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D Matley and Co Accountants in Stoke-on-Trent Staffordshire

01782 714767

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July 2012 busy month…

Although we have summarised the various filing and tax payment deadlines for July in the tax diary it is worth looking at the detail – July is a busy month.

6 July 2012

  • Filing deadline forms P11D, P9D and P11D 2011-12. As this newsletter is being published on 5 July we sincerely hope that readers have already filed these annual returns that disclose benefits paid to employees and directors during 2011-12.
  • Distribute copies of P11D and P9D forms to employees.
  • Redundancy report. Employers who have provided a redundancy package during 2011-12, which includes benefits in kind and which over its lifetime is estimated to be worth more than £30,000, must report details to HMRC by today.
  • Unapproved share schemes. Deadline to inform HMRC of any reportable events for 2011-12.
  • Tax approved share schemes. Return deadline on statutory forms due today in respect of tax approved share schemes including Enterprise Management Incentive schemes.

7 July 2012

  • Retired employees’ non-cash benefits. Any non-cash benefits provided to retired employees under an employer financed retirement benefit scheme should be reported to HMRC by today. Benefits are taxable unless exempted or below the £100 per annum de minimis.

19 or 22 July 2012

  • Payment of Class 1A NICs for 2011-12. Payment deadline is 19 July if paying by cheque or 22 July if paying electronically – payments must clear by 22 July if paid electronically.

31 July 2012

  • Late filing 2010-11 self assessment return. If you have still not filed your SA return for 2010-11 by today, a further tax related penalty will be charged. The penalty will be £300 or 5% of tax liability whichever is the higher amount.
  • 2nd payment on account 2011-12. This amount is usually based on 50% of the reported self-assessment liability for 2010-11, unless adjusted.
  • Tax credit renewals. Deadline to renew tax credit claims for 2012-13 and to return final income figures for 2011-12. It is possible to provide estimated figures for 2011-12 but the final figures must be provided by 31 January 2013.

VAT refund for self build

It is possible to register a self-build application for VAT purposes and reclaim any VAT charged on certain materials and services paid out. In a recent tax case an individual and his partner decided to build a new home for themselves and two children from a previous relationship. The building was actually two separate buildings (one for the kids) linked by timber decking. HMRC refused the claim to include VAT recoverable for the construction of the separate building.

On appeal the Tribunal allowed the claim, arguing that the singular word ‘building’ should be construed as including the plural ‘buildings’ so that the claim for the two buildings should be allowed.