Running a small business is no easy task, especially as the 5th April approaches. The end of a tax year, and the beginning of a new one, is full of deadlines and paperwork. If you do most of your own bookkeeping then it can be a mad scramble to get your accounts in order and work out what you are owed and finance options are available to you, such as invoice finance.

But do not fear - follow our checklist below to make sure you remember to get everything done and start the new tax year in a good position.

Finalise payroll records

You will need to complete the payroll records for every member of staff your business employs for the last tax year. This can be done by using payroll software or by hand using HMRC's P11 calculator. If you're doing it by hand make sure you factor in tax, National Insurance and other payments. 

Fill out an Employer Annual Return

If you had to maintain a P11 form for any employees then you must complete an Employer Annual Return. This is made up of a P14 and one P35 outlining the combined payroll totals for all employees for the last tax year. You may also be required to submit an Employer Supplementary Return if you had any student employees or staff you didn't need to complete a P11 for.

Most employers will have to file their return online by the 19th May.

Calculate any balances

From your Employer Annual Return you will be able to calculate how much PAYE tax and National Insurance Contributions you should have paid HMRC over the last tax year. If you have paid too little then you will have to make a balancing payment but if you are due money back HMRC will automatically refund any value under £500. All payments must be made by the middle of April.

P60s

Any employee who you maintain a P11 form will also have to receive a P60 at the end of the tax year. The form sets out the employee's total pay for the year and what deductions have been made. You can complete the P60 electronically with payroll software or on paper and must give it to your employee by 31st May.

Complete expenses

Employers must fill out a P9D or P11D for all employees who have been given expenses or benefits during the tax year. A P11D(b) will also needed to document this expenses total. Taxes and National Insurance Contributions will need to be paid on these benefits as well, and should reach HMRC no later than 6th July. 

Prepare for post-6th April

Make sure you keep the future in mind even if you are frantically trying to organise your last tax year's figures. Remember to set up new payroll records for the next tax period in the form of a P11, with an electronic records system the easiest way to have everything ready for 5th April in the future.