What is the payroll year end process?
All limited companies that pays employees through PAYE must complete certain tasks at the end of the financial year.
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Do I need to provide my employees with any documents following the year end process?
Yes, you need to provide them with a P60.What is a P60?
A P60 is a form issued at the end of the financial year, summarising an employee’s total pay and deductions for that year.When should I receive my P60?
Your employer should provide you with a P60 on or before 31st May each year.What if the information on my P60 is incorrect?
If your P60 information is incorrect, then your employer can issue you a new P60.What is a P11d?
A P11d is a form given to employees and HMRC to show all expenses and benefits paid to directors and employees in a financial year.What are benefits in kind?
Benefits in kind are benefits which employees or directors receive from their employment but which are not included in their salary cheque or wages.When should I receive my P11d form?
P11d forms should be provided annually by your employer on or before 6th July, following the relevant tax year.What is the impact on me personally if I receive a P11d?
The personal impact of a P11d depends on what is itemised. If you have received a benefit in kind, you may have to pay tax on the cash value.What is the impact on the employer when providing a P11d to an employee?
Any benefits or expenses reported on a P11d by an employer will result in an additional cost for the company.
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