If you’re a contractor operating through a limited company, there are a number of key tax dates and allowances that you need to be aware of. Some deadlines, such as self-assessment and VAT tax returns, require time to prepare, so it’s critical to take note of those that might affect you and your business in 2019.
Saturday 19th January 2019
- PAYE and Class 1 quarterly cheque payment to be cleared. Any outstanding cheque payment for PAYE and Class 1 NICs must be with HMRC Accounts Office.
- Deadline for receipt of contractor’s monthly return. Whether submitted via paper, electronically or over the telephone (nil return).
Tuesday 22nd January 2019
- PAYE and Class 1 quarterly electronic payment to be cleared. Any outstanding electronic payment for PAYE and Class 1 NICs must be in HMRC’s bank account.
- PAYE and Class 1 monthly electronic payment to be cleared. Electronic payments to be cleared in HMRC’s bank account for any PAYE Class 1 NICs.
Thursday 31st January 2019
- Online Self Assessment Tax Return Deadline. Online submissions of your 2017/2018 Tax Return must be made by the end of this day. Balancing payment for the tax year ended 5 April 2018 must also be made, and the first payment on account for the tax year ended 5 April 2019.
Tuesday 19th February 2019
- Deadline for receipt of contractor’s monthly return. Whether submitted via paper, electronically or over the telephone (nil return).
Friday 22nd February 2019
- PAYE and Class 1 monthly electronic payment to be cleared. Electronic payments to be cleared in HMRC’s bank account for any PAYE Class 1 NICs.
Wednesday 13th March 2019
- Spring Statement 2019.
Tuesday 19th March 2019
- Deadline for receipt of contractor’s monthly return. Whether submitted via paper, electronically or over the telephone (nil return).
Friday 22nd March 2019
- PAYE and Class 1 monthly electronic payment to be cleared. Electronic payments to be cleared in HMRC’s bank account for any PAYE Class 1 NICs.
Monday 6th April 2019
- New tax year begins.
[Data from uktaxcalculators.co.uk]
Personal PAYE Allowances 2019/20
- Basic: £12,500
- People born between 6th April 1938: 5th April 1948 – £12,500
- People born before 6th April 1938: £12,500
Tax Brackets 2019/20
- Basic rate 20%: Tax-Free Allowance – £37,500
- Higher Rate 40%: £37,501 – £150,000
National Insurance Bands 2019/20
- Weekly Lower earnings limit, primary Class 1: £118
- Weekly Upper earnings limit, primary Class 1: £962
- Weekly Primary threshold: £166
- Weekly Secondary threshold: £166
- Weekly Upper Secondary Threshold for U21s: £962
- Apprentice Upper Secondary Threshold for U25s: £962
If you have any questions regarding tax dates and allowances and how they might affect you and your business, speak to our team of experts at Mango Pay. Alternatively, stay tuned to our blog to keep up-to-date about all of the latest news and legislation you need to be aware of.