31 July tax deadline: I'm a finance expert - here are four crucial 31 July HMRC tax deadlines you can't miss

• 31 July is a crucial date for people and businesses with tax obligations to HMRC
• Various deadlines relate to matters including self-assessment payments, tax credits renewal and capital gains tax payments
• Missing these deadlines can result in significant fines and interest charges
• Finance expert James O’Brennan provides a comprehensive checklist to meet these deadlines
• To prevent fines, gather necessary documents early, consult tax professionals if needed, and use HMRC’s online services for submissions and payments

Wednesday 31 July might not appear to be a noteworthy date, but for people and businesses with tax obligations, it’s an important one.

HM Revenue and Customs (HMRC) sets strict deadlines, and missing them can lead to significant penalties and interest charges, so it's imperative to stay on top things.

Whether you're a self-employed professional, a small business owner, or are handling the finances of a larger corporation, understanding these crucial deadlines is key to avoiding unnecessary financial strain.

James O’Brennan, a finance expert from Federal Management, provides a comprehensive guide detailing the tasks you need to complete by 31 July, and the substantial fines you could incur if these deadlines are missed.

Second Payment on Account for Self-Assessment Taxpayers

“If you're self-employed or have other untaxed income, you might need to make a Payment on Account to HMRC. This is essentially an advance payment towards your tax bill for the year, based on your previous year's income.

“The second instalment of this payment is due by 31 July.”

Potential fine: Failing to meet this deadline can result in interest charges on the amount you owe, starting from the due date until the date of payment.

Tax Credits Renewal

“For those receiving tax credits, this date is also the cutoff for renewing your claim. Missing this deadline can lead to your payments being stopped.”

Potential fine: If you fail to renew, not only could your credits stop, but you might also have to repay what you received since the start of the tax year.

Capital Gains Tax Payments for Property

“If you sold property during the previous tax year and have capital gains tax to pay, you might need to settle your bill by this date, depending on when the sale was completed.”

Potential fine: Delaying beyond this date will accrue interest and possibly late payment penalties, adding a significant amount to your original tax liability.

Submit Declarations for Offshore Assets

“For those with assets or investments outside the UK, 31 July can be a deadline for disclosing these details to HMRC, depending on personal circumstances.”

Potential fine: Penalties for nondisclosure of offshore assets can be severe, ranging from substantial financial penalties to criminal prosecution.

How to Avoid Penalties

• Prepare early: Gather all necessary documents and information well in advance. Don't wait until the last minute.
• Consult professionals: If you're unsure about your tax obligations, consulting a tax professional can save you from costly mistakes.
• Use online services: HMRC's online services are designed to make submissions and payments straightforward and timely.

James O’Brennan is a finance expert from Federal Management.

Don't let these crucial deadlines catch you off guard; ensure you're fully prepared by 31 July! Share your thoughts and queries in the comments section.