Yup, the stars have aligned and we have no less than FIVE key deadlines for you to be aware of this month.
But first...this has been quite a journey and I've enjoyed (if that's the right word in a crisis?🤔) the conversations I have had with DOZENS of you using our free CV19 support call.
It feels about the right time to start winding that down, as we get back towards 'normal' and, let's not be coy about it, the time we've invested has been significant and we cannot get away from the fact that time is money.
For all of you who've been with us on the journey so far - WE ARE STILL HERE FOR YOU. I will shortly remove the Covid call option from our website BUT will still put the link in each of these updates so YOU can still keep in touch with us, free of charge, about Covid measures for your business.
Save this link somewhere: https://www.calendly.com/blue-penguin/coronasupport
Back to Business
Ok, so here's some dates for your diary this month:
FROM TODAY: Restart your VAT Direct Debit
Ok, I'm playing fast and loose with the word 'deadline' but if you took advantage of the VAT deferral for the last quarter, and you cancelled your direct debit, now is the time to re-instate it.
Don't worry, HMRC won't claw back last quarter's payment but your June quarter-end is NOT deferred, and must be paid as normal. If you can't afford to pay it, let's have a chat about getting a payment plan in place with HMRC.
Finally, on VAT payments, if your March VAT is still outstanding, don't forget this WON'T automatically be taken by DD in March 2021, so make a diary note to pay this.
13th JULY: Round 2 of the Self-Employed Income Support Scheme
(Ok, also not a deadline...more of a startline). Yup, that's when we're told the portal will open for the 2nd round of SEISS claims.
Unlike the furlough scheme, there's no requirement for you to have claimed under Round 1 to be eligible for Round 2. Usual rules apply about your business still being impacted by Covid, so if things are back to normal for you now, please don't take the piss.
Even if you have Tax Investigation Insurance in place, you just don't need the hassle.
22nd July: P11d payment deadline
You already sent your 2019/20 P11d forms back to HMRC, right? Right?? Phew. Don't forget you need to pay any NIC due on the benefits by 22nd July
As a separate note, there's some traction I believe in this issue of whether furloughed staff still have the benefit of a company car if it's not available for use (e.g. they are on furlough and haven't used the car). Let me know if you might have staff in this category.
31 July: Reporting of CGT Disposals since 6th April
An unwelcome, and rather sneaky, change in the last budget, but all residential property disposals (with few exceptions) must now be reported to HMRC within 30 days of disposal, as well as in your normal tax return (!). Double the fun? Not really.
From now on, the deadline is a ROLLING 30 DAYS, by which you also need to have paid any CGT due.
See here for the HMRC factsheet
If you haven't sold a property this year, you can ignore this. But if you have, or are in the process of doing so, please give me the heads-up so we can make sure HMRC don't shaft you.
Also 31 July: Final Call for Phase 1 Furlough Claims
If you furloughed staff in June, the claim portal will SHUT at the end of this month. So, crack on! Or let us do it for you, but we need a clear 7 days' notice to guarantee filling in time.
If you miss this deadline, not only could you lose out on your furlough claim for June BUT ALSO it could easily jeopardise your ability to claim on Phase 2 aka the Flexible Furlough Scheme.
Or, as you will call it once you've seen the complexity of the claims...FFS!