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July 2019 - Monthly News - Able Accountants

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Friday 5th July - PAYE Settle Agreement 2018/2019 Deadline

Employers who want to pay tax and national insurance on their employee’s benefits need to pay attention to this deadline. An agreement with HMRC needs to be struck on the benefits and liabilities not shown on the P11D form.

Saturday 6th July - Forms P11D and P11D(b) Deadline

The P11D form needs to show details of any benefits and expenses provided to employees in order to report these to HMRC. For Class 1A national insurance liability the P11D(b) should be used.

Saturday 6th July - Deadline for Share Incentives for 2018/2019

Companies with events that need to be reported for the tax year of 2018/2019 need to adhere to this deadline.

Friday 19th July - Class 1A National Insurance Contributions

Employers providing employees with benefits for 2018/2019 should be reporting these benefits by 6th July. The form P11D(b) should show the amount of Class 1A employer only national insurance liability due. If the payment is being made electronically, the deadline for the payment to clear is July 22.

Interest and Penalties May Apply for Late Payments

Friday 19th July - PAYE Student Loan and CIS Deductions for Month to 5th July

Employers who have made PAYE deductions, and contractors who have used CIS to pay subcontractors need to pay attention to this deadline.

Employers need to make payments for income tax, NI, and student loan deductions to HMRC. Meanwhile contractors need to pay HMRC the tax deductions from subcontractors under CIS.

Any electronic payment needs to be cleared by 22nd July. Failure to do so may result in penalties being applied.

Friday 19th July - Small Employer Quarterly PAYE Payments Due for 6th April to 5th July

Small employers and contractors should pay attention to this deadline. Quarterly payments of income tax, national insurance and student loan deductions are due to HMRC from small employers with those deductions amounting to less than £1,500 each month.

Electronic payments should be cleared by 22 July. Interest and penalties may apply on late payments.

Wednesday 31st July - 2018/2019 2nd Payment Self Assessment Tax Return

This is for the second payment due from individuals on their self assessment tax return accounts to HMRC. This for payments on income tax, Class 4 national insurance, High Income Child Benefit, and capital gains tax.

The deadline is 31st July, late payments may incur interest.

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