The Conservative Party manifesto also included a promise to increase R&D expenditure relief for non-SMEs from 12% to 13%and this was confirmed in the March Budget. However, a measure originally announced in the 2018 Budget and consulted on in 2019 will limit the amount of repayable R&D tax credit for SMEs to three times the company’s total PAYE and NIC payments for the period.This measure will now take effect from 1 April 2021 not 2020.
DIARY OF MAIN TAX EVENTS
APRIL/ MAY 2020
Date | What’s Due |
|---|---|
1/04 | Corporation taxpaymentforyear to30/6/19 (unlessquarterly instalments apply) |
6/04 | Start of of 2020/21 tax year |
19/04 | PAYE & NIC deductions, andCIS return and tax, for monthto 5/04/20 (due 22/04if youpay electronically) |
1/05 | Corporation taxpaymentforyear to31/7/19 (unlessquarterly instalments apply) |
19/05 | PAYE & NIC deductions, andCIS return and tax, for monthto 5/05/20 (due 22/05if youpay electronically) |
