David Porthouse & Co

Carlisle Accountants

Text Size:+-
81 Larch Drive, Carlisle CA3 9FJ

Blog

You are here: Home / Blog

CIS Returns to Friday 5 April 2019

 
Construction Industry Scheme returns for the month from 6 March to 5 April 2019 should be submitted online by Friday 19 April. 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.

The VAT Threshold

 
The threshold to register for Value Added Tax remains unchanged at £85,000, with £83,000 being the threshold to deregister.

The Income Tax Year Ends Today, Friday 5 April

 
The income tax year ends today, which is Lady Day (The Annunciation) in the Julian calendar which was in use prior to 1750 and is still in use in some parts of the world and by the Orthodox Church.

The new tax year starts tomorrow. If you wish to claim a tax refund, then get your records together and let us have them.

If your tax bill at the end of July is larger than you think it should be, then again get your records together, give them to us, and we will get your tax return submitted before July so the payment can be reduced.

A Company which has missed the 31 March 2019 Deadline

 
If your company had a deadline of Sunday 31 March 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 Tuesday 30 April 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.

Statements out on Friday 29 March 2019

 
If anybody owes you money, then today, which is Friday 29 March 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.

Read More

I’ve got a client …

 
I have a client who was supposed to submit accounts by tomorrow’s deadline of March 29th, but hasn’t actually done anything yet. I have agreed with Companies House and the Revenue a two-week extension until Friday April 12th. However, the client still hasn’t done anything and I am not expecting much to happen.

I ask you, dear reader, should I tell this client to look for another accountant? Perhaps our MPs could advise.

Making Tax Digital

 
From 1st April 2019, businesses which submit VAT returns will be expected to keep digital records. At the moment, all our VAT clients can be said to keep digital records since we were very early enthusiasts for MTD anyway. However, there will be an additional requirement to be able to turn these records into a standard format readable by the Revenue which needs to be considered.

In practice, MTD will hit us round about 1st June as VAT returns need to be actually submitted, and we have made an inventory of our clients to ascertain cutoff between the old system and the new.

Frankly, the Revenue’s general MTD efforts are just a joke. I cannot go onto the Revenue’s website and look up a client’s P60 or their CIS deduction history. I could do that in the “backward” Irish Republic where CIS is known as Relevant Contract Tax. What’s going on?