Employment Tax Reporting Deadlines: Are You Prepared?

The 5^th of April is fast approaching, which brings the array of end-of-year reporting to HMRC! We have compiled a list of the key reporting deadlines which your business may need to be aware of in the upcoming months following the end of the tax year – make sure your diary is up to date!

Short Term Business Visitors (STBV) Appendix 4 Reporting – 31 May 2024

A STBV agreement is a voluntary agreement with HMRC to relax the otherwise strict PAYE withholding requirements on payments made to certain business visitors to the UK. Conditions must be met to qualify for the individuals to be reported via the STBV agreement. The business must review the trips made to the UK and an annual review must be carried out of the mobile population to determine the reporting requirements. The deadline for filing this reporting with HMRC, or notifying HMRC of a nil return is 31 May 2024.

Net of Tax Credit (NOTC) Appendix 5 Reporting – 31 May 2024

NOTC allows double tax relief on a real-time basis for employees working overseas. Employers are required to provide HMRC with a schedule of employees participating within the scheme detailing the overseas earnings and tax and the amount offset during the tax year. Employers must provide employees with the overseas earnings and tax values alongside their P60, the deadline for completing the reporting and employee notification is 31 May 2024.

P11D Reporting – 6/22 July 2024

P11D reporting is the annual return to HMRC detailing benefits and expenses provided to employees and directors during the tax year. The Form P11D is prepared per employee and allows HMRC to collect the tax due on these benefits from the employee via a tax code adjustment. The Form P11D(b) summarises all benefits provided and allows for the employer to pay the Class 1A National Insurance due on the provision.

If you have processed your employee benefits via payroll during the tax year, no individual Form P11Ds are required. However, employers must continue to submit the Form P11D(b) to allow for the Class 1A payment. Employers must also notify employees of the total benefits processed via the payroll, this may be communicated to employees via their payslip.

The submission deadline is 6 July 2024 and the deadline for the electronic payment of Class 1A National Insurance is 22 July 2024.

If you wish to payroll benefits for the 2024/25 tax year, the registration must be completed by 5 April 2024. HMRC has announced that payrolling of benefits will be mandatory from April 2026, if you wish to get ahead, please get in touch.

ERS Share Reporting – 6 July 2024

The reporting requirements to HMRC regarding ERS are vast, if you have had any awards, changes, exercise or cancellation of shares or options, please get in touch for assistance. Remember – one-off awards can constitute a ‘plan’ with HMRC and must be registered as soon as possible. The online annual return to HMRC must be made by 6 July 2024. Registration to allow for this is required via PAYE Online service which should be done as soon as possible.

PAYE Settlement Agreement (PSA) Reporting – 6 July/22 October 2024

The PSA captures minor, irregular and impracticable benefits provided to employees and allows for the employer to settle the tax due on behalf of employees in one annual payment. Most commonly we see voucher rewards, small gifts, staff entertaining and long service awards reported to HMRC. The guidance surrounding minor, irregular and impracticable benefits can be finickity; please get in touch if you wish to discuss what you are currently providing to your employees. Employers must enter into an agreement with HMRC to utilise this reporting by 6 July 2024. The electronic payment of tax and Class 1B National Insurance should be made to HMRC by 22 October 2024.

If you need any support with meeting the reporting deadlines or require any further information on the above, please do not hesitate to get in contact with Niamh McKenna, a member of the Employment Taxes Team  or your usual AAB Contact.