Anna’s Accountancy Alerts – Week 37 (12th – 18th December 2022)

Anna’s Accountancy Alerts - Week 37 (12th - 18th December 2022)

One in 10 companies still file paper accounts

The latest figures showed that 89.6% of companies filed accounts online, with some companies still preferring paper based accounts.

Only 1.6% of companies filed late.

Fines for companies that failed to file their accounts for two successive years increased up to £71.1m from £40.7m with 78,132 double penalties issued.

Paying salaries early at Christmas

If you pay early over the Christmas period, report your normal (or contractual) payday as the payment date on your Full Payment Submission (FPS) and make sure that the FPS is submitted on or before this date.

For example, if you pay on Friday 16 December 2022, but the normal (or contractual) payment date is Friday 30 December 2022, report the payment date on the FPS as 30 December and make sure the submission is sent on or before 30 December.

Doing this will help to protect your employees’ eligibility for Universal Credit, as reporting the payday as the payment date may affect current and future entitlements.

National Insurance holiday for employers of veterans

Since April 2021, employers taking advantage of the ‘National Insurance holiday for the employers of veterans’ have been able to apply a zero-rate of secondary National Insurance contributions (for that employee) for up to 12 months.

Employers can claim through Full Payment Submissions from April 2022, although retrospective claims for the period April 2021 to April 2022 can also be made. There is no limit to the number of qualifying veterans a single business can employ. Further information on employee eligibility, and the process for claiming the relief is available.

Keep up to date with all things Accounting and Finance with my bi-weekly Accountancy Alerts. 

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.