Managing global payroll requires adapting to different annual schedules filing duties and deadlines. If you have employees in the UK, Hong Kong Singapore or India, this guide is for you. End of tax year is around the corner, and now is the perfect time to check if your current local payroll solution is the right one for you.
End of tax year: April 5th
- 5 April 2017 – Tax year ends, and deadline to send your final payroll report of the year on or before your employees payday of the tax year
- 6 April 2017 – First day of the new tax year 2017/18. Update employees payroll records.
- 31 May 2017 – Last day to give P60 form to employees for 2016/17. The P60 summarizes their total pay and deductions for the year.
- 6 July 2017 – Deadline to report employees expenses and benefits
- 31 July 2017 –2nd payment on account for 2016/2017 tax year deadline.
- 31 October 2017 (midnight) – Paper self-assessment returns deadline for tax year 2016/2017
- 30 December 2017 – Online submission deadline for self-assessment tax returns for 2016/2017 for HMRC to collect tax through PAYE tax codes owing less than £3,000.
- 31 January 2018 (midnight) – Deadline for online self-assessment tax return and for paying tax bill for tax year ending 5 April 2016/17.
See U.K payroll and benefits guide
End of tax year: March 31st
- Every taxpayer is required to notify the Commissioner of Inland Revenue that he/she is chargeable to tax no later than four months after the end of the year of assessment in which he/she is chargeable.
- Tax payments are generally made in January and April; the balance of the final tax for the preceding year of assessment and 75 percent of the provisional tax for the current year of assessment are paid in January, with the remaining 25 percent of the provisional tax being paid shortly after the end of the year of assessment, in April.
- Hong Kong salaries tax is charged in respect of income arising in or derived from Hong Kong from any office or employment of profit (and any pension). In respect of an employment, to determine the extent of salaries tax payable, it is first necessary to determine whether the income is derived from a Hong Kong-located employment or a non-Hong Kong-located employment.
See Hong Kong payroll and benefits guide
End of tax year: March 31st
- If ones taxable income exceeds INR 250,000, one must register with the tax authorities to obtain a Permanent Account Number (PAN) – a unique ten digit identification number provided by the Indian tax authorities.
- As proposed in the Finance Bill, 2016, for the FY 2016-17 onwards, advance tax is payable in four instalments by individuals as follows:
– 15% is payable by 15 June of the tax year
– 45% is payable by 15 September of the tax year
– 75% is payable by 15 December of the tax year
– 100% by 15 March of the tax year.
- 31 March 2017 – Tax year ends
- 31 July 2017 – Deadline to file income tax for 2016/2017 year
See India payroll and benefits guide
End of tax year: December 31st
- While the tax year in Singapore ends on December 31, employees must file their taxes by April 15 of the following year.
- All employers are required to declare employee’s earning via the required tax forms provided by the Inland Revenue Authority of Singapore (IRAS) for their employees employed in Singapore by 1 March every year.
- Required forms:
– Form IR8A – for all employees including full time, part time, non-resident, company director etc.
– Appendix 8A – for employees who have benefits-in- kind.
– Appendix 8B – for employees with profits from stock option or share ownership.
– Form IR8S – if excess CPF payments were made.
- If your annual income is under $22,000 SGD, you are not obligated to file tax returns unless you have been informed otherwise by the tax authority.
- Between February to March you should receive the appropriate form from the IRS to return online or by mail – Form B1 for tax resident individuals, Form B for self-employed individuals, or Form M for non-resident individuals. Subsequently to filing returns, Notice of Assessment or tax bill will be received by September indicating the amount needed to pay. The full amount must be paid within 30 days of receiving the bill – in this time you are also permitted to inform the tax department of objections.
See Singapore payroll and benefits guide
Filing either late or not at all will result in penalties.
The new Fiscal year starting in early April is the perfect time to upgrade and automate your global payroll processing operations. We’ll automate the entire payroll process for you. From notification to reporting, you will get full control and visibility into local payroll operations. You can also connect with our network of carefully screened local payroll and benefits suppliers.