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 June 2017 would be settled by 31 July 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 July listing all outstanding invoices. Typically the cheque run would be about the 25th of July. 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 advisers as well.
Archives for July 2017
If you claim tax credits and you wish to renew your claim, then you should do it by 31 July 2017.
Value Added Tax returns for the quarter ended 30 June 2017 are due to be submitted by 7 August 2017, and any payment which is due should be made electronically by the same date.
If you pay income tax by instalments, then the second instalment for the income tax year ended 5 April 2017 is due on 31 July 2017. Generally it is people running businesses either as sole traders or as members of partnerships who pay by instalments. If you are late in paying the amount due, then you will be charged interest.
Small private companies with a year end of 31 October 2016 and into their second or later year of existence should submit their accounts to Companies House by 31 July 2017 in order to avoid a Late Filing Penalty.
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 June to 5 July 2017, in which case you must submit electronically an Employer Payment Summary as a NIL return by 19 July. This is too easy to overlook.
If you engage a local accountant and business adviser 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.
Employers must make First Quarter payments of PAYE and NICs by 19 July 2017 if settled by cheque. If you pay electronically, then you have until 22 July to make the payment. Tax retained under the Construction Industry Scheme must also be paid by the same date.
Construction Industry Scheme returns for the period from 6 June to 5 July 2017 should be submitted online by 19 July. 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 30 June 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 31 July 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.