Get Ready For The P60 Deadline
Businesses must issue all employees who work for your company on the last day of the current tax year, the 5th of April, with a P60.
When is the P60 due?
The deadline for issuing these is the 31st May 2022.
This is a really important document for both businesses and their staff, as it contains information about salary payments and tax contributions that have been made over the past financial year.
There is a Basic PAYE Tool available on the Government’s website to help you produce these.
Reconciling Employee Expense Claims and Benefits
If you’re looking to reconcile employee expense claims and benefits, a P11D form will need to be submitted to HMRC, with a further P11D(b) form needing to be submitted if you have paid an employee through payroll.
You can find out more about completing P11D and P11D(b) forms here.
What is the difference between P11D and P11D(b)?
A P11D is an individual form for every employee that details the cash equivalent of the benefits in kind provided over the tax year.
The P11D(b) is the employer’s form which summarises the employee’s individual P11D form and declares the total taxable benefits the company has provided, as well as details the tax due.
What is the process like?
There are various methods of providing this information to HMRC.
For organisations with less than 500 employees there is an online service available, as well as an interactive PDF that can be filled in. If you’re unable to use online methods, the forms can also be sent in the post.
You can also simplify the process by submitting employee expenses through an online expense management platform. They usually have built in reconciliation and HMRC compliance which takes the stress out of what is usually a labour-intensive process.
We’re here to help!
If you choose to outsource your payroll then you don’t need to worry about any of these deadlines. We can take care of the process and remove any P60 deadline stress.
Get in contact with us if you have any questions.
Get More Business Blogs Like This
Like Us On Facebook | Follow Us On Twitter | Follow Us On LinkedIn