The month of July brings with it a handful of important tax deadlines that businesses should mark their calendars for. It’s important to note that missing any of these deadlines could result in penalties and fees, so be sure to stay on top of your tax obligations this July. Taxpayers need to be extra vigilant about the various deadlines and requirements that must be adhered to in order to remain compliant with HMRC. Missing any of these deadlines can result in penalties, interest charges and other problems. Therefore, in this blog post, we will highlight some of the essential tax deadlines that UK businesses need to meet this month. So, let’s get started!
July Breakdown
July 4th
Deadline for making good PAYE income tax arising from employment-related securities.
If you have received employment-related securities such as shares, you may be required to pay income tax on their value. If you received the securities before 6th April 2017, you have until 4th July to make good any PAYE income tax that is due. It’s important to keep this deadline in mind to avoid any penalties.
July 6th
Filing deadline for Expenses and Benefits forms P11D(b) and P11D.
Employers need to submit their P11D(b) and P11D forms to HMRC by 6th July. These forms report on any expenses or benefits that employees have received during the tax year, such as company cars or private healthcare. Failing to submit these forms on time can result in penalties.
July 19th
If you are paying PAYE and National Insurance Contributions (NUCs) to HMRC by non-electronic methods, such as by cheque, you must ensure that payment reaches HMRC’s Accounts Office by 19th July. This deadline is crucial to avoid any interest charges.
July 22nd
Deadline for online payment of PAYE and NUCs to HMRC’s Accounts Office.
If you are paying PAYE and NUCs to HMRC online, you have until 22nd July to make your payment. You can make the payment through the HMRC website using your online account. It’s essential to ensure that your payment is made through this mode before the deadline.
July 31st
PAYE Settlement Agreement calculation deadline, second POA due for individuals, trusts, and partnerships; ‘scheme pays’ election deadline (when eligible) – 31st July
31st July is a crucial day for tax deadlines, as it marks the deadline for employees to submit their PAYE Settlement Agreement calculations. Additionally, individuals, trusts, and partnerships need to make their second payment on account (POA) by this date. For those who are eligible for the ‘scheme pays’ option, they must also make their election by 31st July. It’s important to be mindful of these deadlines to avoid any charges.
As a UK business, complying with HMRC’s requirements and tax deadlines is essential to avoid penalties and interest charges. Therefore, it’s crucial to keep these deadlines in mind and make sure that you meet all the necessary requirements. Seeking the help of professionals can be an excellent way to ensure that you’re remaining compliant with all the relevant rules and regulations.
As the month of July approaches, so do tax deadlines for businesses and individuals alike. With the added stress of meeting these deadlines, many people find themselves overwhelmed and unsure of where to turn. That’s where Studholme-Bell comes in. We are dedicated to providing comprehensive tax services to clients in a timely and efficient manner. From filing tax returns to providing expert advice on complex tax issues, our team of professionals is equipped to handle any situation.
What to expect next month
August can be a hectic month for many of us, especially when it comes to keeping up with deadlines. That’s why our next focus will be on making sure you’re fully aware of everything that’s expected of you before the end of the month. Don’t let the end of summer catch you off guard – join us next time as we dive into all the tax deadlines you need to keep in mind for August!
If you have any further questions, please don’t hesitate to get in touch.
Email us at info@studholme-bell.com
Or ring us on 01257 241 111
