Electronic PAYE payment dates
HMRC are reminding employers to be careful that PAYE payments made electronically have been cleared into HMRC's bank account by the due date. Many employers have taken advantage of the electronic payment option which generally gives a later payment date of 22nd of the month. However HMRC are stressing that where the 22nd falls on a non banking day (weekend or Bank Holiday) that the payment may need to be made earlier to ensure tht HMRC has cleared funds by the due date. HMRC need to have received cleared funds by the last bank working day before the 22nd.
HMRC use the following example:
'For example: 2010/2011 PAYE month 9 for period ended 5 January 2011.
The due date of 22 January 2011 falls on a Saturday (non banking day), so if you are paying electronically your PAYE payment must clear HMRC's bank account by Friday 21 January 2011. You may therefore need to change your payment date to ensure you pay on time. If you do not do so, you will be noted as paying late, and late payments for this tax year may result in a penalty being charged.'
HMRC may, for the first time, issue penalties to any employer who makes late payments of PAYE more than once for 2010/11. These penalty notices will not be issued until after the end of the tax year.
Our other services...
We can help with the preparation of accounts for all types of business. Whether you are a Sole Trader, Partnership, Limited Company, Limited Liability Partnership or a Charity, AGP has the expertise to deal with you. We help you fulfil all your obligations with HMRC, Companies House and any other regulatory body that you are required to report to.
An audit provides a high level of independent assurance of the financial position and results of an organisation. This gives shareholders confidence that the reported performance of the business is accurate as well as providing external users with certainty that the accounts show a true and fair view. An audit lends credence to the company accounts in a number of ways.
It is important to ensure your tax planning reflects any changes to your circumstances which is why we work very closely with all our personal clients. AGP are trusted to manage tax efficiently. Sometimes just a simple review of your personal tax circumstances can reveal significant tax saving opportunities which can be realised quickly and at minimal cost..
AGP can become your own part-time Payroll Manager. An expert who knows the complexity of the relevant legislation inside out and for a fraction of the cost of an internal manager. Why not outsource this obligation and spend the time saved doing what you do best, running your business?
Corporation tax can be a huge outgoing for your company if it is not managed correctly and planned appropriately. You can trust AGP to employ a holistic approach to your tax planning whether you are a medium sized SME, an international organisation or a small owner-operator.
Management accounts allow business owners to exert a far greater degree of control over their business, recognising and addressing problems and identifying opportunities soon after they arise.
When running a business, priorities are often focused on the operational side of your business. Bookkeeping & administration can often be put off until it becomes quite a major task. By taking advantage of our bookkeeping service, we can take this problem away so you can get on with running your business while we manage your accounting books.
We take away the hassle. Whether starting a new business or restructuring an existing one, our extensive knowledge of company formation means we can advise you on the merits and possible pitfalls of incorporation.
We have a wealth of experience in the contractor market and as a result there are not many firms of Chartered Accountants that can claim they know the contractor industry as well as AGP. This leads to a number of benefits.