Small private companies with a year end of 31 May 2019 and into their second or later year of existence should submit their accounts to Companies House by Saturday 29 February 2020 in order to avoid a Late Filing Penalty.
Archives for February 2020
Large Employers with a PAYE bill of more than £1,500 per month will need to make monthly payments. The payment for the month between 6th January and 5th February 2020 should be made by Wednesday 19th February if paying by cheque, or Saturday 22nd February if paying electronically.
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 January to 5 February 2020. In that case you must submit electronically an Employer Payment Summary as a NIL return by Wednesday 19 February. 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. 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.
Construction Industry Scheme returns for the month from 6 January to 5 February 2020 should be submitted online by Wednesday 19 February. 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 accountants for small business that you 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 Friday 31 January 2020 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 Saturday 29 February 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.
We have a track record of keeping all our clients’ deadlines because we are specialist company accountants with lots of new technology to use. If you are well past the deadline, then you might find that we are not the best choice of accountants because we have so little experience of being in that position.