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With the end of the tax year only a few weeks away, businesses should be preparing for deadlines that are fast approaching, writes Ray McMahon, tax consultant at consultant365.com . 05 March 2010 to mark in the diary of umbrella companies, umbrella company workers and limited company owners. Umbrella Companies will need to consider this deadline for requesting a P11D dispensation or a dispensation update for the 2009/10 tax year. Broadly speaking, a dispensation is an agreement with HM Revenue & Customs that certain business expenses do not need to be declared on form P11D. However, expenses reimbursed to you, if you are a limited company owner, are also reportable on a P11D at the end of the tax year, although they should not affect your personal tax liability when you complete your tax return. March 2010 The Budget. Although the PBR seemed to bypass contractors and one-person companies, will the devil for these professionals be in the detail, as in past years? 05 April 2010 - End of Month 12 and the end of the 2009/2010 tax year. 06 April 2010 - Start of the 2010/2011 tax year. 03 May 2010 - Quarterly submission for employees, such as umbrella company workers, whose car/fuel benefit has changed ( for the period 06 January 2010 05 April 2010) 19 May 2010 - Deadline for submission of P35 (Employers Annual Declaration) - the form attacked for its supposed targeting of service companies. This date is also the deadline to submit forms P14 (End of Year Summary) 31 May 2010 - Last day for employees to receive their P60 (End of Year Certificate). This form is the summary of your pay and the tax that's been deducted from it in the tax year. Umbrella company staff should be given a P60 to keep as a record at the end of every tax year (which runs from 6 April to 5 April the next year). Umbrella company workers not given one should ask for it theyre entitled to it by law, if they are still working for the employer at 5 April. You might also need a P60: to complete a Self Assessment tax return to claim back any tax you've overpaid to apply for tax credits You may also need it as proof of your income if you apply for a loan or a mortgage - so it's important to keep all your P60s safe. 06 June 2010 Parties, including some limited companies and umbrella companies, must consider this the deadline for requesting a PAYE Settlement Agreement. A PSA is an agreement with HMRC that the business will pay the tax and NIC on certain expenses and benefits for the employees (these are usually only for minor, irregular and impractical items). 06 June 2010 Similarly, consider this the deadline for requesting a Taxed Award Scheme. This is an agreement with HMRC that the business will pay the tax and in some cases the NIC on certain benefits for their clients/ customers. 06 June 2010 Umbrella companies must consider this the deadline for sending copies of the P11D benefit forms to staff to review prior to the forms being submitted to HMRC. 06 July 2010 - Submission of P11D benefit forms and P11D(b) (Computation of Class 1A NIC) to HMRC. This will also include any form P9D. 06 July 2010 - Taxed Award Schemes agreements to be signed and returned to HMRC. 06 July 2010 - Submission of form 42 concerning share related benefits (generally for limited companies, if there has been a change in the shareholding). 19 July 2010 - Deadline to pay Taxed Award Scheme liability via cheque. This date is also the deadline to pay Class 1A NIC to HMRC via cheque (or by 22 July if via electronic payment. 22 July 2010 - Deadline to pay Taxed Award Scheme liability via electronic payment. 02 August 2010 - Quarterly submission for employees whose car/ and or fuel benefit has changed (6 April 2010 5 July 2010). Mar 2, 2010 Email this article Printer friendly page Previous Page
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