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At the end of each PAYE tax year employers have to do their PAYE end of year administration.
At the end of each PAYE tax year employers have to do their PAYE end of year administration. Every year there are new rules and regulations to watch out for, but the responsibility for knowing and complying with all the new requirements lies firmly with the employer. The balance of tax and NIC has to be paid, PAYE returns, and employee details have to submitted, P11D returns have to be filed and Class 1 A NIC contributions have to be made.
If you make any mistakes or do it late and you will have to pay penalties. But even after returns are submitted and you have paid all you owe, you may still get a visit from an HMRC compliance officer if they find any errors in order to investigate you.
Some of things that may trip you up are casual and part-time employees, travel and subsistence payments, business mileage in company cars, private fuel in company cars and self-employed workers status.
The job of making sure you get this procedure right really should be done by someone who knows the system well. Lawrence Young can save you a lot of time by taking care of your PAYE year end for you.
Along with your payroll, we will also deal with your PAYE Year-end. Book a call with us today if this is something of interest.
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