Employers’ Year End Reporting 2024

Employers’ Year End Reporting 2024

Employers’ Year End Reporting 2024

Original content produced by BDO United Kingdom

Reporting the numerous sets of employee data that HMRC requires after the end of the tax year is a major task for all employers to manage.

Making sure you have accurate data in place ahead of multiple deadlines can be a challenge, and if you fall behind, or submit inaccurate reporting, you may suffer penalties from HMRC.

Important reporting deadlines that all employers should be aware of:

  • Gender Pay Gap Reporting Deadline: 4 April 2024
  • Short-term Business Visitors Reporting Deadline: 31 May 2024
  • P11D Reporting Deadline: 6th July 2024
  • Employee Share Plan Reporting Deadline: 6th July 2024
     

The complexities of these reporting elements will vary according to your business, and some reports are much more labour-intensive than others. 

We have pulled together everything you need to know for each of these four reporting requirements, with tips and guides to help you streamline your reporting processes.

Gender Pay Gap Reporting

Gender Pay regulations now require private sector employers with more than 250 employees to publicly report a range of gender pay information by 4 April every year. You can find a comprehensive guide to Gender Pay Gap Reporting, as well as tips on Ethnicity Pay Reporting below.

Get in touch with our team for advice on how to produce meaningful and accurate gender pay statistics, and avoid being named and shamed by HMRC. 

Ethnicity pay gap reporting is not mandatory for employers, but your business should consider the benefits of ethnicity pay reporting, which can build towards far greater transparency as part of your ESG journey. Contact us for information about the opportunities and challenges posted by Ethnicity Pay Reporting. 

Short Term Business Visitors

Our specialists can assist you in determining your obligations under the Short-Term Business Visitor rules, review your traveler population, make the necessary applications and prepare the required annual reporting.

After a long period with little to no business travel, businesses should revisit their reporting obligations to ensure compliance. Contact us for more information. 

P11D reporting

Employers must report annually for each member of staff (including directors) that receive certain benefits and expenses that are considered taxable by HMRC. Employers can choose to pay the tax and NIC due on these benefits for their employees through a PAYE settlement agreement (PSA) or report the benefits on a form P11d so that employees pay. The list of benefits is long, and working out the value of certain benefits like company cars and vans can be challenging. There may also be some benefits for which We have produced a whole range of guidance on various aspects of P11D reporting and PSAs – find out more below.

What benefits should you be reporting? How do you handle trivial benefits paid to your staff, or the use of company assets by directors or employees? Find top tips and guides on P11D reporting here.  

Recording and tracking car and van benefits are the main challenges when it comes to P11D reporting – check the latest guidance here.

While payrolling benefits can save on year-end administration, you will need to file a P11D(b) – but be aware, there are exceptions to what can be payrolled. Find out more here. 

A PAYE Settlement Agreement (PSA) enables employers to make a single annual payment to HMRC to settle all income tax and NIC due on certain expenses and benefits provided to employees. It can significantly reduce administration, help with compliance, and mitigate the risk of reducing the intended motivation of employees when they may otherwise see a tax liability.

Share Plan Reporting

If you operate a share plan or there has been any type of equity transaction, involving UK employees or directors you will almost certainly have to submit a return to HMRC. The annual deadline to submit a return to report all transactions in Employment Related Securities (ERS), also known as Share Plan Reporting is by 6 July.

If you operate a share plan, or there has been any type of equity transaction, involving UK employees or directors, you will almost certainly have to submit a return to HMRC by 6 July to report all transactions in Employment Related Securities (ERS), also known as Share Plan Reporting. 

Find out more here.

Contact us

Contact our team for further information or advice in these areas. 

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