With the current situation and a busy period ongoing, we have summarised the key deadlines which employers need to be aware of during the upcoming months in relation to their employment tax obligations.
Short Term Business Visitors (STBV) Appendix 4 Reporting – 31 May 2020 / 31 July 2020
If your company has entered into a STBV arrangement with HMRC, an annual report must be submitted. Before submission, specific requirements have to be considered depending on the number of days spent in country by each individual during the UK tax year. Please note that even if the company had no relevant visitors in the 2019/20 tax year but the company has an arrangement with HMRC, a nil return should be made. HMRC have extended the traditional May deadline to July as a result of the coronavirus outbreak.
Net of Tax Credit (NOTC) Appendix 5 Reporting – 31 May 2020
If operating a Net of Tax Credit Scheme, employers are required to provide HMRC with a schedule of employees participating within the scheme and the relevant overseas earnings and tax, along with the foreign tax offset. This must be submitted to HMRC by 31 May 2020 and employees should also receive an accompanying statement to their P60, or detailed within it by the same deadline.
Divers S15 ITTOIA Returns – 31 May 2020
Employers employing divers or diving supervisors who work in the exploration or exploitation of the natural resources of the seabed and subsoil have to submit a return with income details for all divers of Schedule D earnings to HMRC by 31st May.
P11D Reporting – 6th July 2020
If you are an employer who provides expenses or benefits to your employees, you need to submit a P11D form to HMRC per employee. If you are payrolling your benefits, a P11D(b) form is still required. The submission deadline is 6th July and the Class 1A NI payment must be made electronically to HMRC by 22nd July.
ERS Share Reporting – 6th July 2020
Have you issued shares, started operating a non-tax advantaged share plan, granted options or made other share awards to employees during the 2019/20 tax year? If the answer is yes, you must submit an online annual return to HMRC by 6 July 2020. Please note that for the online filing a registration is required via PAYE Online service which should be done as soon as possible.
PAYE Settlement Agreement Reporting – 6th July 2020
If you provide your employees with minor or irregular benefits such as awards, small gifts, staff parties etc. and you wish to cover all the tax and NI due on them, you must have agreement to report these and pick up the liability to HMRC by 6th July. On receipt of acceptance from HMRC the payment and submissions have to be made by 22nd October (19th October to pay by post).
If you require any assistance or would like further information on the above, please do not hesitate to contact Gillian Forrest or your usual AAB contact.