Written by Director, Huw Moseley:
It’s that time of year when employers need to report taxable benefits to HMRC. So don’t delay in preparing your P11D or P11D(b) forms as a failure to meet the deadline could result in a minimum £100 penalty for every month or part month the form is late – plus interest!
You have until 6 July 2018 to complete a P11D form for every employee, reporting his or her benefits and expenses for the 2017/18 tax year (unless you registered online with HMRC before 6 April 2017). The benefits you need to report include:
- Company cars
- Health insurance
- Non-business travel or entertainment expenses
- Assets provided by an employer that have significant personal use.
If you’ve paid any taxable expenses or benefits to your staff, you’ll need to submit a P11D(b) form, even if some or all of them have already been taxed through payroll.
Using the information you submit, HMRC will then calculate the class 1A national insurance contributions that need to be paid. The deadline for paying any class 1A national insurance is then just a month away on 22 July 2018 (or 19 July if paying by cheque).
If you’re worried you won’t hit the deadline – don’t delay in getting in touch and we’ll help you through the process…