Once again, we’ve put together a helpful list of accounting and tax deadlines for July. There are still a few extra Coronavirus-related dates, so do take a few minutes to check which deadlines apply to you.
Thursday 1st July 2021
- VAT payments: If you deferred VAT payments for the period 20th March to 30th June 2020 and you haven’t signed up to a deferred repayment scheme, you need to pay before today or a 5% penalty will be applied.
- Stamp Duty Land Tax: The temporary nil-rate band for residential property reverts to £250,000 from £500,000.
- New Business Rates Relief system begins. The Expanded Retail Discount applies at 66% relief for eligible retail, hospitality and leisure properties. More details are available here.
- Final day to submit forms P11D and P11D(b) for 2019/20 to HMRC, with a copy supplied to employees. For late P11D(b) forms, a £100 penalty will be issued for each 50 employees per month.
- Share scheme annual returns for reporting events relating to employee share schemes in 2019/20 must be submitted online. £100 penalty will apply for each late return.
- Deadline for employees to make good benefits in kind provided in 2019/20 if they are to to avoid being taxed on those items.
Wednesday 14th July
Deadline for making CJRS (furlough scheme) claims for June.
Monday 19th July
CIS, PAYE and NICs: Monthly deadline for postal remittance.
Thursday 22nd July
PAYE: last day to pay any outstanding class 1A NIC for the 2020-21 tax year. Payments must be cleared by today. If you send payment by post, it must reach HMRC by 19th July.
CIS, PAYE and NICs: Monthly deadline for electronic remittance.
Saturday 31st July
- Income tax payments on account for 2020/21 are due.
- Deadline to confirm tax credit claims for 2019/20 and renew claims for 2020/21.
- Corporation Tax Self-Assessment returns for accounting periods ended 31st July 2020 should reach HMRC.
- Mortgage and consumer credit holidays end.
The fifth Self-Employment Income Support Scheme (SEISS) grant opens for applications. The date will be announced in late June.
As always, if you are a THP client and you’d like advice about any of these tax and accounting deadlines, please get in touch with your account manager.
About Jon Pryse-Jones
Since joining THP in 1978, Jon Pryse-Jones has been hands on with every area of the business. Now specialising in strategy, business planning, and marketing, Jon remains at the forefront of the growth and development at THP.
An ideas man, Jon enjoys getting the most out of all situations, “I act as a catalyst for creative people and encourage them to think outside the box,” he says, “and I’m not afraid of being confrontational. It often leads to a better result for THP and its clients.”
Jon’s appreciation for THP extends to his fellow team members and the board. “They really know how to run a successful business,” he says. He’s keen on IT and systems development as critical to success, and he continues to guide THP to be at the cutting edge and effective.