If anybody owes you money, then today, which is Friday 30 November, 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 November 2018
The approximate last posting date for airmail letters which are intended to get to most destinations in Europe before Christmas is Wednesday December 12th.
The last posting date for airmail letters which are intended to get to Australia and New Zealand before Christmas is Monday December 10th.
It is quite common to invoice a customer with terms of “30 days or nett 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 October 2018 would be settled by 30 November 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 November listing all outstanding invoices. Typically the cheque run would be about the 25th of the month, or maybe the 26th this month. 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.
The “nett” in “nett monthly account” has “net” as an alternative spelling.
Value Added Tax returns for the quarter ended 31 October 2018 should be submitted by 7 December 2018, and any payment which is due should be made electronically by the same date.
Small private companies with a year end of 28 February 2018 and into their second or later year of existence should submit their accounts to Companies House by 30 November 2018 in order to avoid a Late Filing Penalty.
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 October to 5 November 2018. In that case you must submit electronically an Employer Payment Summary as a NIL return by 19 November. 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 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.
Construction Industry Scheme returns for the month from 6 October to 5 November 2018 should be submitted online by 19 November. 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.
If your company had a deadline of 31 October 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 30 November 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.