Equity Release – Your Top 10 Questions Answered In our Residential Conveyancing department we are often asked by our clients to give them advice when they are considering Equity Release Schemes. In this Blog, Arlie Asbury, one of our Licensed...
Putting 2014/15 to bed: Notes for Employers
Although the 2014/15 tax year has come to a close, there are still some tasks that employers may need to do in order to put the year to bed.
Under real time information (RTI) you need to tell HMRC that your final FPS submission for the tax year is the last one for that year. This should have been done when submitting your FPS at or before the time of the last payment in the 2014/15 tax year. If you have not yet done your last FPS, this should be done as soon as possible as it is now late. Don’t forget to tell HMRC the late filing reason.
If you still need to make your final submission for 2014/15 or need to correct anything submitted on an earlier FPS, after 20 April 2015 this must be done by means of an earlier year update (EYU). This must reach HMRC no later than 19 May 2015.
Any PAYE or NIC outstanding for 2014/15 must be paid over to HMRC as soon as possible as the payment deadline has now passed. Penalties are charged if PAYE is paid late on more than one occasion in the tax year. Interest is also charged on late-paid PAYE.
The P60 is the certificate of pay and tax deducted which you must give to each employee employed by you on 5 April 2015. The deadline for giving your employees their P60s is 31 May 2015. The P60 can be in paper or electronic form.
Expenses and benefits reporting
If you have provided your employees with non-cash benefits or expenses, you need to tell HMRC about them by 6 July 2015. Form P11D is used to report details of benefits and expenses provided to employees earning at a rate of at least £8,500 a year and to directors, irrespective of their earnings level. Benefits provided to employees earning at a rate of less than £8,500 a year should be reported on form P9D. Remember to take account of the cash equivalent of any benefits provided to employees when deciding which form to use.
You must also file form P11D(b) by the same date. This is Class 1A return.
The forms can be filed electronically using a commercial software package, HMRC’s PAYE online service or HMRC’s Online End of Year Expenses and Benefits. Alternatively, paper forms can be filed if preferred.
You must also pay your Class 1A National Insurance by 22 July if you make the payment electronically. An earlier deadline of 19 July applies if you make the payment by cheque.
You should also give your employees a copy of their P11D or P9D by 6 July 2015.
Need to know It is important to meet the deadlines to avoid penalties and late payment interest.