Archives for June 2021

1 June 2021 – Due date for Corporation Tax due for the year ended 31 August 2020.
19 June 2021 – PAYE and NIC deductions due for month ended 5 June 2021. (If you pay your tax electronically the due date is 22 June 2021)
19 June 2021 – Filing deadline for the CIS300 monthly return for the month ended 5 June 2021.
19 June 2021 – CIS tax deducted for the month ended 5 June 2021 is payable by today.
1 July 2021 – Due date for Corporation Tax due for the year ended 30 September 2020.
6 July 2021 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs.
19 July 2021 – Pay Class 1A NICs (by the 22 July 2021 if paid electronically).
19 July 2021 – PAYE and NIC deductions due for month ended 5 July 2021. (If you pay your tax electronically the due date is 22 July 2021)
19 July 2021 – Filing deadline for the CIS300 monthly return for the month ended 5 July 2021.
19 July 2021 – CIS tax deducted for the month ended 5 July 2021 is payable by today.

If you are new to the import process the following check list will provide you with a rough guide to what you need to do:
• You need an EORI number that starts with GB to import goods into England, Wales or Scotland. You will need a new one if you have an EORI that does not start with GB.
• The business sending you the goods may need to make an export declaration in their country or secure licences or certificates to send goods to the UK.
• You can hire someone to deal with customs and transport the goods for you, or you can do it yourself. Most businesses that import goods use a transporter or customs agent.
• If the UK has a trade agreement with the country you are importing from, you may be able to pay less duty or no duty on the goods (known as a ‘preferential rate’).
• If you have appointed someone to deal with UK customs for you, they will make the declaration and get your goods through the UK border.
Unless you have experience dealing with cross-border transactions appointing a customs agent or similar organisation would seem to be a sensible option unless the value and frequency of imports is unlikely to be significant.
More detailed information is available free of charge on the GOV.UK website.

Next month, as you will see from the Tax Diary notes for July, employers that provide any form of taxable benefit to clients will need to prepare and file P11D returns to HMRC. The deadline to file is 6 July 2021.
You will also need to provide employees affected with a copy of their P11D form by the same date. They will need this to check their tax account or to include on their tax return.
Unfortunately, there is one further chore to complete this annual process.
Employers are obliged to pay employers’ National Insurance contributions on the aggregate value of benefits provided to all employees. The way to do this is to complete a P11D(b) return; and again, this needs to be filed by 6 July 2021. NIC class 1A contributions are payable at 13.8% of the total benefits returned and are payable by 22 July 2021 if paid electronically or by 19 July 2021 if you pay by cheque.
If we prepare your payroll, we may undertake this work for you.
If not, do not miss the filing and payment deadlines otherwise you may trigger late filing penalties and interest charges.
Any Class 1A NIC paid is an allowable deduction for tax purposes.

There are still a significant number of UK employees that are furloughed. Unfortunately, this scheme is scheduled to end 30 September 2021.
Businesses that are struggling to re-establish themselves following the downside effects of repeated lockdown, may be faced with difficult decisions as this deadline approaches. The pundits are expecting a significant rise in the unemployment numbers.
If you have concerns that you may be faced with laying off furloughed staff when the Coronavirus Job Retention Scheme closes, and are unsure how to plan for any changes, we can help.
The key is to create a forecast of business activity – based on current estimates – that highlights profitability, solvency and cash flow. Armed with this information, it will then be possible to try out different what-if scenarios and consider the options this process opens.
It is better to plan for these changes before they happen than to react when the changes have occurred.