It’s now time for employers to prepare the returns of benefits and expenses, forms P11D and P11D (b) for the tax year ended 5 April 2010.
The forms are required for directors or employees who are provided with benefits or for whom you pay or reimburse expenses.
To avoid late filing penalties the deadline for filing the P11D and P11D (b) with HMRC is 6 July 2010. The penalties associated with these returns can be severe, for example late filing penalties of up to £300 per P11D, plus £60 per day for continued failure.
The Class 1a National Insurance liability is due for payment by 19th July 2010 and late payment will incur interest charges.
In addition employees must be provided with a copy of their P11D by 6 July 2010.
If you would like any assistance with the preparation and submission of these forms why don’t you call Marshall Smalley and we’ll help you if we can.
Monday, 10 May 2010
File your 2009-10 Employer Annual Return online by 19 May
The deadline for your 2009-10 Employer Annual Return (P35) is 19 May and almost all employers must file it online. If you file it late or on paper when it should have been filed online HMRC will charge you a penalty.
Marshall Smalley provide a payroll service that is available to all our clients so if you are finding payroll or any other compliance matters taxing why not talk to Marshall Smalley?
Marshall Smalley provide a payroll service that is available to all our clients so if you are finding payroll or any other compliance matters taxing why not talk to Marshall Smalley?
Thursday, 6 May 2010
The Employment Status Indicator Tool
The issue of whether a worker is employed or self-employed is often unclear. Treating a worker’s employment status correctly is important because if a business treats a worker as self-employed when they are really an employee, the tax risk falls on the business, not the worker.
Fortunately, it is possible to achieve assurance on the employment status of workers, HMRC’s website features an Employment Status Indicator (ESI) Tool, which enables the employment status of an individual or group of workers to be checked for Income Tax or National Insurance contributions purposes.
The ESI tool provides an indication of a worker’s employment status based on responses given to a series of questions, HMRC state that the result given may only be ‘indicative’.
Fortunately, it is possible to achieve assurance on the employment status of workers, HMRC’s website features an Employment Status Indicator (ESI) Tool, which enables the employment status of an individual or group of workers to be checked for Income Tax or National Insurance contributions purposes.
The ESI tool provides an indication of a worker’s employment status based on responses given to a series of questions, HMRC state that the result given may only be ‘indicative’.
Tax Return information checklist
To provide you with the best service and advise you of impending tax liabilities as far in advance as possible, all necessary information should be passed to us by 30 September at the latest.
To help gather together the required information to prepare your self assessment tax return and keep our records up to date too there follows examples of the type of information we may need from you:
DESCRIPTION DETAILS REQUIRED
Employment Income Gross Pay and Tax Certificates (P60 or P45)
Benefit and Expenses Details (P11D)
Details of any Deductible Expenses
Self Employment or income from Limited Company
Accounts information for the accounting year/period ending during the Tax Year
Income from Pensions State Pension- Frequency and Amount
Other Pensions- Gross Pay and Tax Certificate (P60)
Property Income Details of any rental income receivable during the year and any expenses incurred including loan/mortgage interest
National Savings Annual interest details- please check pass books or statements are up to date
Interest from Banks/Building Societies Tax year certificates or up to date pass books/statements
Other Interest Received Full details including any tax certificates
Dividends Details of the net dividend received and the tax credit
Please provide all dividend Tax Vouchers if possible
Stock Dividends / Unit Trusts All Tax Vouchers / Summaries
Foreign Investment Income All Tax Vouchers / Summaries
Income from Trusts and Estates Trust or Estate Income and Tax Forms
( R185 and/or R185E)
Other Income Commissions, casual earnings
Mortgages or Other Loans Interest Certificates for any relevant loans
Pension Contributions Details of any changes, new or ceased policies including
any available certificates
Gift Aid Details of any changes, new or ceased arrangements
Capital Gains Disposals Details of any sales of shares, land, property etc
Please include details of original purchase date and cost if possible.
Capital Gains Acquisitions If you have purchased any new shares/securities, land or buildings then please provide us with details of the cost and date of acquisition for future reference
Gifts Details of any gifts made during the year
Anything Else? If you are unsure if something is of relevance to the completion of your tax return please talk to us
To help gather together the required information to prepare your self assessment tax return and keep our records up to date too there follows examples of the type of information we may need from you:
DESCRIPTION DETAILS REQUIRED
Employment Income Gross Pay and Tax Certificates (P60 or P45)
Benefit and Expenses Details (P11D)
Details of any Deductible Expenses
Self Employment or income from Limited Company
Accounts information for the accounting year/period ending during the Tax Year
Income from Pensions State Pension- Frequency and Amount
Other Pensions- Gross Pay and Tax Certificate (P60)
Property Income Details of any rental income receivable during the year and any expenses incurred including loan/mortgage interest
National Savings Annual interest details- please check pass books or statements are up to date
Interest from Banks/Building Societies Tax year certificates or up to date pass books/statements
Other Interest Received Full details including any tax certificates
Dividends Details of the net dividend received and the tax credit
Please provide all dividend Tax Vouchers if possible
Stock Dividends / Unit Trusts All Tax Vouchers / Summaries
Foreign Investment Income All Tax Vouchers / Summaries
Income from Trusts and Estates Trust or Estate Income and Tax Forms
( R185 and/or R185E)
Other Income Commissions, casual earnings
Mortgages or Other Loans Interest Certificates for any relevant loans
Pension Contributions Details of any changes, new or ceased policies including
any available certificates
Gift Aid Details of any changes, new or ceased arrangements
Capital Gains Disposals Details of any sales of shares, land, property etc
Please include details of original purchase date and cost if possible.
Capital Gains Acquisitions If you have purchased any new shares/securities, land or buildings then please provide us with details of the cost and date of acquisition for future reference
Gifts Details of any gifts made during the year
Anything Else? If you are unsure if something is of relevance to the completion of your tax return please talk to us
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