With the end of the tax year approaching fast, it is vital that you are ready. Being prepared will save you time and money when the form filling starts.

Key deadlines

19 April 2012/
22 April 2012*

Tax under PAYE and Class 1 NICs for the year ending 5 April 2012 must reach HMRC to avoid interest charges and a late payment penalty (the penalty could also apply to late paid CIS tax).

  • Warning – the risk of a late payment penalty for PAYE/CIS repeats for each subsequent monthly remittance.
  • Tip – the later date applies if you make your PAYE remittances electronically.

19 May 2012*

Forms P14 and P35 returns must be with HMRC.

  • Warning – HMRC can charge penalties for late returns or those containing errors.

31 May 2012

Employees must receive their forms P60.

  • Warning – HMRC can charge penalties for late delivery.

6 July 2012

Forms P9D, P11D and P11D(b) must be with HMRC.

Copy forms P9D/P11D must be given to employees.

  • Warning – HMRC can charge penalties for late returns or those containing errors.
  • Tip – a dispensation will greatly reduce your administrative burden and the risk of errors in preparing forms P11D.

Termination packages that exceed £30,000 (made up of either cash and benefits or benefits alone) must be reported to HMRC.

  • Warning – HMRC is challenging tax-free treatment, particularly for payments in lieu of notice. Mistakes could be costly.

Transactions in employment related securities must be reported to HMRC on return forms 34, 35, 39, 40 and/or 42.

  • Warning – HMRC will not issue returns automatically and they can charge penalties for late returns or those containing errors.

Deadline for obtaining a PAYE settlement agreement (PSA) for 2011/12 (or adding to the list of items covered).

  • Tip – if you provide non-exempt 'hospitality' to your staff, this is a useful alternative to reporting on forms P11D. 19 July 2012/

19 July 2012/
22 July 2012*

Class 1A NICs must reach HMRC to avoid interest charges.

  • Warning – if payment is delayed by more than 30 days a 5% late payment penalty may be imposed.
  • Tip – the later date applies if you make your PAYE remittances electronically.

19 October 2012

Tax and NIC due on a PSA must be paid to HMRC to avoid interest charges.

  • Warning – if payment is delayed by more than 30 days a 5% late payment penalty may be imposed.

* Date falls on a weekend: delivery/payment must be made by the last weekday before.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.