Plan ahead – send off your HMRC submissions early to avoid penalties

Following a busy April which saw many businesses and individuals rushing to sort out their end-of-tax-year duties, 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.

  1. 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.
  2. During this same month, you will need to ensure that all national insurance contributions on taxable employee benefits in kind are paid and submitted, using a Class 1A form.

You have until 19 July if you plan to send a cheque in the post and until 22 July if you intend to make an electronic payment.

At Moore Thompson 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.

Posted in Key Date News.