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Payment request from HMRC

Clarkie73Clarkie73 Registered Posts: 13
Good morning all. My wife has received a payment request from HMRC for account period June/2020. She has a C.I.C she has yet to submit first accounts as she started the middle of June 2019. The only received fund have been for a set project and at the time only a portioned had been allocated. Firstly is a payment due as I thought first accounts were 21 Months from incorporation and also because it is a C.I.C and the funds were for a set project any money received would go on balance sheet as Retained Earning therefore no corporation tax payment is due? Any assistance would be greatly appreciated.

Comments

  • Pian32Pian32 MAAT Posts: 390
    When is the request dated. March is Month 9 so the accounts would have been due by 12th March (Covid extension will have increased this to the 12th June)

    (Based on what you've stated so far) The tax is due in two batches:
    1) Period covering 13th June 19 - 12th June 20 - Payable 13th March 2021
    2) Period covering 13th June 20 - 30th June 20 - Payable 1st April 2021

    If the payment request states an amount that implies they'd have received a return or some other information (or a scam). If it's just a payment request and is dated recently it's likely to be about 1) and they don't know what would be due once the returns are filed it'd end up as £0 to pay.

    All this is based on the rules for regular companies I don't know enough about CIC's definietly say that it applies but I'm fairly certain the timings don't change just what is eligible.
    AAT Level 4, MAAT
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  • Clarkie73Clarkie73 Registered Posts: 13
    Thank you, so much for responding. Your comments are very helpful.
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