Sunday 8 July 2012

Tax events due on July 19

The following Tax Events are due on 19 July 2012:
PAYE quarterly payments are due for small employers for the pay periods 6th April 2012 to 5th July 2012
What this means for you?
This deadline is relevant to small employers and contractors only. As a small employer with income tax, national insurance and student loan deductions of less than £1,500 a month you are required to make payment to HMRC of the income tax, national insurance and student loan deductions on a quarterly basis.
Where the payment is made electronically the deadline for receipt of cleared payment is Friday 20th July 2012 unless you are able to arrange a 'Faster Payment' to clear on or by 22nd July. Penalties may apply if payment is made late.
PAYE Student loan and CIS deductions due for the month to 5th July 2012
What this means for you?
This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS. The contractors' monthly return showing details of payments made to subcontractors must also be filed by today even if a nil return.
Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.
Where the payment is made electronically the deadline for receipt of cleared payment is Friday 20th July 2012 unless you are able to arrange a 'Faster Payment' to clear on or by 22nd July. Penalties may apply if payment is made late.
Class 1A NIC due for 2011/12
What this means for you?
This deadline is relevant for employers who have provided their employees with benefits for 2011/12. These benefits should have been reported by the 6th July and the amount of the Class 1A employer only NI liability due calculated on the form P11D(b). Where payment is made electronically the deadline for receipt of cleared payment is Friday 20th July unless you are able to arrange a 'Faster Payment' to clear on or by 22nd July.

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