Important Summer Dates
One of the early coronavirus support schemes was an automatic deferment of VAT liabilities. This covered payments falling due in the period 1 April to 30 June 2020. VAT is normally due for payment one month and seven days after the VAT quarter end. This means that businesses with a quarter end of 31 May, due for payment on 7 July, will be the first to have to make their VAT payment as normal again.
When an individual that submits a tax return showing a liability over £1,000, they will normally have to make two payments on account, each 50% of that liability, for the following year. The first payment on account for the 2019/20 tax year was due on 31 January 2020. The second payment on account would normally be due on 31 July 2020. However, under another government support scheme, this second payment on account is now not due until 31 January 2021.
Claims for the first coronavirus support grant for the self-employed have to be made by 13 July 2020. Claims for the second grant will be possible from August for those still affected at 14 July 2020.
From 1 July 2020, furloughed employees can undertake flexible working without breaking furlough. All claims up to 30 June 2020 must be submitted no later than 31 July 2020.
Benefits in Kind
If you supply benefits in kind to your employees, you must provide forms P11D and P11D(b) to report those benefits to HMRC no later than 6 July 2020. Copies of these forms must also be supplied to employees by that date.
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