Key tax deadlines in July - cut your cloth accordingly

Many businesses which went into hibernation or furloughed a large part of their staff during the height of the coronavirus pandemic are starting to trade again. It's a reassuring sign that at least some things are getting back to normal.

However, these are still exceptional times, and finances have been hit hard by the crisis. This is why managing your cashflow carefully over the coming months will be critical for many businesses.

Therefore, we have put together this list of key dates for July, so that you can plan your costs and make sure you don't miss any deadline.

2 July

• CGT due on disposal of residential property completed on and after this date must be reported and paid within 30 days. There may be a penalty for late reporting.

5 July

• Agree PAYE Settlement Agreements (PSAs) for 2019/20 with HMRC.
• Submit form NRLY from letting agents of non-resident landlords for 2019/20.

6 July

• Forms P11D and P11D(b) for 2019/20 must be submitted to HMRC, with a copy supplied to employees. Automatic penalties of £100 are issued for each month or part month returns are outstanding.
• Share scheme annual returns for reporting events relating to employee share schemes in 2019/20 must be submitted online through the ERS. There may be a penalty for late reporting.
• Deadline for employees to make good benefits in kind provided in 2019/20 to avoid being taxed on those items.

7 July

• VAT returns and payments due for month/quarter ended 31 May 2020. This payment is not automatically deferred under the coronavirus business support and you may wish to reinstate direct debit if it was cancelled. Default surcharges apply to late payments.

13 July

• Final day to apply for SEISS version 1 grant covering 80% of three months average profits for the self-employed .

22 July

• PAYE and NIC due for month/quarter to 5 July 2020 must reach HMRC.
• Payment of Class 1A NIC on 2019/20 company benefits due

31 July

• Final day to submit CJRS v.1 claims for periods up to 30 June 2020.
• Last day to purchase PPE with zero-rate VAT.
• Confirm tax credit claims for 2019/20 and renew for 2020/21.
• Income tax payments on account for 2019/20 due, but can be automatically deferred to 31st January 2021. Taxpayer may pay the tax due if they wish to.
• Report and pay CGT due on residential property disposals completed between 6 April and 1 July to avoid late filing penalties.

Remember to check the deadlines for any regional COVID-19 support schemes from which you are able to benefit. You don't want to miss out.

If you have any questions about any of the deadlines or support schemes, please speak to us at info@forrester-boyd.co.uk