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Are You Ready for the Payroll Year End?

April 18, 2012 | Comments: 0 | Views: 155

One of the most important things to get right first time is your yearly payroll returns to HMRC, so planning ahead can ensure that you don't end up paying a fine for a late or incorrect submission.

You are required by law to submit returns by May 20th, to enable HMRC to monitor National Insurance and PAYE deductions from your employee's wages. This is to ensure that your calculations conform to all current government taxation legislation. As the legislation changes every year, it is crucial that you are up to date on the latest specifications for businesses, regardless of size.

By setting aside time early to complete P14/60s and ensure that your payroll details contain the correct PAYE information will help you to avoid a fine for incorrect submissions. Ensure that your P11 figures are correct by using accredited payroll software and ensure that you have not made any processing errors.

If in doubt, ask...

You can submit your returns on time by utilising the HMRC online submission facility. You do need to register with HMRC for online submissions and your payroll software has to be accredited by the Inland Revenue. Remember it is compulsory to submit all documents online. Paper returns are no longer accepted.

HMRC deadlines for the end of the 2011/12 tax year as follows:

  • 19 April - Final PAYE and NI payments to reach your HMRC tax office with electronic payments to be cleared into the HMRC account by 21 April.
  • 19 May - Employer Annual Return - P35 & P14. These give details of pay and deductions for the year and are generally submitted on line. You do need to notify HMRC even if you have no P35 or P14 return to make.
  • 31 May - Each employee must be given a P60 which is a summary of earnings and deductions. For the first time this year as an alternative employers can give employees on line access to electronic P60s
  • 6 July - Expenses and benefits forms P11D, P9 have to be filed with HMRC and given to employees.

However, your first point of contact should be your company accountant, as the vast majority of accountancy firms also deal with payroll issues. Alternatively, contact a payroll services company to take care of your end of year payroll issues - it costs from as little as £15 a month for up to five employees.

Outsourcing the payroll is one of the best things you can do for your business.

Solid Limited is a small team of friendly, experienced and knowledgeable accountants. As a small firm, we are able to offer you a truly personalised accountancy service that is tailored to the needs of your business.

Services: Accounting, Bookkeeping, Payroll & CIS, Tax Return, Self Assessment, VAT Return, Company Startup

Source: EzineArticles
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