As a business owner, it`s important to stay on top of your taxes and compliance requirements. One important deadline that you should be aware of is the deadline for submitting your Pay As You Earn (PAYE) Settlement Agreement (PSA).

A PSA is an agreement between employers and HM Revenue and Customs (HMRC) that allows employers to pay tax and National Insurance contributions on behalf of their employees for certain expenses and benefits provided to them. This can include things like company cars, medical expenses, and childcare vouchers.

The deadline for submitting your PSA is July 31st following the end of the tax year in question. This means that for the tax year 2020-2021, the deadline for submitting your PSA is July 31st, 2021. It`s important to note that if you miss this deadline, you may be subject to penalties and interest charges.

To submit your PSA, you will need to complete a PSA form and send it to HMRC. You can do this online using the HMRC online service or by post. When filling out your PSA form, you`ll need to provide information about the expenses and benefits that you`ve provided to your employees throughout the tax year, as well as the tax and National Insurance contributions that you`ve paid on their behalf.

It`s important to ensure that you`ve included all relevant expenses and benefits on your PSA form, as failing to do so could result in penalties or additional charges from HMRC. You may want to seek the advice of a tax professional to ensure that you`re submitting an accurate and complete PSA.

In summary, the deadline for submitting your PSA is an important one to keep in mind as a business owner. By staying on top of your tax and compliance requirements, you can avoid penalties and ensure that your business is operating within the law. Make sure to mark July 31st on your calendar and submit your PSA form in a timely manner to stay in good standing with HMRC.