Value Added Tax returns for the quarter ended 31 December 2019 should be submitted by Friday 7 February 2020, and any payment which is due should be made electronically by the same date.
Archives for January 2020
Small private companies with a year end of 30 April 2019 and into their second or later year of existence should submit their accounts to Companies House by Friday 30 January 2020 in order to avoid a Late Filing Penalty.
Large employers are defined as those with a PAYE bill of more than £1,500 per month. You must make a monthly payment of PAYE and NICs by Sunday 19 January 2020 if settled by cheque. If you pay electronically, then you have until Wednesday 22 January to make the payment. Tax retained under the Construction Industry Scheme must also be paid by the same date.
Employers must make Third Quarter payments of PAYE and NICs by Sunday 19 January 2020 if settled by cheque. If you pay electronically, then you have until Wednesday 22 January to make the payment. Tax retained under the Construction Industry Scheme must also be paid by the same date.
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 2019 to 5 January 2020. In that case you must submit electronically an Employer Payment Summary as a NIL return by Sunday 19 January. This bureaucratic requirement 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. The colour purple is used for forced loans to HMRC.
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.
If your company had a deadline of Tuesday 31 December 2019 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 Friday 31 January 2020 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.