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July key tax dates

Newsletter issue – July 2023

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• Employers need to agree any PAYE Settlement Agreement (PSA) for 2022/23 with HMRC. This can now be achieved with an online application.
• Letting agents acting for non-resident landlords must make return of the rents paid to landlords and tax deducted in 2022/23 (form NRLY). If no letting agent is acting the tenant must make the return.

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• Employers need to submit the report of expenses and benefits (P11D) and class 1A NIC due on those benefits (P11d (b)) online for 2022/23. There is no option to submit this information on paper.
• Employers must supply their relevant employees with copies of the P11D information for 2022/23.
• Employee share scheme annual returns need to be submitted through the ERS to report events in 2022/23.
• Any employee share schemes put in place in 2022/23 must be registered by this date.
• Where employee termination payments and benefits have been provided with a value of £30,000 or more for any one employee, or where non-cash benefits included in the package, a report must be submitted to HMRC.
• Directors and employees who wish to 'make good' the cost benefits provided in 2022/23 to avoid being taxed on those items must do so by this date. This applies to the provision of: cars, vans, road-fuel, non-cash vouchers, accommodation, credit token and benefits treated as earnings.
• Where a close company has provided beneficial loans to a director, the company must elect by this date for all loans to be treated as a single loan to calculate benefits in kind.

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• Where non-cash benefits have been provided in 2022/23 to retired employees under employer-financed retirement benefits scheme a return needs to be made to HMRC.

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• Non-electronic payment of Class 1A NIC for 2022/23 on benefits returned on a declaration of expenses and benefits (form P11D(b)) must reach HMRC by this date.

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• Payment of Class 1A NIC made by an approved electronic payment method must reach HMRC by this date.

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• The second payment on account of self-assessed income tax and Class 4 NIC for 2022/23 is due.
• All tax credit claims for 2022/23 must be confirmed and renewed for 2023/24 if required.