Employers who provide expenses or benefits to employees or directors may need to inform HMRC and pay tax and National Insurance on these expenses.
The most commonly known are company cars, health insurance, travel and entertainment expenses and childcare. Depending on the type of expense or benefit will result in what you have to report and pay. The HMRC website has an A-Z of expenses and benefits.
The deadline for submission of P11d’s and payments are detailed below, so be sure that you submit what is needed and by the deadline. Penalties will be charged if these are missed.
6th July
- Submit your P11D forms on-line to HMRC
- Issue P11Ds to relevant employees
- Inform HMRC of the total amount of Class A National Insurance that you owe on form P11D(b)
22nd July – payment to reach HMRC by or 19th July if paying by cheque
- Pay any Class 1A National Insurance owed on expenses or benefits
Penalties will apply if your P11D (b) is late, £100 per 50 employees for each month or part month. Plus, penalties and interest if you are late paying HMRC.
Source: HMRC
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