{"id":17149,"date":"2018-12-21T14:31:38","date_gmt":"2018-12-21T14:31:38","guid":{"rendered":"https:\/\/bigredcloud.com\/?p=17149"},"modified":"2022-01-27T10:12:45","modified_gmt":"2022-01-27T10:12:45","slug":"key-dates-for-your-business-in-2019","status":"publish","type":"post","link":"https:\/\/bigredcloud.com\/en\/key-dates-for-your-business-in-2019\/","title":{"rendered":"Key Dates for Your Business in 2019"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Every business faces obligatory reporting requirements with set deadlines to meet. Failure to comply often leads to fines, interest and penalties for even the most innocent of mistakes. It\u2019s why Benjamin Franklin\u2019s famous quote \u201cBy failing to prepare, you are preparing to fail,\u201d has never been truer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But there should be no reason for the seasoned and novice business owner to find themselves in this position. Keeping your computer software up-to-date and compatible with the various authorities requirements is a must. Taking a pro-active approach to systems brings both cost and time efficiencies to every business. Anything which feeds through positively to the bottom line is no bad thing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, let\u2019s look at key dates for businesses in the coming year. Some are date-stamped, others are time sensitive but with deadlines which apply to your enterprise differently.<\/span><\/p>\n<h3><b>PAYE<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The biggest pressure facing businesses of all sizes this year is the change to PAYE. It\u2019s been a widely-publicised modernisation of the tax system and it goes live on 1<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\"> January 2019. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tax reporting will be made in real-time; paperwork reduces with P30, P35, P45 and P46 forms eliminated among others. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s a system which relies on timely submissions from employers. Electronic transmission of data from payroll submissions is straightforward with <a href=\"https:\/\/bigredcloud.com\/\">Big Red Cloud<\/a> software.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This will generate a statement from the Revenue by the fifth day of the month following, e.g. 5<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> February for 31<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\"> January submission. The statement will detail liabilities due to the Revenue for Income Tax, Universal Social Charge, Pay Related Social Insurance and Local Property Tax.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By the 14<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> day of the month following, you must have either advised the Revenue of errors or accept the statement. This then will be treated as your submitted PAYE return. Every business receives a monthly return, but settlement dates remain unchanged and are either monthly, quarterly or annually.<\/span><\/p>\n<h2><b>Corporation Tax<\/b><\/h2>\n<h4><b>Filing<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">By the 21<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\"> day of the ninth month after the end of your accounting period \u2013 usually financial year end but not always \u2013 you are required to file your annual Corporation Tax return with the Revenue. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This can be stretched by a further two days to the <\/span><span style=\"font-weight: 400;\">23<\/span><span style=\"font-weight: 400;\">rd<\/span><span style=\"font-weight: 400;\"> day of the ninth month<\/span><span style=\"font-weight: 400;\"> if you use the Revenue Online Service (ROS) for your filing.<\/span><\/p>\n<h4><b>Payments<\/b><\/h4>\n<p><i><span style=\"font-weight: 400;\">Small Companies<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">If your annual Corporation Tax bill is under \u20ac200,000, you choose to pay 90% of the current year liability or 100% of your previous year\u2019s liability by the 21<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\"> day of the month before year end. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The remaining balance falls due on the date the company\u2019s Corporation Tax Return is due.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Other Companies<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">For those companies where the Corporation Tax liability exceeds \u20ac200,000, there are several options. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The first is a payment by the 21<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\"> day of the six month of a financial period which is equal to 45% of the current year liability or 50% of the previous year liability.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By the 21<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\"> day of the month before financial period end, a payment must be made to bring the total moneys paid to at least 90% of the current year liability.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The final payment, the remaining balance, is made on the date upon which the Corporation Tax Return is due.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Keeping on top of these key dates will give you peace of mind when they are due and allow you to focus on the day to day running of your business.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Every business faces obligatory reporting requirements with set deadlines to meet. Failure to comply often leads to fines, interest and&#8230;<\/p>\n","protected":false},"author":6,"featured_media":17150,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[69,66,65],"tags":[],"class_list":{"0":"post-17149","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-accounting","8":"category-advice","9":"category-small-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Key Dates for Your Business in 2019 - Big Red Cloud<\/title>\n<meta name=\"description\" content=\"Every business faces obligatory reporting requirements with set deadlines to meet in 2019. 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