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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 diary
December 2018
1 New Advisory Fuel Rates
(AFR) for company car users
apply from today.
19 PAYE, Student loan and CIS
deductions are due for the
month to 5 December 2018.
30 Online filing deadline for
submitting 2017/18 self
assessment return if you
require HMRC to collect any
underpaid tax by making an
adjustment to your 2019/20
tax code.
31 End of CT61 quarterly period.
Filing date for Company
Tax Return Form CT600
for period ended
31 December 2017.
January 2019
1 Due date for payment of
corporation tax for period
ended 31 March 2018.
14 Due date for income tax
for the CT61 quarter to
31 December 2018.
19 PAYE, Student loan and CIS
deductions are due for the
month to 5 January 2019.
PAYE quarterly payments
are due for small
employers for the pay
periods 6 October 2018 to
5 January 2019.
31 Deadline for submitting your
2017/18 self assessment
return (£100 automatic
penalty if your return is late)
and the balance of your
2017/18 liability together
with the first payment on
account for 2018/19 are
also due.
Capital gains tax payment for
2017/18.
Balancing payment –
2017/18 income tax and
Class 4 NICs. Class 2 NICs
also due.
February 2019
2 Deadline for submitting
P46(car) for employees
whose car/fuel benefits
changed during the quarter
to 5 January 2019.
19 PAYE, Student loan and CIS
deductions are due for the
month to 5 February 2019.
Web Watch
Essential sites for business
owners.
Offering small businesses a
chance to win a significant grant
to invest in their firm.
Considers topical business and
technology issues.
Network for businesses and
individuals to discuss research
and policies.
Business Round-up
Government scraps its plans to abolish
Class 2 NICs
The government recently scrapped its plans to abolish Class 2
national insurance contributions (NICs). They were originally due
to be abolished in April 2018, but the plans were delayed for a year
until April 2019. The government has now announced that Class 2
NICs will not be abolished during this Parliament.
Former Chancellor George Osborne had previously announced
the plans, stating that abolishing Class 2 NICs would benefit
an estimated 3.4 million self-employed workers. Class 2 NICs
are currently paid at a rate of £2.95 per week by self-employed
individuals with profits of £6,205 or more per year.
In a written statement to MPs, Robert Jenrick, Exchequer Secretary
to the Treasury, stated that eliminating Class 2 NICs would have
introduced ‘greater complexity’ to the UK tax system. He added:
‘The government remains committed to simplifying the tax system
for the self-employed, and will keep this issue under review in the
context of the wider tax system and the sustainability of the public
finances.’
Responding to the government’s decision, Mike Cherry, National
Chairman of the Federation of Small Businesses (FSB), commented:
‘The Treasury should have worked harder to develop more effective
ways to protect around 300,000 low-earners and maintain their
contributions for the State Pension.’
Mental health becoming ‘less taboo’ in
UK workplaces
A survey conducted by the British Chambers of Commerce
(BCC) in conjunction with insurer Aviva has suggested that
discussing mental health in the workplace is becoming ‘less
taboo’ for both employers and employees.
Almost 30% of firms have experienced an increase in the
number of employees taking time off work due to mental
health issues.
Meanwhile, a further 33% of business owners reported an
increase in the length of time staff members take off as a
consequence of mental health concerns.
Employers are supporting employees with their mental health
issues by reviewing individual workloads, agreeing to flexible
working arrangements, organising counselling and training
managers to better support their staff members.
Dr Adam Marshall, Director General of the BCC, said: ‘As the
world of work changes, it is absolutely critical for business
leaders to pay ever closer attention to the health and
wellbeing of their employees – especially at a time when firms
are facing severe challenges finding and retaining the skilled
staff they need.’
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