Good Advice

The Journal (Newcastle, England), February 19, 2007 | Go to article overview

Good Advice


Byline: By Elaine Inglis

As the Chinese celebrate the arrival of the Year of the Pig, business owners need to start preparing for their own new year ( the financial one ( courtesy of HM Revenue and Customs.

APRIL 6th is the most important date in the commercial calendar. Yet the only fireworks seen around this landmark are the sparks that fly if you don't complete your year-end returns correctly or on time.

This month, you should receive an Employer Pack from HMRC containing the employers' CD-Rom covering all up-to-date guidance, the Employer Bulletin and the Employers' Orderline Form for the coming tax year. If there are any changes to the tax or NIC rates, thresholds or allowances as a result of the Chancellor's Budget, you may also receive an updated pack.

Do make sure you look through the pack to remind yourself exactly what is required of you, both at the end of this current tax year and the start of the next, and therefore ensure you are prepared.

It's also worth checking out the Business Link website where there is a guide to which forms and returns you may need to complete, where you can get them from, the key tax office deadline dates, and instructions on filling in PAYE forms and returns.

There is also a step-by-step guide on what to do at the end of each tax year. With forms P9 and 9D, P11 and 11D, P14 and P60, not to mention the P35, it can be a mind-boggling process, so get as much guidance as possible from internet sites created to help and simplify. …

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