The Bottom Line - Autumn 2016

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September 2016
1 New advisory fuel rates for users of
company cars applicable from this date.
30 End of CT61 quarterly period.
Last day for UK businesses to reclaim EC
VAT chargeable in 2015.
October 2016
1 Due date for payment of Corporation Tax
for period ended 31 December 2015.
5 Individuals/trustees must notify HMRC
of new sources of income/chargeability
in 2015/16 if a Tax Return has not
been received.
14 Due date for income tax for the CT61
quarter to 30 September 2016.
19/22 Quarter 2 2016/17 PAYE
remittance due.
31 Last day to file 2016 paper Tax Return
without incurring penalties.
November 2016
1 £100 penalty if 2016 paper Tax Return not
yet filed. Additional penalties may apply
for further delay (no penalties if online
return filed by 31 January 2017).
2 Submission date of P46 (Car) for quarter
to 5 October.
Please note that the information in this newsletter is correct at the time of printing and does not take into account any changes to legislation following the EU referendum.
This newsletter is for guidance only, and professional advice should be obtained before acting on any information contained herein. Neither the publishers nor the distributors can
accept any responsibility for loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication.
Reminders for your
Autumn Diary
Business Round-Up
Web Watch
Provides news and resources
for small business owners.
Supplying businesses and
individuals with HR advice
and information.
Offers business advice and
guidance to sole traders and
small businesses.
Up-to-date business news and
features spanning a variety
of topics.
Chancellor suggests new approach to fiscal
policy
The UK’s historic vote to leave the European Union resulted in
significant political and economic uncertainty, with both the Prime
Minister and the Chancellor leaving office, and business groups
calling for action to help stabilise the economy.
Shortly after the result, HMRC issued a message to taxpayers
pointing out that in terms of tax rules, for the time being it is
‘business as usual’ – highlighting the fact that no laws had actually
changed as an immediate result of the referendum.
In a recorded message on its helpline, HMRC stressed that there
were no changes to taxes, tax credits, child benefit or other HMRC
services.
However, since taking up his role the new Chancellor Philip
Hammond has indicated that the Government could
take a new approach to fiscal policy, reducing its
previous focus on austerity – and leading
many to anticipate that significant changes
to the tax system could be unveiled in the
Autumn Statement.
We will keep abreast of any new
measures that could affect you and your
business, and will continue to assist
with your tax and financial planning
needs, both now and into the future.
New company requirements come into
effect
New company legislation recently came into effect, requiring
all UK private companies and UK LLPs (with limited exceptions)
to create and maintain a register of ‘persons with significant
control’ (PSCs) and file relevant information annually with
Companies House.
The information will be held in a public register, with the stated
aim of increasing transparency in the ownership and control of UK
companies and helping to combat money laundering.
Meanwhile, the annual return has been replaced by a new ‘check
and confirm’ process, in which companies supply a confirmation
statement stating whether the information remains up to date.
The PSC register must be updated on an ongoing basis, either by
entering the information when the annual confirmation statement
is made, or by electing to hold your own register at Companies
House and updating this register in real time.
Companies must ensure that their own PSC register is available for
inspection at their registered office address, or provide copies if
requested to do so.
For more information on the PSC register, or to
discuss your company secretarial requirements, please
contact us.