Saturday, 20 February 2016

RTI Important tax deadlines

RTI - End of tax year important deadlines

In previous years HMRC required that you file a P35 Employer Annual Return together with associated P60s for each employee. An 'end of year' process still exists as a final EPS )Employer Payment Summary) submission for 2015/2016 marked as being the 'Final Return'.

19th April 2016 deadline

You must have sent all RTI submissions for the tax year 2015/2016 by this date. This includes any FPS re-submissions/amendments as well as the your final EPS submission for the year.

HMRC will not accept FPS submissions for 2015/2016 after 19th April 2016. If you attempt to file an FPS after this date your return will be rejected by HMRC and you will receive a late filing penalty of £100 as well.

If you miss this deadline and need to submit pay information for HMRC for 2015/2016 then you will need to do so via an 'Earlier Year Update' (EYU) using HMRC Basic PAYE Tools software (Personal note to everyone - I would prefer to avoid doing this as it involves extra work and cost to you!)

CIS Suffered

If you normally have CIS tax deducted from your work, you must let us have this information quickly because in order to claim the tax suffered this must be shown on the RTI Employer Payment Summary (EPS) by 19th April.

Monthly CIS Returns

Whilst you do not have to give any 'payment statements' to subcontractors immediately, the details must still be reported on a monthly CIS Return by the 19th April with any deductions shown on the RTI Employer Payment Summary (EPS) by this date.

What does this mean, we now only have two weeks after 5th April 2016 to file everything!

Lets work together to get this done.

With kind regards

Mark

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