New Tax Year for UK, Hong Kong, India and New Zealand

New Tax Year for UK, Hong Kong, India and New Zealand

Heads up! March is coming to an end, and so is the tax year for Hong Kong, India, New Zealand, and the United Kingdom. This means that taxes are due and it’s time to plan for the year ahead. Each of these countries have different tax filings and late penalties, so it’s important to make sure you stay in compliance with local laws.

Hong Kong

Tax year begins April 1^st and ends March 31^st. Tax returns are issued immediately and must be filed within a month. Extensions are available for companies whose end dates are December 31^st.

Before the years tax return is filed and final assessment received, profits or salaries tax will be collected by the payment of provisional tax.

All taxpayers must notify the Commissioner of Inland Revenue on employee charges, changes and Card numbers.

See our complete HK payroll guide for more information.

United Kingdom

Tax year begins April 6^th with an update of employees’ payroll records. Tax year ends April 5^th and is the deadline to send your final payroll report. If you run multiple payrolls on one PAYE scheme, make sure to include end of the year information the report.

May 31^st is the last day to deliver P60’s to employees and July 6^th will be the last day to report employee benefits and expenses.

See our U.K payroll resource information page for a complete guide to the UK’s payroll and benefits

New Zealand

The tax year begins April 1^st, and end of the year income tax is due April 7^th. The tax year ends March 31^st and your income tax return due by that day.

See our N.Z payroll and benefits guide for further details.

India

The tax year begins April 1^st and ends March 31^st. The deadline for filing income tax is the 31^st of July.

See our India payroll and benefits resource page for further guidance

For more information regarding tax year reporting for the UK and Hong Kong, visit GOV.UK and The Inland Revenue Department of Hong Kong

Don’t forget

Tax Declarations in the China (Shanghai), USA, and Canada are happening now.

China (Shanghai) – March 31^st, 2019  

USA – April 15^th, 2019  (Massachusetts and Maine are extended to April 17th due to holidays)

Canada – April 30^th, 2019

New Zealand Payday Filings and Minimum Wage Changes April 1, 2019

Beginning April 1st, all New Zealand employers will be required to begin using payday filing. The new law states that employers must file employee Pay-As-You-Earn (PAYE) information and earnings every payday with the Inland Revenue Department (IRD). This ends the old monthly system and ensures that payday filings and tax obligations are constantly up-to-date and accurate.

The integration of payroll and tax simplifies the process by removing multiple steps and consolidating everything into the payroll process. The way employers file their payday will depend on annual employment payments. Employers who pay less than $50,000 will be allowed to continue paper filing, while employers paying more than $50,000 will be required to file electronically. It will also be required to update the IRD on any new or departing employees. The implementation of a reliable payroll software will help manage and guarantee accurate processing for the new payday filing system.

The minimum wage will also increase on April 1^st. It will rise by NZ$1.20 making the new minimum wage NZ$17.70 per hour. New Zealand’s goal is to increase the minimum wage each year, reaching a minimum wage of NZ$20.00 per hour by 2021.

• Adult Minimum Wage – NZ$17.70
• Starting-Out Minimum Wage – NZ$14.16
• Training Minimum Wage – NZ$14.16

All employees are to be paid the minimum wage regardless of the number of hours worked.

Singapore Employment Act Changes Take Effect April 1

A reminder to employers in Singapore that the employment act changes take effect on April 1^st and it will be mandatory to adhere to the newly applied laws. It’s important to make sure that existing contracts are adjusted, and that all relevant departments are properly trained to properly implement the changes.