Coronavirus dates for your tax diary
A summary of the key dates for the key coronavirus business support schemes including: points when the rules change; when claims must be submitted; and when payments of deferred tax become due.
There are over a dozen business support schemes with different deadlines and qualifying conditions. Keeping track of when applications for schemes open and close, and the postponed payment dates for deferred taxes, is essential for good cash-flow planning.
The list below concentrates on the CJRS, SEISS, VAT and income tax payments. There may be other application deadlines for regional grants and business loans.
29 June 2020
- Welsh businesses can submit applications for support under Welsh Government’s economic resilience fund.
30 June 2020
- Furlough periods qualifying for the first Coronavirus Job Retention Scheme (CJRS v1) cease on this date. Any continuing furlough periods must be split into separate claims for days in the calendar months: July to October.
- VAT payment holiday ends, all VAT due after this date must be paid on the due dates unless a time to pay agreement with HMRC is in place.
- Welsh businesses need to apply for non-domestic rates grant by 5pm
1 July 2020
- Revised furlough scheme (CJRS v 2) comes into effect, but only for employees who have already completed a 21-day period on furlough. It is also restricted to employers who have already claimed for employees under CJRS v 1. There is a cap on the number of employees who can be included in a CJRS v 2 claim equal to the maximum number included in a CJRS v 1 claim by that employer.
- The CJRS v2 will cover 80% of the employee’s wages for periods on furlough, plus the employer’s NIC and employer’s minimum pension contributions due in respect of those wages.
6 July 2020
- Forms P11D and P11D(b) for 2019/20 must be submitted to HMRC, with a copy supplied to employees.
- Annual returns for reporting events relating to all employee share schemes in 2019/20 must be submitted through ERS (ITEPA 2003, s 421J).
13 July 2020
- Applications for the first Self-employed Income Support Scheme (SEISS v 1) grant must be submitted to HMRC by this date.
14 July 2020
- Second SEISS grant (SEISS v2) requires claimants to confirm that their business was adversely affected by the coronavirus on or after this date. Claims portal for SEISS v2 to open in August.
31 July 2020
- CJRS v1 claims for furlough periods up to and including 30 June 2020 must be submitted to HMRC by this date.
- The 2019/20 second self-assessment payment on account (POA) of income tax and Class 4 NIC is normally due by this date, but all such payments are automatically deferred. Taxpayers may pay the tax and NIC due by this date if they wish. If the tax is deferred it must be paid by 31 January 2021.
- Business rates holiday for private businesses (excluding utilities) in Northern Ireland comes to an end.
1 August 2020
- Employees should continue to receive 80% of their usual wages, up to £2,500 per month, for periods when they are furloughed, funded by the CJRS v2. However, employers must pay the employer’s class 1 NIC and the employer’s minimum pension contributions into a workplace pension in respect of all wages including furlough wages. Employers must report for each employee on furlough the hours worked and the employee’s “usual hours”.
- VAT: temporary zero rate reverts to the standard rate for PPE purchased on or after this date.
31 August 2020
- Furlough periods for August must come to an end.
1 September 2020
- Employees should receive 80% of their usual wages for periods on furlough, but the CJRS v 2 will only fund 70% of the usual wages up to £2187.50 per month. Employers must pay the employer’s class 1 NIC and the employer’s minimum workplace pension contributions in respect of all wages paid to the employee including furlough wages.
30 September 2020
- Furloughed periods for September 2020 come to an end.
1 October 2020
- Employees continue to receive 80% of their usual wages for periods on furlough, but the CJRS v 2 will only fund 60% of the usual wages up to £1,875 per month. Employers must pay the employer’s class 1 NIC and the employer’s minimum workplace pension contributions in respect of all wages paid to the employees, including furlough wages.
31 October 2020
- All furlough periods must end for all employees.
30 November 2020
- All CJRS v2 claims for furloughed employees must be submitted to HMRC by this date.
31 January 2021
- Electronic self-assessment 2019/20 personal tax returns, and any tax returns excluded from online filing for 2019/20, must be filed by this date.
- All outstanding self-assessment income tax and class 4 NIC for 2019/ including the POA deferred from 31 July 2020, must be paid. The first POA for 2020/21 must also be paid by this date, calculated as half the 2019/20 liability. Any capital gains tax due for 2019/20 must be paid, or topped-up where a payment on account has already be paid in respect of a residential property disposal.
1 March 2021
- Domestic reverse charge for VAT relating to certain construction services comes into effect. The commencement was postponed from 1 October 2020 due to the coronavirus pandemic.
31 March 2021
- VAT deferred from March to June 2020 must be paid by this date.
“There have been so many generous schemes from HMRC to do with deferrals of payments and payroll grants. With all the different types of taxes and when they can be deferred to, it might be quite sort of easy to let one slip through the net,” commented Soldo financial controller Nick Levine.
Nick Levine will be hosting a fortnightly webinar, The Cashflow Forecast, as part of our AccountingWEB Live digital programming. Register here for regular tips on cashflow forecasting in these difficult times.