With the end of the tax year we provide an overview of actions to be taking:
Self Assessment and Income Tax:
- Look out for year end tax statements for any income you had in 2012-13. Often banks will send out statements of interest earned, employers will be preparing P60s for employees, pension providers and other managers of personal investments will be providing statements of earnings. These documents are extremely useful in preparing your Self Assessment and tend to get lost by the time we get to January.
- Get your tax return in early. Once you have information on all your sources of income, you are ready to get the tax return filed. At Crunchers we offer a 10% discount to sole traders and partnerships providing their books by the 1st June.
- Get ready for your first RTI submissions in April, with PAYE administration changing it is important to be ready this year for the change in system.
- Pay outstanding PAYE and NI due by 19th April.
- Schedule time to deal with the year end PAYE reports – P14 and P35 due by 19th May. Happily with RTI arriving in April, this is the last year we will be doing these returns
- Get P60s ready to give to employees by 31st May
- Work can begin preparing P11ds for the 6th July deadline.