It's July but not as we know it
Normally there would excitement in the air at this time of the year. Schools would be coming to an end for the year, festivals would be in full swing, families would be looking forward to fun getaways and get togethers with others, the sun would be shinning (well may be sometimes) and generally there would be a vibe of positivity and energy.
Well this July, things are a bit different. Over 100 days in lockdown now and what with talk of global recession and a second wave of corona virus, we are not all feeling the same positivity as we would normally.
Last Saturday has been referred to as “Super Saturday”, the day our bars and restaurants open so we can start experiencing some light at the end of the tunnel. But business as usual – probably not! It will be business with the “new normal” or “next normal” or something similar.
Of course it is important that our economy opens up as soon as it can to restart our economy, but it is too early to say how businesses and the UK Economy in general is going to play out over the summer and rest of 2020 and beyond. This July is like no other and many businesses will have changes and challenges to deal with over the coming months.
We do not think it will be all bad because every major shock in the past has brought opportunities and innovations and during July we will share with you our take on the next stage on what we believe will make your business more resilient to survive this storm by taking advantage of what help is available out there.
But it is fair to say right now a different July will have created some different priorities. There are new deadlines which will be important to some of you, so we will take the time here to remind you.
DATES FOR JULY
Paying your second instalment of self-assessment tax
Remember if you are not able to pay your second instalment due on 31st July you have the option to defer it. In fact, the deferral is automatic until 31st January 2021.
Paying the VAT liability
The automatic deferral of the VAT liability was withdrawn on 30th June so any VAT liability due from now on needs to be paid on time. If you were paying by direct debit previously and had it cancelled remember to re-instate it. If you are still having difficulties in paying over the VAT call HMRC and you may be able to arrange Time to Pay.
Filing the P11d Return of Expenses and Benefits
The filing deadline if you need to submit form P11d is 6th July and any tax due on it needs to be paid over by 19th July. Again if you are unable to make the payment on time you should speak to HMRC because there are no special arrangements in place due to Covid-19.
Any PAYE Settlement Agreement (PSA) you may have reached with HMRC in previous years must be renewed by 6th July.
Deadline for the application of the first Self Employment Income Support Scheme
If you are self-employed and your business has been adversely affected by the corona virus pandemic and not yet made a claim for the grant, you have until 13th July to do so.
Introduction of the Flexible Furlough Scheme
Any outstanding claims under the previous furlough scheme must be submitted by 31st July.
The new scheme came into effect from 1st July and you do not have to wait for the end of the month to make the claim. From July you can bring back employees on a flexible basis to suit the business.
Don’t forget if you are a director/owner and you have furloughed yourself, you can start making those all-important contacts to clients/customers to restart your business. You can come back to work part time on a flexible basis because under the terms of the furlough you have previously not been able to do any sales related work.
And finally, on 8th July the Chancellor presents a Summer Statement to Parliament. There are rumours of potential announcements of forthcoming tax changes!
So this July looks very different to any other!