'Start New Tax Year' means wrapping up (closing) the current tax year data and moving on to the new tax year. Before you move to new tax year, you need to submit all your Expenses and Benefits forms to HMRC to report the end-of-year expenses or benefits you’ve provided for your employees and directors. Click here for more information.
Please follow the below steps to start new tax year.
Step 1 : Go to 'Others' menu in the tasking zone.
Step 2 : Click 'Start New Tax Year' sub menu.
Step 3 : Select 'Yes' if you have processed / assigned any Benefits to your employee(s) during this current tax year.
Step 4 : Based on your requirement choose any of the options to start new tax year.
Step 5 : Once you choose the appropriate option, then follow the on screen instructions to start new tax year.
- Option 1 : To start the new tax year, you first need to complete the P11D, P11D(b) approval process.
- Option 2 : To start the new tax year, you can carry forward the benefits if any one or more of D, F, G, H, I, K, or L benefits are assigned to your employee(s). This option can be used when the Employer's NI Liability is Nil.
- Option 3 : My current tax year data is just the test data which I entered to learn how to use the package. I do not wish to submit this data to HMRC. I would like to move to the new tax year immediately.
Please Note : Once you move to the new tax year, you cannot e-file P11D to HMRC for the previous year.
Road map :
Others -> Start New Tax Year
( 'Others' is the button positioned in the tasking zone menu at the top. It is the first button on the right.)