Thursday, April 24, 2014

VAT & PAYE

VAT and PAYE Tax Returns are required to be filed and paid on the 23rd of the month for the previous period.

SQA_AccountsFollow the rule for doing management accounts and the VAT will be right. Invoices received before the date of closure of the accounting period are included, while those received after are retained for inclusion in the subsequent period.

Payroll is run on the 25th of the month every month for all salaries and on the Monday for the previous week’s wages where there is a rota and paid on the Thursday or Friday (one week in arrears - first week is paid ex gratia).