April saw many businesses and individuals rushing to sort out their end-of-tax-year duties, so the next couple of months are thankfully much quieter, with fewer key dates requiring your attention.
If you haven’t already sorted out your employees’ end of year P60 certificates, bear in mind that the deadline for issuing these is 31 May.
June is also a quiet month, so why not use the additional time wisely, to plan ahead.
July has two important submission dates you need to be mindful of so it’s well worth sorting out these returns early, particularly as there are penalties for late filing.
The deadline for filing benefits and expenses with HMRC via P11D/P11D (b) forms, is 6 July. If during the last tax year, you have paid employees expenses through your payroll, you need to declare these, along with any reportable employee benefits.
Be aware that if you submit the forms after this date you will be liable to pay a penalty. Reportable benefits including such items as health and dental insurance cover, company cars and beneficial loans.
If you don’t submit any P11D forms, you can inform HMRC that you don’t owe Class 1A National Insurance by completing a declaration.
We provide a range of services to keep clients both tax-efficient and fully compliant. For more information about what we do, please contact us.