It is quite common to invoice a customer with terms of “30 days or net monthly account”. Small customers will be expected to pay within 30 days, while large customers will be expected to pay at the end of the month following the month of the invoice, so an invoice sent in June 2018 would be settled by 31 July 2018.
Large companies do it this way because they may receive several invoices from a supplier, and will want to settle all of them with a single payment when they do their computerised cheque run. It would therefore be a good idea for the supplier to have sent a statement at the start of June listing all outstanding invoices. Typically the cheque run would be about the 25th of the month, which is the date of this posting. If you give credit and have debts to collect, then you might like to have a discussion with us. Most accountants are also general business advisors as well.
The “net” in “net monthly account” has “nett” as an alternative spelling.
Tax Credits Deadline on 31 July 2018
If you claim Tax Credits then the deadline to renew your claim is Tuesday 31 July 2018.
Value Added Tax deadline on 7 August 2018
Value Added Tax returns for the quarter ended 30 June 2018 should be submitted by 7 August 2018, and any payment which is due should be made electronically by the same date.
How Much should OCR Scanning of Bank Statements be Automated?
If we are scanning bank statements by optical character recognition, then we will find that some bank statements are better than others. For example, if we have pristine bank statements with “Balance brought forward” and “Balance carried forward” indicated on every page, then there are likely to be few processing errors, and often none at all. We are still going to insist that the accounts clerk views every statement on our blink comparator, but we will make it easy to cycle round the statements rapidly to check them.
We feel that this is as far as we should go with automated scanning. We will not program a system which just cycles round the statements automatically because that would be an abdication of responsibility by the human operator. OCR systems have some risk of going haywire, or some risk of the clerk looking like a sorcerer’s apprentice, and we will stamp on these risks by making the clerk look at every individual bank statement and take responsibility for its correct processing. This is likely to maximise the clerk’s productivity in the long run.
Our policy puts the emphasis on human control and graceful degradation when dealing with poor bank statements. It does not try to be too clever. We have to deal with OCR as an industrial process in the real world. Anything to do with OCR gives such a big improvement in productivity that we can afford to sacrifice a little time on the best jobs in order to get a decent result on the worst jobs. We want always to be able to do a standard job in a standard predictable time, and any minor underperformance on the best jobs can be rationalised by the principle that time spent in reconnaissance is seldom wasted.
Second Payment on Account due 31 July 2018
If you pay income tax under Self Assessment and you need to make payments on account, then the second payment on account is due on 31 July 2018. You will need to pay interest if you miss this date.
Companies with a 31 October 2017 year end
First Quarter PAYE and CIS Payments by 19 July 2018
Employers must make First Quarter payments of PAYE and NICs by 19 July 2018 if settled by cheque. If you pay electronically, then you have until 22 July to make the payment. Tax retained under the Construction Industry Scheme must also be paid by the same date.
CIS Returns to 5 July 2018
Construction Industry Scheme returns for the month from 6 June to 5 July 2018 should be submitted online by 19 July. 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.
Employer Payment Summary by 19 July 2018
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 June to 5 July 2018. In that case you must submit electronically an Employer Payment Summary as a NIL return by 19 July. This 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.
A Company which has missed the 30 June 2018 Deadline
If your company had a deadline of 30 June 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 July 2018 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.
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