ANNUAL EMPLOYER PAYROLL REPORTING
May is the month when all the annual employer payroll reporting needs to be completed, with all employees who were on the payroll at 5th April required to receive a P60 by 31st May. With RTI reporting, the software makes the production and delivery of the P60 much easier and the majority of these will have been issued already. The more difficult one is the P11D reporting of employment benefits that have not been payrolled, which have to be completed and filed by 6th July.
Employers are also required to report a director or employee acquiring shares or share options in a tax year (to 5 April), to HMRC by 6th July using HMRC’s online system. In addition, annual returns for approved share option schemes, such as EMI need to be filed by 6th July. The links below provide more information on both P11Ds reporting and employment related securities.
P11d Reporting, see our blog HERE
Employment related securities & share option plans - see our blog HERE.
Annual Tax Envelope Dwelling (“ATED”) - ATED returns, which are required to be completed where your company owns a dwelling in the UK that is valued at more than £500,000 have to be submitted online to HMRC between 1 April and 30 April 2020. There are several reliefs available to mitigate the tax, such as renting the property or development for onward sale, however there is still a requirement to file a nil return and failure to do so results in penalties, even though no tax is due. Please call the office if you believe you are required to file a return or want to check.
For any guidance you may need, do contact the office HERE