Carpenter Keen

Carpenter Keen LLP, Chartered Accountants, Business and Tax Advisors

Current Issues

Self-Assessment Deadlines

Personal tax returns for 2018/19 are due by 31 January 2020, and the balance of your tax for 2018/19 is due on the same date.  You may also be required to make a payment on account for 2019/20 at the same time.

The penalty regime for late filing is more severe than in earlier years: an initial penalty of £100 is due even where there is no tax liability; where the return is three months late, additional daily penalties will apply.

We will be pleased to look at your tax position and advise you whether you should submit a return, and whether any payments or repayments are due.

MTD - Making Tax Digital

MTD for VAT is now live. VAT returns for VAT periods beginning on or after 1 April 2019 are required to be submitted online, using digital links from the underlying VAT records. In many cases, this will mean submitting returns directly from bookkeeping software, but there are alternative approaches which also satisfy the requirements.

HMRC have announced that they will not seek penalties for non-compliance in the first year, proviing the trader is making efforts to comply.

We will be pleased to look at your company's VAT accounting requirements and to help you adapt to the new system.

Pension auto-enrolment

Most employers are now required to provide workers with a workplace pension scheme by law, and to enrol workers in the scheme automatically. This is called ‘automatic enrolment’.  We will be pleased to advise on the implementation and operation of a scheme.

The minimum contribution level is now 8% of qualifying salary, of which at least 3% must be paid by the employer.

RTI - PAYE in real time

Most employers are now legally required to report PAYE in real time. This means that information about all PAYE payments needs to be submitted to HMRC online each time a payment is made as part of the payroll process, rather than at the end of the year as previously.

There are penalties for late submissions and for late payment of PAYE/NI. The introduction of these penalties was delayed for small employers, but all employers may now incur penalties, if they do not have systems in place to ensure that all returns and payments are made on time.

We will be pleased to look at your company's payroll requirements and to help you adapt to the new system.

 

News
Self-Assessment Deadlines
Tax returns for 2018/19 are due by 31 January 2020, together with the balancing payment for 2018/19 and the first payment on account for 2019/20.
MTD - Making Tax Digital
MTD for VAT is now live. VAT returns for VAT periods beginning on or after 1 April 2019 are required to be submitted online, using digital links from the underlying VAT records.
Pension auto-enrolment
The requirement to provide and contribute to a pension scheme for employees is now in place for most employers. Minimum contribution rates increased in April 2019.
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Carpenter Keen LLP is registered in England as a limited liability partnership No OC318329.
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