Most small businesses don’t realise the Revenue only requires you to pay over PAYE and National Insurance once a quarter instead of once a month if you estimate that your payment will be on average less than £1,500 a month.

This can really help a small businesses cash flow and cut down on your admin. Also the Revenue may charge you a penalty and interest for late payment of taxes so by using the quarterly payment scheme you could reduce your risk of incurring penalties and interest charges.

I would recommend if you wanted to take advantage of this you write to the Revenue to inform them you intend to pay quarterly – otherwise they will chase you for the monthly payments.

Under the quarterly payment scheme the tax payments need to have cleared into the Revenues account on the following dates:

-          22 July

-          22 October

-          22 January

-          22 April

If you have any questions on using this payment scheme please contact Carol or Gail on 01273 737307 or e-mail us at info@bainbridgelewis.co.uk.