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The key tax months of April and May might have already passed for the 2020/21 tax year, but there are still plenty of important tax dates you’ll want to add to your business diary.
With everything else that is going on in the world of business right now, it’s easy to push key tax dates to the back of your mind for another day. However, it’s important to keep these dates in mind before the next deadline comes around.
In the midst of the COVID-19 pandemic, some key tax dates have also been altered by HMRC in order to support businesses during this difficult time. Bookmark this handy infographic and stay on top of your tax deadlines this year.
July’s upcoming deadlines
July is just around the corner and its set to be a busy month where tax is concerned. Businesses will be required to notify HMRC of a range of transactions and activities throughout next month, including:
- 6th July – P11D returns are due.
- 6th July – Final day to agree PAYE settlement agreements for the previous tax year.
- 6th July – Companies are obliged to notify HMRC of a wide range of share and
- securities transactions.
- 22nd July – Any class 1a National Insurance owed on expenses or benefits must reach HMRC by this date – or 19th July if paid by cheque.
The second payment on account for personal tax returns would normally be due on 31st July. However, the government has postponed this until 31st January 2021 to help businesses during COVID-19.
This delay could mean that you are paying two tax bills in one payment, so make sure to budget accordingly over the next 6 months.
Everything you need to know about the upcoming P11D deadline
P11D forms must be submitted to HMRC by 6th July 2020. A P11D form is used by employers to outline the cash value of any work-related and taxable expenses received over the tax year. As an employer, it is your duty to file a P11D form if applicable.
Matt Stambach, Tax Manager at Alexander & Co, explained:
“All employers who provide taxable benefits to their directors & employees need to submit an end-of-year report of those benefits to HMRC. The employer is required to prepare a form P11D for each employee in receipt of a taxable benefit and a form P11D(b) to declare the Class 1A NIC due on the total of all benefits supplied to all employees. The deadline to submit these forms to HMRC is 6 July, following the end of the tax year.
“If businesses have not yet prepared these, they should act now as failure to file on time can result in late submission penalties.”
The good news is you still have some time to get your P11D forms in order. However, it’s important to note that failure to submit P11D forms on time can lead to significant penalties. You could be fined up to £100 per 50 employees for each month or part of the month the form is late. Act now and stay on top of your business taxes this year.
