Tax deadlines for July

Tax assistance from Cottons Chartered Accountants

July 2021 sees some important tax deadlines from HMRC…

1 July 2021

VAT: 5% penalty charged if VAT deferred from the period 20 March 2020 to 30 June 2020 is not paid by 30 June 2021 or deferred under the new payment scheme.

Stamp duty land tax: nil rate band for residential property reduces to £250,000.

Land transaction tax: residential thresholds return to normal.

4 July 2021

PAYE: deadline for employee to reimburse payment made by employer on account of tax in 2020/21 (eg, on employment-related securities). If no reimbursement is made or if it is made after this date, a further tax charge arises.

5 July 2021

PAYE: last date for agreeing PAYE settlement agreements for 2020/21.

Non-resident landlordsdeadline for 2020/21 returns of rent paid by agents to non-resident landlords and of tax deducted by tenants from rents paid direct to non-resident landlords.

6 July 2021

PAYE: deadline for filing forms P11D, P11D(b), or substitutes for the tax year ending 5 April 2021.

PAYE: last date by which to give forms P11D to relevant employees, and/or details of benefits-in-kind that have been payrolled.

Employers: deadline to file the 2020/21 report of termination payments and benefits where non-cash benefits are included in an employee termination package. No report is required where the total value of the settlement is below £30,000.

Employers: deadline for employees to make good the cost of non-payrolled benefits-in-kind provided in 2020/21. This deadline does not apply to beneficial loans.

Employers: deadline for taxed award scheme providers in 2020/21 to provide form P443 certificates to recipients showing details of the award and tax paid under a higher rate scheme, and make returns of awards made to HMRC on forms P35(TAS) and P440. This is generally used by third parties who provide taxable benefits to someone else’s employee.

Employers: deadline to register an employee share scheme which was in place during 2020/21 and to self certify the scheme if it is a tax advantaged scheme. Schemes in place prior to 2020/21 should already have been registered.

Employers: deadline for filing employment-related securities returns for 2020/21.

Employers: deadline for a close company to elect that all beneficial loans to a director be treated as a single loan for calculating 2020/21 benefits-in-kind (s187, ITEPA 2003).

7 July 2021

Employers: deadline to make a return of non-cash benefits provided in 2019/20 to retired employees under an employer-financed retirement benefits scheme. Such benefits are taxable unless provided from a registered pension scheme or covered by one of the exemptions.

19 or 22 July 2021

PAYE: deadlines to pay outstanding class 1A NIC for tax year ended 5 April 2021. Postal payment must reach the HMRC Accounts Office by 19 July, and electronic payments be cleared in HMRC’s bank account by 22 July.

31 July 2021

ITSA: deadline for second self assessment payment on account for tax year ended 5 April 2021.

Pensions: deadline for a scheme member to notify the scheme administrator to elect for a 2019/20 annual allowance charge to be met from his or her pension benefits where the tax is more than £2,000.

Tax credits: renewal deadline to provide information to finalise 2020/21 awards and renew claims for 2021/22.

CTSA: returns for accounting periods ended 31 July 2020 should reach HMRC.