IMPORTANT DATES FOR INDIVIDUALS AND SELF EMPLOYED:
1st January 2020 First payment on account for 2020/21
31st July 2020 Second payment on account of tax for 2020/2021 due to HMRC.
5th October 2020 Deadline to advise HMRC that you need to register Self-Assessment for the tax year 2019/2020.
30th December 2020 Deadline for filing Income Tax return with HMRC if you want any tax collected through your PAYE coding (under £3,000).
31st January 2020 Deadline for filing Income Tax return with HMRC and deadline for payment of any tax, national insurance and student loan owed to HMRC for 2019/2020.
NATIONAL LIVING WAGE & NATIONAL MINIMUM WAGE RATES APRIL 2020:
- The rate for 25 and over will increase by 0.51p from £8.21 to £8.72 per hour.
- The rate for 21-24 year olds will increase by 0.50p from £7.70 to £8.20 per hour.
- The rate for 18-20 year olds will increase by 0.30p from £6.15 to £6.45 per hour.
- The rate for under 18’s will increase by 0.20p from £4.35 to £4.55 per hour.
- The apprentice rate will increase by 0.25p from £3.90 to £4.15 per hour. Apprentices are
entitled to the apprentice rate if they are either:
- Aged 19 or under
- Aged 19 or over and in their first year of apprenticeship.
TAX CHANGES TAKING EFFECT FROM APRIL 2020:
EARNINGS (If you live in England, Wales or Northern Ireland) 2020/21 Rate
Under your personal allowance (PA) No income tax payable
For most, £12,500
Basic rate 20%
£12,501 to £50,000
Higher rate 40%
£50,001 to £150,000
Additional rate 45%
Employer National Insurance Contributions no longer have to be made for employees who are under the age of 21.
National Insurance Employment Allowance for April 2020 goes up to £4000 per year.