Newsletter May 2018

Childcare Vouchers

The Government have announced a six-month extension to the deadline for parents to sign up to receive childcare vouchers.

It had previously been announced that, from 6 April 2018, childcare vouchers would be closed to new entrants and be replaced by the new Tax Free Childcare (TFC) scheme. This would mean that:

• If parents were not already signed up for vouchers at that time, they would not be able to claim them in the future. 

• Employees already receiving childcare vouchers at that time could continue to receive them as long as their employer ran the scheme or until they changed employer.

However, in a House of Commons debate on 13 March 2018 the Government announced that this deadline would be extended for a further six months. As a result, parents now have until October 2018 to sign up for childcare vouchers (if they have not done so already).

Parents can either claim childcare vouchers or TFC – not both. It is therefore important for both employers and employees to consider whether childcare vouchers or TFC are appropriate for them.

If childcare vouchers are preferred, and the employee is not yet part of a scheme, they will need to sign up for them before October 2018.

DATES TO REMEMBER:

.1 May 2018- Due date for Corporation tax for companies with an accounting period ended 31 July 2017.

7 May 2018- Due date for filing and payment of VAT for the period ended 31 March 2018, unless you submit a paper return then the date is 30 April 2018.

31 May 2018- Deadline for employers to give their employees their P60 for the tax year 2017-2018.

Monthly Dates:

19th of the Month:

Due date for postal payments of PAYE, NIC and CIS deductions and on-line filing deadline for CIS300 monthly return and final FPS for 2017/18 to HMRC.

22nd of the Month:

Due date for electronic payments of PAYE, NIC and CIS deductions to HMRC.