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Key Financial Dates In 2019Written on January 9, 2019 by Kirk Rice LLP

Key Financial Dates In 2019
Financial Services Questions

The Question:

I am aware that there are key financial dates throughout the year that I need to be aware of to ensure that I do not miss tax planning opportunities or indeed end up paying fines for late payment of tax. Can you summarise dates/deadlines I need to be aware of for 2019.

Kirk Rice LLP answers:

You are correct, there are a number of key financial dates you need to be aware of throughout the year.  Ideally; for most of them you will act well before, although for others waiting until the last minute – but not too late, can be beneficial.

Thursday, 31 January  – Self Assessment Electronic Submission Deadline for the 2017/2018 tax year

If you have not already done so, you should make sure your Self Assessment Tax Return is submitted to HMRC by this date. The sooner you do this the better. You also need to pay any outstanding tax for the 2017/2018 tax year and a payment on account for 2018/2019. This does not need to be paid at the same time as your Self Assessment Tax Return is submitted; It can be left until the 31 January (the date the money must be received by HMRC). It makes sense to keep the money in your bank account for as long as possible earning interest rather than benefiting HMRC.

There are fines and penalties applicable for late submission of your Self Assessment form and late payment of tax. HMRC will normally send you a statement and payment slip as a reminder of any tax due. However, as the title suggests it is up to you, NOT HMRC, to determine if you need to submit a Self Assessment Tax Form.


Friday, 5 April –  End of the 2018/2019 Tax Year

Any payments into a pension or an ISA will need to be made by this date. With regards to pensions it will also be your last opportunity to carry forward and use any unused annual allowance (the maximum amount you can invest in to a pension each year) from the 2015/2016 tax year. To do this you MUST also fully use your 2018/2019 annual allowance. Please take specific advice to confirm your current annual allowance and available carry forward allowance. The ISA allowance; currently £20,000 – is a use it or lose it allowance – it CANNOT be carried forward.

This is also the last date to realise any capital gains on an investment to use your capital gains tax allowance which is currently £11,700. This allows you to realise a gain up to this amount tax free.

Fortunately, Easter is later in the month this year, and so there are no Bank Holidays around the end of the tax year to disrupt your planning.


Saturday, 6 April  –  Beginning of the 2019/2020 Tax Year

You can now utilise your pension and ISA allowances for the new tax year. By acting early you will secure the tax efficient advantages even if legislation and rules change afterwards, assuming any changes are not retrospective. It also avoids a last minute rush at the end of the tax year.

From this point onwards you can also submit your Self Assessment Tax Return – the sooner the better,  as you will have clarity over your tax position – do you owe any? If so the good news is that this does not need to be paid until 31 January 2020. However, if you have over paid and are due a rebate you can claim this straight away and HMRC normally pay this quite quickly.


Wednesday, 31 July – Tax Payment Due

The second balancing payment of income tax is due for the 2019/2020 Tax Year is due to be paid by this date. HMRC will normally send you a reminder and confirmation of the amount. But you need to make sure you have the money available in an accessible account.


Saturday, 5 October  –  Registration for Self-Assessment Deadline

This is the last day you can register for the online Self Assessment Tax reporting service, if you have never done so before, and need to submit a tax return for the tax year (ending 5 April 2019). As mentioned earlier; it is your responsibility to determine if you need to complete a Self Assessment Form,  NOT HMRC.

I trust these key financial dates are useful. Please note, I have tried to summarise the main ones to be aware of, but of due to space, and to keep it relevant to most readers,  there can be other ones that maybe relevant to some readers that I have not listed. I would suggest you arrange meetings with your financial adviser and accountant to discuss these issues sooner rather than later, as this may help you to maximise your opportunities and tax efficiencies.

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If you would like to discuss how these key financial dates will affect your finances, please email info@kirkrice.co.uk and we will arrange for one of our Tax Partners to get in touch.

Please note: answers are given for general guidance only and specific advice should be taken before acting on any of the suggestions made. The FCA does not regulate tax and trust advice.