Doing the filing: it’s not a job relished by many business owners, epecially when it relates to submission of their Employer Annual Return, forms P35 and P14. However, almost all employers are required to do this online by 19th May 2011.
Andrew Woods of Chester accountancy firm Hargreaves & Woods said: “If you’re deducting tax through PAYE, it is obligatory to complete the Employer Annual Return. This means filing one form P35, plus a P14 summary form for each employee that you have on your payroll. You may have used form P11 Deductions Working Sheet, available from the HMRC, for this. Now that the end of the tax year has passed, each employees P11 can be finalised in terms of what they have received in pay and what they have paid in tax, NICs plus any student loan repayment or statutory payments”.
Andrew adds: “HMRC are strict on both submission method and date and only a small number of employers are exempt from online filing, such as those employing someone to provide care at their own home but even these instances are subject to a number of conditions. Miss the 19th May deadline and HMRC may charge you a penalty too”.
“In addition, if you’ve employed and paid staff without taking PAYE, for example students in their holidays or part time casual staff, you will need to complete forms P38 and P38A.. The P38A is known as the Employer Supplementary Return and like the P14 and P35 needs to be completed online by the 19th May to avoid those unecessary penalties”.
Hargreaves & Woods have been established in Chester for eight years. They offer a genuine partner led service from James Hargreaves and Andrew Woods in four key areas: audit and accountancy, tax advice, business advice and start up and are the only Chartered Tax Advisors in Chester. For press information please contact Andrew Woods on 01244 400219, Andrew@hargreaveswoods.co.uk.
Hargreaves & Woods, Cholmondeley House, 3 Dee
Hills Park, Chester, CH3 5AR. www.hargreaveswoods.co.uk.
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