Year - Ends & Small Employers Tax Free Incentive

 

PAYE Year-End

At the end of the tax year all organisations that have PAYE schemes must complete and submit the P14's and P35 to the Inland Revenue by a certain date, usually the 19th May after the end of the financial tax year falling on the 5th April each year. Employers must also issue all their employees with P60's also by a certain date after the financial year closes.

Once the year end has closed and all the pay for that year has been processed and posted we will print and fully check the softwares reports, which will then be sent electronically to the Inland Revenue. This will allow larger employers to apply within the Inland Revenue rules, which specifies they must file online as of 2004-2005 and will also allow small employers to claim their tax-free incentive from the Inland Revenue for filing online early.

We will issue at the same time all your employees with P60's for the tax year which we can either post to yourself the employer * or to the individual employees **

If an employee needs a replacement for the P60 issued for the tax year, this is available at an additional cost of £1.00 + VAT per re-print.

Check out Year-End Prices

 

Small Employers Tax-Free Incentive

Would you like to benefit from up to £825 tax free from the Inland Revenue over the next five years?

If you complete your P14’s and P35 online from this year you could benefit from £825 Tax-Free from the Inland Revenue. This benefit is available for small employers of less than 50 employees from this tax year (2004-05) until tax year 2008-09. This incentive of £825 tax-free is broken down to the following:

Tax Year

Incentive Amount

2004 - 2005

£250

2005 - 2006

£250

2006 - 2007

£150

2007 - 2008

£100

2008 - 2009

£ 75

The Inland Revenue has specified that employers can claim their tax-free payments only after they have successfully filed their year end return online (P14’s & P35) on time. They will either credit your account to your payment record and offset it against future payments to them or you can ask to claim it back and receive a cheque from them.

All you need to do is complete form FBI 2 to authorise your agents to file your PAYE Year-End online. If you would like more information please contact us.

* The employer is responsible for handling out the P60's to every employee by law and by the Inland Revenue specified date - ** The Employer will need to provide current employee addresses and is available at an additional cost based on per employee P60 posted