May and June are important months in the calendar for accounting.
This post will explain what dates are coming up and whether you need to do anything as a Limited Company.
May 19th – P14 and P35 to be submitted for all Limited Company Employees
Unless you are already reporting PAYE in real time (RTI), you must complete and file an Employer Annual Return.
The Employer Annual Return consists of two parts; a P14 form, for each of the employees you’ve had to maintain a P11 form (or equivalent) for and a P35, which summarises the end of year payroll totals of all employees combined.
If you have been operating with RTI (Real Time Information) during 2012-13, you must not complete an Employer Annual Return (forms P35 and P14) or notify HMRC that they have no return to make.
Instead they must notify HMRC that this is the final submission for the tax year on a Full Payment Submission (FPS) or an Employer Payment Summary (EPS)
More information can be found on the HMRC website
QAccounting files P35’s and P11’s for all it’s clients and also operates within the specifications of RTI, to ensure our contractors clients are fully compliant.
May 31st – all employees must have their P60 by this date
Your P60 is the summary of your pay and the tax that’s been deducted from it in the tax year.
Your employer should provide you with a P60 to keep as a record at the end of every tax year (which runs from 6 April to 5 April the next year).
If your employer doesn’t give you a P60 at the end of the tax year, ask for it – you’re entitled to it by law if you are still working for the employer at 5 April.
You might need it to:
- Complete a Self Assessment tax return, if this applies to you
- Claim back any Income Tax or National Insurance contributions you’ve overpaid
- Apply for tax credits
You may also need it as proof of your income if you apply for a loan or a mortgage – so it’s important to keep all your P60s safe.
From the 2010-11 tax year onwards a form P60 can be provided on paper or electronically. Before you are provided with an electronic version, your employer may contact you to confirm you agree to receive your P60 electronically. They will need to ensure that you have access to secure facilities to view and print a copy. Where this is not possible you can agree an email address with your employer that the P60 can be sent to.
QAccounting produces this as part of the payroll process in the fully inclusive accountancy service and sends it to each of our clients.
6th July – Deadline for filing any P11D
Your employer uses a P11D to tell us about the value of any benefits in kind they’ve given you during the tax year. This means benefits or expenses that effectively increase your income, such as:
- a company car
- private medical insurance
- interest free loans
Your employer will only declare them if you’ve earned at least £8,500 in the year, including the value of the benefits. They will work out how much each benefit is worth, record it on the form and send it to HMRC. They’ll also give you a copy, which you’ll need for your records or if you complete a Self Assessment tax return.
If you apply for a loan or mortgage, banks and building societies will accept a P11D as proof of extra income.
Additionally, a further feature of the service QAccounting offer is to complete the P11d and send it to HMRC on behalf of the client. Contact us if you would like to learn more.
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