What is a PAYE Annual Return?

Jordan Macey

April 21, 2021

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Small Business Accounting

The P35 is an annual tax return completed by employers. The form indicates the total tax and National Insurance contributions for each employee during the previous financial year.

With the introduction of the Real Time Information reporting (RTI), the P35 is no longer required.

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When do I make PAYE payments to HMRC? Guide

When do I make PAYE payments to HMRC?

If you're paying salaries to employees or directors, you need to register for PAYE and pay your PAYE bill to HMRC.

  • Monthly payments: Your PAYE bill is due on the 22nd of the next tax month.
  • Quarterly payments: Your PAYE bill is due on the 22nd after the end of the quarter.

There are various ways to make your payment.

  • Same or next day payments: online or telephone banking, CHAPS
  • Payments processed in 3 working days: debit or corporate credit card payments (online), Bacs, cash or cheque payments at your bank or building society, Direct Debit, by cheque through the post
  • Payments processed in 5 working days: Direct Debit (if it's the first time you're setting up a Direct Debit payment)

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10 new business obligations when hiring your first employee Guide

10 new business obligations when hiring your first employee

Being a solo entrepreneur is an exhilarating experience, but eventually, a successful business will create enough work for more than two or three people to handle.

This leads naturally to the hiring of your very first employee, maybe even more than one. However, there is a big difference between being self-employed as a solo contractor and being an official employer.

You may be used to taking care of your own income, taxes, and workplace concerns but as an employer, you are suddenly responsible for the livelihood of one or more other people. People to whom you will be their boss with all the nitty-gritty details packaged with it.

Fortunately, you're an ambitious and successful entrepreneur ready to take on the challenges of graduating from a solo contractor to an excellent employer.

To help you, we have put together a comprehensive list of your new responsibilities that manifest the moment you choose to hire your first employee.

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What is PAYE? Guide

What is PAYE?

PAYE, or Pay As You Earn refers to a method of paying income tax and national insurance contributions.

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What is a PAYE scheme? Guide

What is a PAYE scheme?

PAYE-or Pay As You Earn-is a system of income tax withholding by employers.

Tax and National Insurance contributions from your wages or occupational pension and sent to HMRC, before your employer pays you your wage or pension. Student loan repayments may also be deducted in this manner.

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What is a PAYE Annual Return? Guide

What is a PAYE Annual Return?

The P35 is an annual tax return completed by employers. The form indicates the total tax and National Insurance contributions for each employee during the previous financial year.

With the introduction of the Real Time Information reporting (RTI), the P35 is no longer required.

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What are PAYE Forms? Guide

What are PAYE Forms?

There are different forms associated with PAYE. These are:

P45: A P45 form is issued to an employee when he or she stops working for you. It shows how much the employee has paid in tax and NICs throughout the tax year.

P60: A P60 form is an official form issued to employees at the end of the tax year. The form indicates how much the employee has earned over the tax year, as well as the amount they've paid in PAYE income tax and NICs. You need to issue the P60 to your employees by 31st May each year.

If you're a limited company director, you're considered both an employer and employee. As such, you'll have to issue yourself a P60 form.

P11D: The P11D is a tax form that records employment benefits that the employees and directors of a company have received across the year.

A copy of the P11D is to be issued to employees who've received certain benefits by 6 July each year. You should also submit the form online by the same date. If you're paying tax on all their benefits through your payroll, submitting a P11D isn't required.




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