It is mandatory that you should report HM revenue and custom about all your income. Self assessment is an approach through which you inform HMRC about all your incomes which is not taxed.
When the tax year comes to an end every 5th April it is time for employers to start thinking about their PAYE returns. There are strict deadlines for filing these and you must make sure they are met otherwise you will incur automatic penalties. Fortunately, the main returns are produced automatically by most payroll systems so you should only need to check them and hand out P60s to your staff. However, you may also need to complete P11Ds for expenses and benefits and these are not always straightforward.
If your tax affairs are not much complicated so you do not need to complete self assessment as you may have paid your tax by your tax code. But if you are a self employed person or receives income from an out source you should complete your self assessment tax return.
It is now compulsory to file your PAYE returns on-line. Manual returns are no longer allowed. Most payroll software now comes with an on-line filing facility so doing your year-end returns should be a fairly simple process. However, you should make sure the software is compliant with the Revenue systems and has been listed by them as an approved product. However, it is still possible for errors to creep into the returns and it is advisable to carry out your own basic checks on the figures or ensure that your software will do this for you. It is surprising how many bosses put them in a drawer and forget about them!
P11Ds are more difficult to complete as the figures often need to be calculated from expense claims or cash book records. Sometimes a benefit may arise unexpectedly or certain items may not be covered by your dispensation. It is important that your accounting system can pick up these items otherwise you may have a lot of work to do at the end of the tax year. However, for smaller companies it is usually best to ensure that P11D items do not arise in the first place unless they are for known benefits such as company cars or cheap loans that you are prepared to pay Class 1A NI on.
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