If anybody owes you money, then today, which is Tuesday 30 October, would be a good day to send them a statement to remind them of the fact. This is just a statement which you are entitled to send: it is not a threat.
Archives for October 2018
The Cheque Run round about Thursday 25 October 2018
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 September 2018 would be settled by 31 October 2018.
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 October listing all outstanding invoices. Typically the cheque run would be about the 25th of the month, which is the date of this posting. 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.
The “net” in “net monthly account” has “nett” as an alternative spelling.
Value Added Tax deadline on 7 November 2018
Value Added Tax returns for the quarter ended 30 September 2018 should be submitted by 7 November 2018, and any payment which is due should be made electronically by the same date.
Companies with a 31 January 2018 year end
File paper tax returns by 31 October 2018
31 October 2018 is the deadline to file paper tax returns for the year ended 5 April 2018. If you know that you need to file a tax return, and you have done nothing yet, then it would be best to see an accountant at once if you have left it this long. The accountant can file an electronic tax return by the extended deadline of 31 January 2019.
You need to file a tax return if you had income for the year ended 5 April 2018 that the Revenue don’t know about, or if you had any capital gains for the same year. Income usually comes from starting self-employment, but there are other possibilities.
Employer Payment Summary by 19 October 2018
It can happen sometimes that when you are an employer, you have not actually made any wage or salary payments for a PAYE month such as the month from 6 September to 5 October 2018. In that case you must submit electronically an Employer Payment Summary as a NIL return by 19 October. 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 old P30BC booklet so we do not overlook them. We colour-code all the taxes so green is VAT, red is income tax, blue is corporation tax and yellow is PAYE.
Second Quarter PAYE and CIS Payments by 19 October 2018
Employers must make Second Quarter payments of PAYE and NICs by 19 October 2018 if settled by cheque. If you pay electronically, then you have until 22 October to make the payment. Tax retained under the Construction Industry Scheme must also be paid by the same date.
CIS Returns to 5 October 2018
Construction Industry Scheme returns for the month from 6 September to 5 October 2018 should be submitted online by 19 October. This includes NIL returns.
It is only too easy to get caught out by 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. Our payroll files are bright yellow so they are hard to overlook, and CIS files also have a green line around them so they are easy to pick out.
Inform the Revenue by 5 October 2018
If you know that you need to file a tax return for the year ended 5 April 2018, and you have done nothing yet, then you need to tell the Revenue by 5 October 2018. If you have left it this long, then it would be best to see an accountant at once.
You need to file a tax return if you had income for the year ended 5 April 2018 that the Revenue don’t know about, or if you had any capital gains for the same year. Income usually comes from starting self-employment, but there are other possibilities.
A Company which has missed the 30 September 2018 Deadline
If your company had a deadline of 30 September 2018 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 October 2018 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 straight away.
Just stating the obvious, if you miss a deadline and incur a penalty, you still have the obligation of preparing and submitting accounts. That doesn’t go away and your penalty is just extra money you will need to pay.