Reminder: P60 Forms Are Due By 31st May
Have you issued them yet?
POSTED BY ROGER EDDOWES ON 20/05/2019 @ 8:00AM
If you haven't already issued them, all your employees will need a copy of their P60 form by 31st May 2019 ...
Don't forget that each of your employees needs to receive their P60 before 31st May!
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Each employee who was on your payroll system on 5th April 2019 (the last day of the 2018/19 tax year) needs a P60. You don't need to issue one to anyone who left your business in that tax year as the P45 will cover that for them.
A P60 should detail each employee's pay and deductions for the previous tax year so that employees can prove how much tax they have paid via PAYE. This is useful to them when making a claim for overpayment or applying for tax credits. A P60 can also be used as proof of income for loans or mortgage applications.
Each P60 can be provided to employees in either printed or electronic format. Most businesses send them electronically these days and it removes the task of printing and sending because it can be done at the press of a button.
We use SAGE Payroll and PDF’s at Essendon Accounts & Tax and it means that the P60 will be formatted suitable for both the employee and HMRC and be kept for six years to ensure you stay compliant with The Pensions Regulator.
If a P60 was calculated incorrectly, then you can make changes to it, just ensure you mark it as a replacement and ensure the employee gets a covering letter with confirmation of the changes made.
"Would you like to know more?"
We run payroll for many different clients. If you'd like us to do your payroll for you or have any questions about P60s, then do give me a call on 01908 774320 or click here to ping me an email and let's see how I can help you.
Until next time ...
If you're looking to work with a leading firm of accountants, then why not visit our website which you can find at www.essendonaccounts.co.uk and let's see how we can help you!
More about Roger Eddowes ...
Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves ‘getting his hands dirty’, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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