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 2011/22 April 2011*

Tax under PAYE and Class 1 NICs for the year ending 5 April 2011 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 2011 Forms P14 and P35 returns must be with HMRC.

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

31 May 2011 Employees must receive their forms P60.

  • Warning – HMRC can charge penalties for late delivery.

6 July 2011 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 2010/11 (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 2011/22 July 2011

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 2011 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.

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.