Postage rates have increased to 76p for a basic first class letter and 65p for second class. Large letters and letters over 100 gram are also more expensive to post.
It may be timely to consider making contributions to your pension fund before the end of the tax year on 5 April.
The current income tax year ends on 5 April 2020. Small companies should not overlook paying a dividend of at least £2,000 per shareholder to use up the tax-free allowance of £2,000 before the deadline of 5 April.
The current income tax year ends on 5 April 2020, which is also Palm Sunday this year. Small companies should consider setting up a payroll scheme to pay their directors a salary to cover their Personal Allowance, if they have not done so already, before this deadline. The time to act is now, so see an accountant!
Small private companies with a year end of 30 June 2019 and into their second or later year of existence should submit their accounts to Companies House by Tuesday 31 March 2020 in order to avoid a Late Filing Penalty.
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 February and 5th March 2020 should be made by Thursday 19th March if paying by cheque, or Sunday 22nd March 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 February to 5 March 2020. In that case you must submit electronically an Employer Payment Summary as a NIL return by Thursday 19 March. 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.
Construction Industry Scheme returns for the month from 6 February to 5 March 2020 should be submitted online by Thursday 19 March. 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 Saturday 29 February 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 Tuesday 31 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.
If anybody owes you money, then today, which is Friday 28 February 2020, 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.