Small private companies with a year end of 30 September 2016 and into their second or later year of existence should submit their accounts to Companies House by 30 June 2017 in order to avoid a Late Filing Penalty.
Data Entry Policy
We can now make a formal statement of our policy on data entry. When we input data, we usually need to input a list of items where each has a date, a narrative and a number. We will scan in numbers from any printed matter using optical character recognition. This will normally be a system where we scan a pile of bank statements through our HP8600 printer/scanner and then process them. It could also be an LG OCR mouse scanner as a backup system, assisted by an onscreen toolkit which can process the results of the scan. The toolkit can also process spreadsheet data as occasionally supplied by clients.
Employer Payment Summary by 19 June 2017
Sometimes when you are an employer, you might have happened to have made no wage or salary payments at all for a PAYE month such as the month from 6 May to 5 June 2017, in which case you must submit electronically an Employer Payment Summary as a NIL return by 19 June. This 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 P30BC booklet so we do not overlook them.
CIS Returns to 5 June 2017
Construction Industry Scheme returns for the period from 6 May to 5 June 2017 should be submitted online by 19 June. This includes NIL returns.
It is too easy to forget 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.
A Company which has missed the 31 May 2017 Deadline
If your company had a deadline of 31 May 2017 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 30 June 2017 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 now.
An Auxiliary OCR System
Our standard optical character recognition software uses Able2Extract, and then it uses the running total on the bank statement to check the correctness of the scanning. If there are any errors, then it is able to correct them automatically in a number of steps, highlighting the corrections made so that a human supervisor can check them. Sometimes scanning conditions are poor, so we display the scanned results to the human operator before the correction, and we rely upon the fact that humans are good at pattern recognition, and can make changes before the running total check.
The Cheque Run about 25 May 2017
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 April 2017 would be settled by 31 May 2017. Large companies do it this way because they may receive several invoices from a supplier, and will want to settle all of them with one 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 May listing all outstanding invoices. Typically the cheque run would be about the 25th of May. 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 advisers as well.
Colour-coding Everything
We now have our activities colour-coded in a distinctive way. Anything to do with VAT is green, like the old form VAT100. Payroll is yellow, like the old payslip booklet P30BC. Companies and corporation tax are blue, like the second version of the CT600 or the general colour-cast of the Companies House website. This leaves red for sole traders and sometimes gold for partnerships.
Value Added Tax deadline on 7 June 2017
Value Added Tax returns for the quarter ended 30 April 2017 are due to be submitted by 7 June 2017, and any payment which is due should be made electronically by the same date.
Student Loans
If you will be a new student in September, then the deadline for a student loan application is the end of May if you want the application to be processed on time by the start of September.
The deadline for second year students may be a bit later.
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