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Burden of regulation increasing According to the British Chamber of Commerce, the cost of regulation in the UK is set to rise to more than £55 billion during 2007. This is despite government promises that this would be the “year of delivery” on cutting red tape and regulation. 
Regulation, as Benjamin Franklin once wrote about “death and taxes”, appears to be inevitable. So it is incumbent upon any business to ensure that they are able to deal with completing necessary forms as quickly and efficiently as possible. Here are some critical dates for this period.
19th April 2007 – If you pay your company’s PAYE, national insurance
contributions, student loan payments and constructions industry scheme deductions by cheque, they must reach HMRC by this date or you will be liable to interest in the amount due. For those paying electronically, the cut-off date is 22nd April. And if, like one small company we know, you are in the habit of paying very promptly by electronic means each month, beware; HMRC appears incapable of reconciling early payments to the correct period and will probably accuse you of not having paid at all – but will also tell you that you have overpaid for the previous year. 19th May 2007 – Forms P35, P14 and P38 are due for submission. 31st May 2007 – By this date, you must have given all employees their P60 certificate showing pay and deductions for the tax year just ended 6th July 2007 – All P11Ds and P9Ds must be submitted, or there will be a penalty (this also applies for incorrectly completed forms) and employees must be given a copy. (The P9D reports expense payments and benefits for employees who are not directors and earned at a rate of less than £8,500 p.a. while form P11D applies to all other employees.) 19th July 2007 – Class 1A national insurance contributions (on benefits in kind) for the last tax year must be paid, or interest will be applied. 19th October 2007 – Class 1B national insurance contributions (i.e. where a PAYE Settlement Agreement exists for the payment of employer NICs in arrears, must be paid by now (unless by electronic means, in which case the date is 22nd October). If you have more than 50 employees, you must already file your year-end returns electronically for 2006/7. Companies with fewer than 50 employees can also do so and there are tax free incentives for doing so, until 2009/10, when it becomes compulsory.  Having good systems for statutory reporting and payments is important; but it is also worth considering the value to your business of the person responsible for this – it could be a finance director, accounts manager or clerk. Whatever the case you could suffer severe financial loss should this individual suddenly become unavailable to your business as the result of illness or death. For help in identifying the key people in your business, assessing the potential financial damage and ways of mitigating the loss, you should consult your financial adviser. You should always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. If you require any further information about the services that we provide or would like to review your financial planning position, please contact us |