It is quite common to invoice a customer with terms of “30 days or net monthly account”. Small customers will be expected to pay within 30 days, while large customers will be expected to pay at the end of the month following the month of the invoice, so an invoice sent in May 2017 would be settled by 30 June 2017. Large companies do it this way because they may receive several invoices from a supplier, and will want to settle all of them with a single payment when they do their computerised cheque run. It would therefore be a good idea for the supplier to have sent a statement at the start of June listing all outstanding invoices. Typically the cheque run would be about the 26th of June. If you give credit and have debts to collect, then you might like to have a discussion with us. Most accountants are also general business advisors as well.
Archives for June 2017
If you claim tax credits, then your Tax Credits Renewal Pack should arrive by the end of June 2017, so look out for it.
Value Added Tax returns for the quarter ended 31 May 2017 are due to be submitted by 7 July 2017, and any payment which is due should be made electronically by the same date.
If, during the income tax year ended 5 April 2017, an employer has given employees any benefits in kind or non-cash benefits, or has reimbursed them for any expenses incurred in the course of the employer’s business, then this must be reported on form P11D by 6 July 2017.
Employment-related share issues should be reported by the same deadline. These are rare and this is a specialist area.
Small private companies with a year end of 30 September 2016 and into their second or later year of existence should submit their accounts to Companies House by 30 June 2017 in order to avoid a Late Filing Penalty.
We can now make a formal statement of our policy on data entry. When we input data, we usually need to input a list of items where each has a date, a narrative and a number. We will scan in numbers from any printed matter using optical character recognition. This will normally be a system where we scan a pile of bank statements through our HP8600 printer/scanner and then process them. It could also be an LG OCR mouse scanner as a backup system, assisted by an onscreen toolkit which can process the results of the scan. The toolkit can also process spreadsheet data as occasionally supplied by clients.
Sometimes when you are an employer, you might have happened to have made no wage or salary payments at all for a PAYE month such as the month from 6 May to 5 June 2017, in which case you must submit electronically an Employer Payment Summary as a NIL return by 19 June. This is too easy to overlook.
If you engage a local accountant and business advisor or a payroll bureau to do your wages, then this will be taken care of. In our case we keep a diary and do a batch of payrolls at about the same time each month. Our payroll files are bright yellow like the P30BC booklet so we do not overlook them.
Construction Industry Scheme returns for the period from 6 May to 5 June 2017 should be submitted online by 19 June. This includes NIL returns.
It is too easy to forget the need to submit a NIL return when no payments to subcontractors have been made. If you engage a local accountant to do your CIS returns, then this will be taken care of. In our case we keep a diary and do a batch of work at about the same time each month. We aim to be the Carlisle accountants that businesses will turn to for a range of advice and services.
If your company had a deadline of 31 May 2017 for the submission of its accounts to Companies House, and this deadline has been missed, then you still have something to play for, and you should contact Carlisle accountants such as David Porthouse and Co at once. You will incur a penalty of £150, but this penalty rises to £375 after 30 June 2017 if you still haven’t submitted your accounts. These penalties are £300 and £750 if you miss the deadline two years’ running. We can readily prepare and submit your accounts within the month if you contact us now.