Are you ready for 31st May deadline for P60s?

In accordance with UK Government legislation, businesses must issue all employees who work for the company on the 5th April – the last day of the current tax year – a P60.

The deadline for doing this is 31st May.

For the business and staff alike, this is a hugely important document as it contains information about salary payments and the tax contributions employees have made to HMRC over the year.

The accounts department will be able to produce these, but there is also a basic PAYE tool on the gov.uk website.

For businesses looking to reconcile employee expense claims and benefits, a P11D form will need to be submitted to HM Revenue and Customs. A further form, a P11D(b) form will also need to be submitted if the company has paid an employee through payroll. 

What's the difference?

The main difference between the two forms is that the P11D is an individual form for every employee, detailing the cash equivalent of the benefits in kind provided over the tax year.

The P11D(b) is the employer’s form which summarises the employee’s individual P11D forms and declares the total taxable benefits the company has provided and details the tax due.

What's the process?

There are various methods of providing this information.

For organisations with less than 500 employees, HMRC has an online service.

There’s also an interactive PDF that can be filled in, along with existing XML data files.

For businesses unable to use online methods, the forms can also be sent in by post.

Many companies, however, adopt a much simpler approach by way of submitting employee expenses through an online expense management platform.

This particular type of software is specifically designed to help companies make the process of handling and managing expenses payments simple and efficient.

With built in reconciliation and HMRC compliance, expense management platforms take the stress out of what has traditionally been a time consuming and labour-intensive process.

Providers like Expend have combined experience and technology to produce software that makes expense claims a swift, hassle free, yet necessary function of the accounts process. 

Aside from HMRC compliance, there are other really useful aspects to the software.

These include a mobile app that allows employees to register expenses on the go, so claims are not being sent in in bulk at the end of the month.

There’s also an employee company card facility which enables the businesses to keep track of, and control, employees’ expenditure.

The technology Expend supplies is also scalable, so there’s no concern regarding changing platforms as a company grows; Expend has a solution for large, small and even non-profits.

The platform also integrates with accounting software, so balancing the books is a smooth transition. And, with an affordable pricing structure, Expend’s software is accessible to everyone.

If you would like to know more about how Expend’s claims management solutions can help your business work smarter, rather than harder, get in touch for a no obligation chat with one of our advisors. They can help you decide on the most suitable solution for your business so that you can get on with doing business.