Are you ready?
Are you ready?
As the 2019-20 UK tax year commences, it is important that employers give consideration to their 2018-19 tax year end procedures to ensure that reportable benefits and expenses are both captured and reported on the correct return, so that tax and National Insurance Contributions (NICs) are paid on time and are accurate.
The following table details a number of key compliance and upcoming changes that employers should be aware of.
Date |
Key compliance deadlines and upcoming changes |
1 April 19 |
Increases to the National Minimum Wage (NMW) and National Living Wage (NLW) rates. Consideration should be given to employees paid at the current NMW/NLW rates, including those employees whose gross pay is reduced via participation in salary sacrifice arrangements. |
6 April 19 |
Increase to minimum employee and employer pension contribution requirements under UK pension auto enrolment, which will likely result in increased pension costs for employers. |
6 April 19 |
Removal of the requirement for employers to check evidence, such as receipts, of the amounts spent when using benchmark scale rates or overseas scale rates to pay or reimburse employees’ qualifying expenses incurred when travelling for work. |
5 May 19 |
Deadline for submission of quarterly intermediaries report for the period of 6 January 2019 – 6 April 2019. |
19 May 19 |
Deadline for reporting to HMRC under PAYE special arrangement for short term business visitors. |
31 May 19 |
Deadline for issuing forms P60 to employees for the 2018-19 tax year. |
1 Jun 19 |
Deadline for providing employees with a statement of payrolled benefits in kind for the 2018-19 tax year, where the employer has registered for Voluntary Payrolling of Benefits in Kind. |
6 Jul 19 |
Deadline for entering into a PAYE Settlement Agreement for the 2018-19 tax year. |
6 Jul 19 |
Deadline for submission of Forms P11D and P11D(b) for the 2018-19 tax year. |
6 Jul 19 |
Deadline for submission of online employment-related securities annual returns. |
22 Jul 19 |
Deadline for online payment of Class 1A NICs (19 July for postal payments). |
31 Jul 19 |
Non-statutory deadline for submission of PSA calculation to HMRC for 2018-19 tax year. |
22 Oct 19 |
Deadline for electronic payment of tax/Class 1B NICs in respect of PSA calculations for the 2018-19 tax year (19 October for postal payments). |
KPMG’s Employment Tax team can provide assistance on all aspects of employer compliance. This includes:
KPMG has an experienced team who carries out HMRC-style reviews to identify any areas of non-compliance and raise awareness of key risks.
We draw on our experience of HMRC’s Know Your Customer reviews and other aspect-based HMRC reviews such as termination payments, employee expenses, optional remuneration and globally mobile employees and will work with you to ensure that you fully prepared and audit ready.
The review typically includes a workshop for key stakeholders to talk through processes and controls, to identify key risks and provide training to stakeholders who do not have a tax background. The workshop will be followed by sample testing of key documents to establish whether the risks identified are likely to lead to an underpayment of tax and NICs.
We offer a range of support to clients, either to prepare or review returns or act as a sounding board around areas of difficulty. This includes:
Eunan Ferguson
Director
T: +44 (0)28 9089 3706
E: eunan.ferguson@kpmg.ie
Aidan Smith
Director
T: +44 (0)28 9089 3772
E: aidan.smith@kpmg.ie
Christopher Morris
Associate Director
T: +44 (0)28 9089 3751
E: christopher.morris@kpmg.ie