DATES FOR YOU TO REMEMBER:
TAX RETURNS
The deadlines for submission of returns are 31st October for paper returns and 31st January online. We prepare all returns for clients online but be aware that late submission will earn a penalty even if no tax is due.
PAYE
The authorities are introducing real time filing so that they can collect interest on late instalments. Currently their software does not work but when introduced they will expect all employers to notify the tax and national insurance due at the end of a month so that they can collect on 19th of the next month as now.
AUDIT THRESHOLDS
An audit is required when group turnover exceeds £6.5 million or group assets exceed £3.26 Million. Normally below these thresholds we would not advise an audit and prepare an accountants report instead. A member may however request an audit of any size of company and the directors are obliged to instruct us accordingly.
CORPORATION TAX
Online filing is now compulsory for all small limited companies. The accounts have to be in XBRL format which is used for no other purpose! We have acquired the necessary software to prepare accounts and returns in the new formats.
TAX CREDITS
As recipients should be aware there are strict deadlines for filing returns and it is the recipients responsibility to notify any changes in circumstances.
PENSIONS
The rules change annually and soon all companies and other employers will be required to set up pension schemes for employees. We have contacts with IFA’s who can advise on any pension matters.
COMPANIES HOUSE
There are new filing charges for confirmation statements. Online the cost will be £13 but by paper £40. We file most client’s confirmation statements online. The penalty regime for late filing has been increased and penalties are doubled for company’s filing late two years running.
VAT
As those registered are aware online filing for small companies is compulsory. Registration limits are in the tax data on this site but need to be watched.
NATIONAL INSURANCE
To employ someone you need to be aware of a 13.8% employers national insurance (employment tax!).