If anybody owes you money, then today, which is Thursday 31 January 2019, 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 January 2019
Value Added Tax deadline on 7 February 2019
Value Added Tax returns for the quarter ended 31 December 2018 should be submitted by 7 February 2019, and any payment which is due should be made electronically by the same date.
Your UTR – IMMEDIATE ACTION REQUIRED !!!
If you need to file a tax return for the year ended 5 April 2018 by the end of this month, and you have done nothing yet, then the first thing you will need is a Unique Taxpayer Reference. This is a 10-digit number in a format like 12345 67890 and you need to apply for one. It is not the same as your National Insurance Number.
Any accountant can apply for a UTR for you, so see an accountant at once !
Companies with a 30 April 2018 year end
Employer Payment Summary by 19 January 2019
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 December 2018 to 5 January 2019. In that case you must submit electronically an Employer Payment Summary as a NIL return by 19 January. This bureaucratic requirement 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.
If you no longer want to have a payroll scheme, then you need to close it down in a formal way. You cannot just assume that you can stop sending in monthly returns.
Third Quarter PAYE and CIS Payments by 19 January 2019
Employers must make Third Quarter payments of PAYE and NICs by 19 January 2019 if settled by cheque. If you pay electronically, then you have until 22 January to make the payment. Tax retained under the Construction Industry Scheme must also be paid by the same date.
CIS Returns to 5 January 2019
Construction Industry Scheme returns for the month from 6 December 2018 to 5 January 2019 should be submitted online by 19 January. 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.
Get a UTR at Once !
If you need to file a tax return for the year ended 5 April 2018, and you have done nothing yet, then the first thing you will need is a Unique Taxpayer Reference. This is a 10-digit number in a format like 12345 67890 and you need to apply for one. It is not the same as your National Insurance Number.
Any accountant can apply for a UTR for you, so see an accountant at once !
A Company which has missed the 31 December 2018 Deadline
If your company had a deadline of 31 December 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 January 2019 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.