Updated 28/03/2024 Tax & Accounts Timeline With the end of the tax year approaching, we thought it would be useful to outline the sequence of events with regard to the Payroll end of year, Self Assessment and other Company Returns along with an explanation of the forms: P60 – annual pay statement for each employee on the payroll at 5 April (leavers during the year should refer to their P45 for pay and tax information) P11D – declaration of expenses reimbursed along with anything considered to be a benefit in kind e.g. private medical insurance P11Db – form to calculate the liability due on benefits in kind Class 1a NIC – employer NI due on benefits in kind Payroll Year End
Self Assessment Process Tax Year ended 5 April You will receive an email via Workflow regarding your Self Assessment Tax Return for the tax year ended 5 April in May / June. We do not commence the Self Assessment Return process until this time to allow for the completion of the payroll end of year filings. For more information on self assessment and taxation please see here. Company Confirmation Statement Your company’s confirmation statement is required at the anniversary date of the formation of the company (or at the anniversary date of the last return made if applicable). We will send out an email shortly before the anniversary date. As there is a limited 2 week window in which to submit this return, we should be grateful if you would deal with this promptly upon receipt. Company Annual Accounts and Corporation Tax Return We will send an email via Workflow around six weeks after the company year end requesting the relevant information required to prepare your accounts and related Corporation Tax Return. Your prompt response to such requests is appreciated to ensure we are able to turn around your draft accounts within a reasonable timeframe. If you have any queries upon receipt of any of the emails detailed above, please do not hesitate to contact us. |