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December 2023

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To December’s Business Companion News. 

Payroll Deadlines
Please email details of your December payroll to by Wednesday 20th December.  We will then return your payslips and reports to you by Thursday 21st December to allow everyone time to be paid before Christmas. If there are any late changes they will be processed after 28th December.

Wishing you a Happy Christmas
and a successful New Year! Jennifer, Lorraine & Mark
December 2023
· Self Assessment Tax Returns deadline looms
· Autumn Statement – what happens now?
· Cash basis changes
· VAT Annual Accounting Interim payments
· December Questions and Answers
· December Key Dates
Self Assessment Tax Returns deadline looms top
We’re reaching that familiar point of the year again when the deadline for Self Assessment Tax Returns begins to loom. The best advice we can always offer to our clients is to collect all the relevant information and documents and share these with us as soon as possible. Of course, the key date everyone focuses on each year is January 31 – the HMRC deadline for submissions.

However, it’s wise to provide your tax return information to us before the new year to ensure there are no last-minute rushes and to escape unnecessary stress. And crucially, of course, so that the deadline can be met successfully.

The 31 January is also the deadline to pay your tax. Therefore, another key point here is that by waiting until the end of January, you could find yourself in a situation where you’ve had an unexpectedly large tax bill. And you would be required to pay that sum immediately. By submitting your return forms earlier than January, it means you’ll more breathing space to prepare to for the tax you owe HMRC. Or, on a more positive note, you may even be eligible for receiving a refund early.
Autumn Statement – what happens now? top
Cash basis changes top
Many of you will have watched the Chancellor Jeremy Hunt delivering his Autumn Statement a few weeks ago. You may have watched the whole speech or just seen clips on news programmes later in the day. As always, many announcements were made and there was plenty to digest. Read More As with many new measures when they are first announced by HMRC or the Treasury, it takes some time for these to trickle through to come into effect. The government announced at Spring Budget 2023 that it would consult on expanding the cash basis. A formal consultation on proposals was launched on 15 March this year and ran until 7 June. And now the measure has taken the next step, having been announced in the Autumn Statement. Read More
VAT Annual Accounting Interim Payments
Businesses on VAT Annual Accounting can choose to pay their VAT in nine monthly instalments of 10% of the previous year’s liability. The instalments are payable at the end of months 4-12 of the current annual accounting period. For example, for an Annual Accounting year-end of August, interim payments will be due from the end of December to the end of August inclusive.  Any VAT balance will be due by the end of October. 

Alternatively businesses may choose to pay their VAT in three quarterly instalments of 25% of the previous year’s liability. 

HMRC should write to businesses to confirm the amount of your interim payments before they are due.  If you don’t hear from them we can check this for our clients online. Just .
December Questions and Answers top
December Key Dates top
Q: Hi. My wife is full-time employed and has been for all her working life. Therefore, she has had no need to think about Self-Assessment Tax Returns until recently. However, she’s begun to take on a small amount of freelance work in addition to her day job in the last year. Are there different rules or options for people in her position in terms of submitting a tax return and paying the tax she owes on that freelance work? Answer

Q: I’m self-employed and I earn around £52,000 – £55,000 per year. My record keeping is partly traditional and paper-based. I’ve been reading recently about the upcoming requirements for digital record keeping. What should I be doing about this now as we move into 2024? Answer

Q: I’m preparing to start up a new small business venture in the new year. Initially, it will just be myself, so I’ll be a sole trader. How should I go about paying myself? Answer
– For employers operating PAYE, this is the deadline to send an Employer Payment Summary (EPS) to claim any reduction on what you’ll owe HMRC

– Deadline for employers operating PAYE to pay HMRC. For those paying by post, the deadline is 19 December.

– Deadline for submitting online Self-Assessment Tax Returns to HMRC – for those who are both self-employed and employed and want to spread their payments throughout the year via their PAYE tax code, rather than paying one lump sum.

Need Help? top
New Clients Welcome top
Please contact us if we can help you with these or any other tax or accounts matters.

In addition, if there’s anyone else who you think would benefit from the newsletter, please forward the email to them or ask them to contact us to be added to the newsletter list.
If you are not already a client and are interested in becoming one, we would love to discuss how we can help and provide you with a competitive quote for our services.

See details of our Business Companion Service.
About Us top
Simple Accounting Limited offers a cost effective Business Companion service to business owners who use MYOB, Acclivity, Mamut, Solar Accounts, Xero, Quickbooks or Clearbooks.

‘All clients using these software packages can benefit from our support. Visit our website for a look at the resource on offer.’

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