Certain employers have a number of new and continuing obligations in 2015/16:
Real Time Information reporting for PAYE
- FPS and EPS returns for 2014/15 should now have all been submitted. Any outstanding returns should be filed using an earlier update.
- IR35 and personal service companies: there is late filing concession for IR35 deemed payments.
- See: What happens if you don't report payroll information on time? for links to late filing concessions and HMRC's guidance.
Share and share scheme reporting and penalties
- If you issued shares or granted share options to a director or employee in 2014/15 you should register your "scheme" with HMRC via PAYE online and at some time but by 6 July, submit your 2014/15 scheme return online.
- Owner-managed companies and transfers of shares to family members: you do not need to report the gift of shares to your spouse, or civil partner or family members if the gift is made in the normal course of the domestic, family or personal relationships of that person.
All resporting is now done via HMRC PAYE online. The complicated aspect of share reporting is that you must complete your report on a CSV file and upload your file. This is likely to take some time and so if you are new to this allow sufficient time to file, as once the filing deadline has passed you will not be able to submit a 2014/15 return.
Employment intermediaries: new reporting obligation and penalties
- Are you an employment intermediary and did you pay anyone without deducting PAYE? If so you now need to report to HMRC quarterly, see Employment Intermediaries.
- A personal service company (PSC) will not normally be an employment intermediary, unless the PSC subcontracts to another PSC or where more than one worker of the PSC provides services to an end client they may well be caught by the legislation as a specified employment intermediary and would need to consider whether to file a return.
- The deadline for filing the 2014/15 P11D is 6 July 2015.
- The deadline for payment of Class 1A NICs for 2014/15 is 19 July, or 22 July, if paid electronically, unless you have ceased trading.
- Where do I report share awards? Don't report share awards on form P11D, see above.
- The company paid for improvments to the director's property some of these relate to the company's office at the directors home, is there any benefit? The starting point is whether this is business expendure or not. Report the cash equivalent of the benefit, including VAT for the year in which the expenditure was incurred less any amounts made good. See Creating an office at home or converting part of a home into an office.
- There are no benefits to report this year do I do anything? Notify HMRC on form P11D(b).
- Do I need to do anything about van benefits for zero-emission vans now? Notify HMRC so that it can adjust your employee's tax code from 5 April 2015.
- When do the Finance (No.2) Act 2015 changes take place? If you mean the radical changes to dispensations, payrolling of benefits and taxing lower paid workers, these all apply on or after 6 April 2016. Otherwise there are exemptions for personal carers and the NICs employers' allowance is extended see Finance Act 2015 and tax-update rolling planner.
Tax penalties: P11Ds
Penalties for late filing and incorrect returns
Do ALL directors need to complete a P11D?
Guidance for employers
PAYE: P11D dispensations
Opt in for employers in order to reduce requirement to report expenses.