Key tax dates coming up in July

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Tax may be the bane of our lives, but it’s important to stay abreast of important dates, preventing a last minute panic.

Unlike the greater part of the population, being self-employed provides a further headache when it comes to your tax affairs. As an employee, we may groan about taxes – but at least we aren’t responsible for filing our own returns. Being a contractor, on the other hand, means doing all the hard maths work... before the deadline.

Being a responsible taxpayer should be a priority – before profits or anything else. If you do your best to maintain good practice, you’ll have one less pressure to worry about.

So, with that in mind, here is a list of key tax dates for July 2016. Get them in your diary now!

5 July

The 5th July marks the final date for settling any outstanding discussions with HMRC in relation to 2015/16 PAYE agreements. Make sure you have submitted the necessary forms and wrapped up any queries with HMRC by this date.  If you are still trying to decipher the taxable expenses you want to cover, contact the HMRC helpline for further advice.

6July

This is the date where all employees must have been given P9D and P11D forms. If you are new to the world of contracting and were in full-time employment for a portion of the 2015/16 tax year, make sure you have received both of these forms. Make sure you contact your previous employer(s) if you do not have them.

19July

This is the deadline for postal payments to reach HMRC Accounts Office for outstanding Class 1A NICs for the tax year ending 5 April 2015. If you are settling your accounts via post, make sure HMRC receive them in plenty of time prior to this date to avoid fines.

22 July

This is the final date for electronic payments to be cleared in HMRC’s bank account for any outstanding Class 1A NICs for the tax year ending 5 April 2016. If you are settling your bill by direct debit, it should be paid prior to this date to ensure it is cleared by the deadline to avoid fines.

31 July

The second self-assessed payment for the tax year ending 5 April 2016 must have been submitted by the 31st July. However, this won’t apply to you if 2015/16 marks your first year for submitting a tax return.

Those who have already sent in a tax return may, dependent on their tax position for the previous 2014/15 tax year, need to make a second payment on account. If you do need to make payments on account, they count towards your total due 2015/16 tax. You should make sure you clarify your position with HMRC before this date.

Source: Associate Services

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