Important deadlines for July 2020
Here are the important deadlines for July 2020 – try not to miss them!
Important deadlines for July 2020:-
Thursday 2nd July
Capital Gains Tax (CGT) due on the sale of residential property completed on and after this date must be reported to HMRC and paid within 30 days. There is a £100 penalty for late reporting within 3 months. You can find our more details of our new CGT express calculation service here.
Monday 6th July
1. Final day to submit forms P11D and P11D(b) for 2019/20 to HMRC, with a copy supplied to employees. A £100 penalty will be issued for each late form.
2. 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.
3. Deadline for employees to make good benefits in kind provided in 2019/20 if they are to to avoid being taxed on those items.
Tuesday 7th July
VAT payments become due for month/quarter ended 31 May 2020. Default surcharge applied at 2% to 15% of late paid VAT, with no surcharge for first default (two “free” defaults for small businesses).
Monday 13th July
Final day if you wish to apply for Self Employed Income Support Scheme (SEISS) version 1 grant covering 80% of three months average profits.
Wednesday 15th July
Deadline to file a tax return if you are a US citizen and a green-card holder for 2019. This filing deadline has already been extended and may be extended again because of coronavirus.
Wednesday 22nd July
PAYE and NIC due for month/quarter to 5 July 2020 must reach HMRC by this date.
Friday 31st July
1. Deadline to submit Coronavirus Job Retention Scheme claims for periods up to 30 June 2020.
2. Income tax payments on account for 2019/20 due but are automatically deferred. You may pay the tax due if you wish to but if you do not it will be payable on or before 31 January 2021.
3. Deadline for reporting and paying Capital Gains Tax due on sales of residential property completed between 6 April and 1 July to avoid late filing penalties.
4. Last day to purchase Personal Protecive Equipment (PPE) with zero-rate VAT.
5. Deadline to confirm tax credit claims for 2019/20 and renew claims for 2020/21.