Self-assessment deadline – the final countdown

Jan 27, 2020

At the time of writing, the 2018/19 online self-assessment deadline is just four days away on 31 January 2020. This is also the deadline for making the balancing payment of tax and national insurance for 2018/19 in addition to the first payment on account for 2019/20. 2017/18 SA returns must also be amended by this date. Information on time to pay arrangements has also been published.

Readers are reminded that there are a number of online filing exclusions for 2018/19 which means paper returns will need to be filed by 31 January 2020. See last week’s news story on this for important advice from HMRC.

HMRC have asked us to share the below information which may be relevant to agents and taxpayers affected by the disguised remuneration loan charge legislation.

“On 20 De‌ce‌mb‌er 2019, the independent loan charge review was published along with the government’s response on G‌OV‌.U‌K. HMRC also published guidance on GOV.UK on the key changes to the loan charge policy and what this means for customers. 

On 20 Ja‌nu‌ar‌y 2020, the government published draft legislation to implement the changes to the loan charge as recommended by the independent review. Further guidance has also been published which provides more details of the changes, including the self-assessment process. 

If any of your clients are affected by the loan charge, then we would advise you to review the latest guidance and discuss with your clients any changes they may need to make to their return. The new guidance can be found on GOV.UK.”

HMRC has also published the following recently which is relevant to taxpayers and their agents affected by the disguised remuneration loan charge: