Self Assessment – Tax doesn’t have to be taxing

Or that is what the adverts say.

Unfortunately this is not always the case but as an employer you can help by ensuring you have provided your employees with all of the required information.  All employers are legal obliged to provide any individuals in their employment on the 5th April each year with a P60 by the 31st of May that year, in addition should you provide your employee with any taxable benefits you need to issue them with a P11D (Expenses and Benefits Statement) by the 6th July following the end of the tax year.  Not everyone keeps these documents in a secure (and memorable) place so you may be asked for copies.

Employees require both their P60 and P11D, in addition to information from any other income source, in order to complete their self assessment tax return.

We are swiftly approaching the online tax return deadline of 31st January, it is already too late to complete a paper return as the deadline for this was 31st October 2015.  All individuals who are required to complete a tax return for the 2014-2015 tax year must have submitted this and paid any outstanding tax by the 31st January to avoid having to pay a penalty.

You may find that after your employees have submitted their self assessment tax returns you receive an amended tax code to apply to their earnings.  You must apply this even if you or the employee believe the code to be incorrect.  Any queries regarding the accuracy of the code must be taken up directly with HMRC by the employee.

For more information and to complete a self assessment tax return visit HMRC

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