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The 2018-19 tax year ended on 5 April 2019 and the new 2019-20 tax year started on 6 April 2019. Many taxpayers will be tempted to delay dealing with their 2018-19 tax returns until late this year or January 2020.
The 31 January 2020 is not just the final date for submission of the 2018-19 Self Assessment tax return, but also an important date for payment of tax due. This is the final payment deadline for any remaining tax due for the 2018-19 tax year. In addition, the 31 January 2020 is also the payment date for any Capital Gains Tax due in relation to the 2018-19 tax year and the first payment on account for 2019-20.
We would recommend that you consider gathering together the information to file your return as soon as you can after 6 April 2019.
In this way you can calculate any payments you will need to make by 31 January 2020 and give yourself time to save the required funds to settle any taxes due. Of course, if you are due a repayment of tax then it is a useful strategy to file your tax return as soon as possible.
Your accountant will also appreciate the extra time to prepare your tax return and you will avoid the eleventh-hour rush.
Addison & Co