HMRC March Deadlines

With a view to keeping you the right side of an HMRC penalty the deadlines for March 2020 are as follows:

1st March

Last date to pay any self-assessment tax owing for 2018/19 before an automatic 5% late payment penalty applies. Tip: If you agree a “time to pay arrangement” before this date HMRC will usually forego the 5% penalty if you keep to the agreement.

7th March

Electronic VAT return and payment due for VAT quarter ended 31st January 2020. Tip: If you can’t pay all of the VAT due pay as much as you can as this will reduce potential VAT surcharges.

19th March

PAYE/NIC payment due for February payrolls.

31st March

Last date for companies to incur capital expenditure on energy saving plant and machinery before the 100% first year allowances are abolished. Tip: Expenditure is treated as incurred on the contract date if payment follows within 4 months.

Last date to sell your only or main residence and qualify for capital gains tax private residence releif for the final 18 months of ownership.

Last date to sell a property qualifying for capital gains tax letting relief unless you lived in the property while it was let. Tip: The date of sale is when contracts are exchanged and not the completion date.

Last date for accounting periods to start to qualify for oncapped research and development tax credits. Tip: For accounting periods beginning on or after 1st April 2020, the payable tax credit will be capped at the amount of the total NIC payable for the year.

Corporation Tax return filing deadline for companies with 31st March 2019 year end. Tip: The filing deadline for corporation tax is twelve months following the end on the accounting period even though the payment date ids nine months and one day from the same date.

What to do next

For further information on this and other topics contact us on 01332-369999 or through the contact page of the website

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