Taxpayers must undertake certain tasks, such as filing returns and paying tax, by certain dates. If these deadlines are missed, HMRC may charge late filing and late payment penalties. Interest is also charged on tax paid late.
Key dates
Expenses and benefit returns for 2022/23 must be filed by 6 July 2023. PAYE and NIC for month 3 (to 5 July 2023) must reach HMRC by 21 July where paid electronically. Where tax is paid under Self Assessment, the second payment on account for 2022/23 must reach HMRC by 31 July 2023.
This note explains some important tax deadlines which must be met in July 2023.
5 July 2023
PAYE tax month 3 comes to an end on 5 July 2023. It is also the end of the first quarter for employers who pay their PAYE quarterly.
Employers who want to use a PAYE Settlement Agreement (PSA) to settle tax on certain benefits and expenses provided to employees during the 2022/23 tax year and who do not already have a PSA in place must agree one by 5 July 2023. Employers who need to amend or cancel an existing PSA must do so by 5 July 2023.
6 July 2023
Employers who provided employees with taxable expenses and benefits in 2022/23 which were not payrolled must report these to HMRC on form P11D by 6 July 2023. A P11D(b) must be filed by the same date. A P11D(b) is required even if there are no P11Ds to file. The returns must be filed online.
Employers must also give employees a copy of their P11D or details of their taxable benefits and expenses for 2022/23 by 6 July 2023.
Employers who have a share scheme, such as Share Incentive Plan, a Company Share Option Plan, a Save as You Earn scheme, or who have provided Enterprise Management Incentives, must file their annual share scheme return for 2022/23 by 6 July 2023.
7 July 2023
VAT-registered businesses must file their VAT return for the quarter to 31 May 2023 online by 7 July 2023 and pay any associated VAT by the same date.
19 July 2023
Employers who pay their PAYE and NIC by cheque must ensure that their payment for month 3 (to 5 July 2023) reaches the Accounts Office by 19 July 2023. Small employers who pay their PAYE quarterly and who pay by cheque, will also need to ensure that their payment for the quarter to 5 July 2023 reaches HMRC by the same date. Remember to post the payment in sufficient time for it to reach HMRC by 19 July.
21 July 2023
Employers who pay their PAYE and NIC electronically enjoy a later deadline than those who pay by cheque. The normal deadline for electronic payment is the 22nd of the month. However, as 22 July 2023 falls on a Saturday, employers who pay electronically will need to ensure that their payment of PAYE and NIC for month 3 clears HMRC’s account by 21 July 2023 if payment is made electronically.
Small employers who are paying their PAYE and NIC for the quarter to 5 July 2023 electronically will also need to ensure that their payment for the quarter to 5 July 2023 clears HMRC’s bank account by 21 July 2023.
31 July 2023
Taxpayers who are within Self Assessment and who are required to make payments on account must ensure that their second payment on account for 2022/23 reaches HMRC by 31 July 2023.
Please see the HMRC link for further advice: https://www.gov.uk/self-assessment-tax-returns/deadlines
If you need more information regarding any of the topics covered in this update or indeed any other accounting issues, please call An Accounting Gem The Tax specialist in Ipswich, Suffolk on 744700.
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