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Tax payment reminders and updates - November 2019

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PAYE & National Insurance

Employers PAYE & NI payments (including construction industry payments) for month ending on the 5th November are due for payment 22nd November via electronic payment (payment should always be made and cleared on the last working day before the due date).

Late payment can result in a penalty. The issue with this is that the level of the penalty is geared to the number of late payments made in a tax year which, of course, cannot be determined until after the end of the tax year and can thus come as a surprise unless a track is kept of the number of late payments and the quantum of those payments. Interest will also be charged on late paid PAYE & National Insurance.

Statutory accounts & Corporation tax liabilities.

Companies with a year ending on 28th February 2019 will be due to file statutory accounts on or before 30th November 2019 (subject to ordinary filing deadlines and assuming companies are not in their first accounting period).

Companies with this year end will be due to make payment in respect of any Corporate tax liabilities on or before 1st December 2019. Late payment will entail an interest charge. Payment can only be made electronically (which does include payment via your own bank or the post office using the payslip issued by H M Revenue & Customs for this purpose). 

As we have previously reported, the H M Revenue & Customs business payment support helpline remains open for those who are unable to settle the full amount by the due date and wish to enter into an arrangement to settle the outstanding tax in instalments. 

We would reiterate H M Revenue & Customs continue to take a hard line approach such that reaching arrangements continues with difficulty. Requests are made by H M Revenue & Customs for cash flows and detailed explanations as to why funds were not put aside to settle tax liabilities particularly from their point of view, the profits in question had been earned some time prior to the due date for payment. Responding to the questions raised will require detailed up to date knowledge of the state of the business. Commercial considerations and current requirements can be cited in these circumstances as the reason the company is requesting a time to pay arrangement and increasingly H M Revenue & Customs wish to discuss the payment arrangements with taxpayers thus removing us as agents from the negotiation. If you are experiencing difficulties in making payment and wish to explore the various options available to you please contact Steve Sharp to discuss.

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