Need to Know: Important updates from HMRC

We bring you the latest news from Government, the legislation you need to know, and what’s going on in the wider GCMA world… This week: HMRC update issues important information for employers including help completing the tax year, form P9X (2021) and rates, limits and changes for 2021-22 HELP COMPLETING THE 2020-21 TAX YEAR As an employer running payroll, you need to: report to HM Revenue and Customs (HMRC) on the previous tax year (which ends on 5 April) and give your employees a P60 prepare for the new tax year, which starts on 6 April What you need to do When Send your final payroll report of the year On or before your employees’ payday Update employee payroll records From 6 April Update payroll software From 6 April, or earlier if the software provider asks you to Give your employees a P60 By 31 May Report employee expenses and benefits By 6 July Click the links above for more information on each topic. RATES, LIMITS AND CHANGES FOR 2021-22 The rates and thresholds for employers to use when operating your payroll or providing expenses and benefits to your employees can be found here. FORM P9X (2021) Use P9X to find out which PAYE tax codes employers must change, how to change them and which codes to carry forward ready for the new tax year on April 6. Guidance can be found here HMRC EMPLOYER BULLETIN: February 2021 HMRC publishes an employer bulletin six times a year, which gives employers and agents the latest information on payroll topics and issues that may affect them. To access the latest bi-monthly magazine, click here.
This is member only content

Please LOGIN to read the full article.

Not a member? Please click here to join today.

More from Industry