The Deadlines Continue And P11D Forms Are Next

Reporting season is upon us, and there's a whole raft of forms that need filing soon. P11D forms should be filed by 6th July ...

HMRC are becoming more active in ensuring businesses stay compliant with their filings, so it is more important than ever to ensure your systems are fit for purpose and that all filings are made on time. That includes your payroll.

A huge number of employers have registered to payroll employee benefits in kind and many are still deciding if this works for them before registering. Others 'payroll benefits' without having registered at all.

Form P11D needs to be prepared for each employee to report National Insurance, filed by 6th July and any payments due to HMRC should be paid by 19th July (22nd July if by approved electronic method). You can see more key dates for your diary by clicking here.

It is sometimes difficult to ensure everything that should be included is actually included on the P11D and often or not, things get missed off. You should be aware that not all benefits in kind can be payrolled and this is where it is important to work with an experienced accountant to ensure you don't miss anything off.

A few useful pointers:

Employers can choose which benefits they wish to payroll, although some benefits (i.e. vouchers and credit cards, living accommodation and interest-free and low-interest beneficial loans) still need to be reported to HMRC via the existing P11d system.
Employers must still file a P11d(b) at the year end, regardless of whether they are payrolling benefits or submitting them on forms P11d.
Employers that choose to payroll company car benefits must no longer submit form P46(Car) when providing an employee with a new car.
Once a tax year has started the employer must continue to payroll all Payrolling Benefits In Kind (PBIK) registered benefits for the remainder of that tax year.
To 'payroll' a benefit the 'cash equivalent' of that benefit should be calculated and then split across the tax year as applicable.

If you'd like to find out more about payroll benefits, the P11D or would like a review of your payroll systems (or maybe even a new payroll provider) then do give me a call on 01908 774320 or click here to ping me an email and let's see how I can help you.

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More about Roger Eddowes ...

Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.

Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.

The Deadlines Continue And P11D Forms Are Next

Are you sure you've included everything?