Invest NI No Nonsense Guide 11 (PDF) - Invest Northern Ireland

Check for changes in the lawRegulations, figures and sumsof money may have changedsince publication20Next steps● Visit www.nibusinessinfo.co.uk/taxes● For more information, read:Pay Statements: What TheyMust Itemise (ER12). Visitwww.delni.gov.uk/er12Employees’ payrecords at end of taxyearThere are other forms that haveto be sent to HM Revenue &Customs — and given out toyour staff — at the end of everytax year. Almost all employersare now required to file theirEmployer Annual Return onlineThe tax year runs from April6 to April 5. At the end of thetax year, and no later than May19, you must file an EmployerAnnual Return (forms P35and P14) to HM Revenue &Customs. Almost all employersare required to file their annualreturn online.You will need to completeand submit a form P14 for eachemployee for whom you haveprepared a form P11 during thetax year (see Working out taxand NI for employees, page 17).You also have to complete aform P35, which summarises theend-of-year payroll figures fromall the P14s you have prepared.You will be sent a reminder tofile your Employer Annual Returntowards the end of the tax year.}We’re meticulous whenit comes to recordingexpenditure and keepingreceipts~Alix MulhollandBog StandardYou must also provideeach employee with a writtensummary of their pay, tax andNational Insurance figures forthe tax year. You do this usingform P60, which most payrollsoftware will allow you to printautomatically once you’vecompleted the employee’sform P14. You must give youremployees their P60s by May 31.You must complete a formP11D for all directors and everyemployee who earns £8,500or more a year and has beenpaid expenses or benefits thatare taxable. It lists the taxableexpenses and benefits providedto them during the tax year. Youmust also file a form P11D(b),which shows the total Class 1ANational Insurance contributionsdue on these expenses andbenefits.A form P9D must be sentto HM Revenue & Customs foreach employee earning lessthan £8,500 a year who hasbeen paid taxable expenses orbenefits.Forms P11D, P11D(b) and P9Dmust all reach HM Revenue& Customs by July 6 eachyear. You are obliged to giveemployees a copy of their P11Dor P9D by the same date.Next steps● Visit www.nibusinessinfo.co.uk/paye● HM Revenue & Customsprovides a wide range offurther information aboutcompleting your end-of-yearpayroll tasks. Contact 084560 70 143;The No-Nonsense Guide