Utilising your pension allowance, end of year paperwork and self-assessments

NEW FISCAL YEAR

With the 2023/24 Fiscal Year ending on 5 April 2024 and the 2024/25 Fiscal Year beginning on 6 April, there are upcoming deadlines you need to know.

COMPANY PENSION TO REDUCE CORPORATION TAX

As an owner/director business an efficient way to reduce your corporation tax liability whilst maximising personal pension contributions, is using your annual allowance to pay up to £60,000 a year into your pension fund. The payment is 100% tax deductible.

This must be paid before 5th April.

P60S

P60s are statutory documents that you must provide to each employee working for you on 5 April 2024. It details the employee’s total earnings, PAYE, and National Insurance contributions over the financial year.

As a business owner, it's your responsibility to ensure that all your employees receive their P60 by 31 May 2024. If we do your payroll, we will ensure this is done at the start of May.

P11DS

Employers must submit a return to HMRC by 6 July 2024 for each employee who received a benefit in kind (BIKs) from the company e.g. health insurance, company car, gym membership.

The company must pay Employers NIC at a rate of 13.8% on the total benefit in kind value by 22 July 2024.

Each employee must be given a copy of their P11D and ensure they account for the income tax due in their self assessment.

SELF ASSESSMENTS

If we complete your Self Assessments we will begin emailing you requesting information from 1 June 2024.

Self Assessments are used to inform HMRC about any taxable income and gains not reported through PAYE.

You may need to register if you're a company director, receive child support, receive income from rental property or have other income not accounted for under PAYE.