As we head into July, it’s essential for businesses in the UK to be aware of key accounting and tax deadlines. Staying on top of these dates ensures compliance and helps avoid penalties. Here’s a rundown of the important dates to keep in mind for this month:

1st July

• Corporation Tax Payment: Companies need to pay their Corporation Tax for the period ending 30th September 2023 by this date.

5th July

• PAYE Settlement Agreement: The deadline to reach a PAYE Settlement Agreement for the 2023/24 tax year falls on this day.

6th July

• P11D and P11D(b) Forms: Employers must submit these forms, which report benefits and expenses provided to employees, to HMRC for the 2023/24 tax year.
• Share Incentives Reporting: This is also the deadline for employers to report share incentives for the 2023/24 tax year.

7th July

• VAT Returns and Payments: This is the deadline for submitting VAT Returns and making payments for the accounting quarter ending 31st May 2024.

10th-12th July

• VAT Direct Debit Payments: If you have a direct debit set up, your VAT payment for the quarter ending 31st May 2024 will be taken between these dates.

19th July

• Postal Payments of CIS, NICs, and PAYE: The deadline for monthly postal payments to HMRC for Construction Industry Scheme (CIS), National Insurance Contributions (NICs), and Pay As You Earn (PAYE) is on the 19th.

22nd July

• Electronic Payments of CIS, NICs, and PAYE: If you make these payments electronically, the deadline is the 22nd.

31st July

• Second Payment on Account for 2022/23: Self-employed individuals and others making payments on account need to make their second payment for the 2022/23 tax year by the end of the month.
• Corporation Tax Returns: Companies with a year-end of 31st October 2023 must file their Corporation Tax Returns by this date.

Keeping track of these deadlines is crucial for maintaining compliance and ensuring smooth financial operations. Make sure to mark your calendars and prepare in advance to avoid any last-minute rushes or potential fines.