Key Tax Deadlines July 2022: Payments On Account

Tax & Technical

30 Jun

If you’re self-employed or running a business with employees, July is an important month to remember for tax returns and payments.

Firstly, if you have employees and provide taxable benefits you will need to submit P11d and P11d(b) returns by 6 July 2022, in relation to those benefits provided for each employee in the tax year 21/22. To learn more about this click here.

Secondly, if you pay tax via Self Assessment, your second payment on account will be due by 31 July 2022.

‘Payments on account’ are advance payments towards your tax bill. You have to make two payments on account every year unless:

your last Self Assessment tax bill was less than £1,000
you’ve already paid more than 80% of all the tax you owe

Each payment is half your previous year’s tax bill. Payments are due by midnight on 31 January and 31 July.

If you still have tax to pay after you’ve made your payments on account, you must make a ‘balancing payment’ by midnight on 31 January next year.

Remember, HMRC charge penalties and interest for late filing and payments, so it’s best to submit ahead of the deadline.

At Scotch Accounting we ensure our clients are proactively informed about upcoming tax and accounting deadlines.

This means our clients can budget effectively, take away the stress of looming tax payments, and can focus on growing their businesses.

Below are the key tax deadlines for July. Diarise the ones that apply to you to avoid late filing and payment penalties and interest.

1 July 2022 – Corporation Tax payment for 30 September 2021 year ends

6 July 2022 – Employee benefits: P11D and P11D(b) returns due for 2021-2022

7 July 2022 – VAT return submission & payment for month end or quarter end 31 May 2022

22 July 2022 – PAYE and NIC payments (electronic*) for month end 5 July 2022

22 July 2022 – Employee benefits: Payment (electronic*) of 2021-2022 Class 1A NIC

31 July 2022 – Self Assessment: Second 2021-2022 payment on account

31 July 2022 – Corporation Tax returns for 31 July 2021 year ends

* Note: postal payments are due by 19 July.

I’m unable to pay my tax bill, what are my options?

If you can’t pay your tax in full, we recommend contacting HMRC as soon as possible. You will be able to discuss your circumstances with HMRC and agree a Time to Pay arrangement, whereby you spread the amount owed over a number of months. You may be able to set up a Time to Pay arrangement online, if you owe less than £30,000, your tax returns are up to date, and it’s less than 60 days after the payment deadline.

To read more about Time to Pay arrangements click here.