PAYE returns assistance
I previously posted this under another section of the forum but feel I might get a better response here ..
Hi there,
I'm the only employee of my ltd company which I set up in August last year. I've only been living in the UK since May 08 so am still getting my head around tax returns and such. As a director i'm aware that I need to file a p35, p14 and p11 before May 19th. On further investigation I came across some information that suggests I may not even be required to do this -
to quote - 'I am afraid that I disagree with everyone except Doug. As I said on P35 penalties again only last week:
"A P35 is required only if there is at least one employee who has either tax deductions or has been paid above the NI Lower Earnings Limit during the tax year. If there are no such employees, no P35 is required and there can be no penalty for not submitting one.
This is not so much an appeal as a case of telling the Revenue to correct their mistake by cancelling the penalty which they had no legal right to impose."
It is irrelevant if the Revenue issued a P35. This is not a return like the tax return which you are required to submit if one is issued. However, if one was issued, it would have been prudent to write to the Revenue at that time to tell them that no P35 return was due in order to avoid the automatic imposition by the Revenue's computer of penalties.
As you paid yourself less than the NI LEL (of £4,524 in 2007/08), you had no requirement to operate any PAYE procedures, i.e: no need to prepare a PAYE deductions sheet (P11) and hence, nothing to report on a P14/60 and hence, no requirement to submit a P35. There is no legal requirement for a nil return in these circumstances. It is simply that no return is due.
If you do not believe me, read the first 3 paragraphs of Part 2 of E10 , the Revenue's Employer Helpbook on Finishing the tax year up to 5th April 2008.'
I seem to fit in to this group as I simply paid myself a monthly salary of 450 and reimbursed expenses which rarely exceeded 2-300 pounds.
Am I required to submit anything to HMRC? I moved house a few months ago and have taken awhile to get in touch with HMRC regarding this so i'm not sure if they've been trying to get in touch with me. I am paye registered so i assume this means they'll be expecting these forms.
My accountant offered to complete my p35 and p11 for 200 pounds which is money I simply cannot afford right now and for such an apparently simple return I cannot justify the expense .. It also seems i've left things too late to apply to do this online myself, at this stage i'm not sure if they've even recevied my updated address (sent a week ago) so the password they send via mail may never make it to me .. do accountants have access to complete my returns online or have I left it too late for online application?
Some assistance would be much appreciated.
|
_
