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Business Newsletters - Spring 2007
Employers...the Form-Filling Starts Here
If you are an employer the end of the tax year marks the start of the form-filling season! Here’s a reminder of important deadlines for sending information (and money!) to HMRC.
19 April 2007 - Interest will run on any 2006/07 PAYE, NIC, student loan and CIS deductions not paid over by this date (22nd for electronic payments).
19 May 2007 - Employers’ year end returns (P35/P14/P38) due for submission.
31 May 2007 - Employees must be provided with their P60 (certificate of pay and tax deducted).
6 July 2007 - Submission of P11Ds and P9Ds which show details of expenses paid and benefits provided to employees and directors. There is a penalty for submission of late or incorrect returns. Employees must also be given a copy of their P9D/P11D by this date.
19 July 2007 - Class 1A NIC for 2006/07 on most benefits in kind provided to employees must be paid. Interest runs from this date on late payments.
19 October 2007 (22nd for electronic payments) - PAYE settlement agreement liabilities for 2006/07 are due, together with Class 1B NIC. Interest runs from this date on late payments.
Electronic filing and payment
All employers with at least 50 employees must file their 2006/07 end of year returns electronically. Employers with fewer than 50 employees do not have to start online filing until 2009/10 but there are tax-free incentives for early take up. Large employers (those with at least 250 employees) must also pay their PAYE electronically.
Talk to us if you are interested in using a PAYE settlement agreement to account for the tax due on minor employee benefits. It can reduce administrative hassle and SAVE TIME!
