘adjusted income’ exceeds £100,000. There is

no allowance given above £125,000.

†The part of the PA that is transferable to a spouse or civil partner who is not a higher

or additional rate taxpayer.

**If gross income exceeds it, the limit may be deducted instead of actual expenses.

Rate bands                                                                                  2020/21                                               2019/20

Basic Rate Band (BRB)                                                                   £37,500                                                   £37,500   

Higher Rate Band (HRB)                                                      37,501 – 150,000                                   37,501 – 150,000

Additional rate over 150,000 over 150,000

Personal Savings Allowance (PSA)

Basic rate taxpayer    1000 1000
Higher rate taxpayer  500 500
Dividend Allowance (DA)        2000 2000

 

BRB and additional rate threshold are increased by personal pension contributions (up to

permitted limit) and Gift Aid donations.

Tax  2020/21    2019/20  
  G S D
Basic rates 20%  20%  20%
Higher Rate  40%       40%      32.5%
Additional Rate 45% 45% 45%

 

General income (salary, pensions, business profits, rent) usually uses personal allowance,

basic rate and higher rate bands before savings income (interest). Scottish taxpayers are

taxed at different rates on general income (see below).

To the extent that savings income falls in the first £5,000 of the basic rate band, it is taxed

at nil rather than 20%.

The PSA taxes interest at nil, where it would otherwise be taxable at 20% or 40%.

Dividends are normally taxed as the ‘top slice’ of income. The DA taxes the first £2,000 of

dividend income at nil, rather than the rate that would otherwise apply.