The tax year end is rushing up on us all far too quickly. There is much to be done and so much detail to get right, so to help you along, here are a few deadline reminders:

19 May Payroll returns (forms P35 and P14s) must be submitted by 19th May to avoid penalties

31 May P60s to employees by 31st May

6 July P11D / P9D forms need to be submitted by 6th July

19 July P11D(b) needs to be submitted and Class 1A NIC paid by 19th July

6 July By 6th July details of unapproved share schemes, some termination payments and any Taxed Award Schemes will need to be reported Richard Webb, an independent tax consultant working with HR Advantage provides a few tips for dealing with the paperwork:

• Completing payroll returns will need care if there are missing NI numbers, to avoid rejection by the Inland Revenue
• Larger employers will have to register and submit their payroll returns online. For smaller employers there is a welcome cash back opportunity to register voluntarily
• Start gathering the P11D benefits information early to avoid a last minute rush and to give employees time to confirm their agreement to the benefits your records show they have had
• The expenses dispensation may also need to be reviewed to check what benefits and expenses can be omitted from being reported as taxable benefits
• Consider whether a PAYE Settlement Agreement may also need to be set up by 6^th July to cover staff benefits, such as entertaining and awards, where the company may want to settle the employee's tax liability

If you have any further queries or questions, please contact Campbell Ritchie on 01494 435 310 or email campbell@hradvantage.co.uk

PS: Did you know that HR Advantage offers a full range of carefully chosen and very cost effective outsourced payroll solutions. Interested? Just give Nicky a call on 01494 435310.

February 2005