Business Problem Solvers and Chartered Accountants

Have issued your P60s yet?

A reminder to business owners that they should have issued a P60 to all employees by the end of last month.

All employers must provide any employee, who was in their employment on the last day of the tax year (5 April 2015), with a P60 certificate by 31 May 2015 at the latest.

dreamstime_s_27513341A P60 certificate should summarise each employee’s total pay and deductions for the last year, and can be provided in paper or electronic form.

For some businesses P60 certificates will be produced automatically by their payroll system, but for others it may be their responsibility to provide employees with a form. If payroll software does not automatically produce P60 forms, businesses can order copies directly from HM Revenue & Customs (HMRC).

Failure to provide an employer with a P60 could lead to your business being investigated by HMRC and in serious cases could lead to a fine.

Do you need help with your HMRC obligations? Contact Nicky Morris at GM and Co for more information.DSC_9142