The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2018, are due for submission to HMRC by 6th July 2018. If you need assistance to prepare P11D submissions, Harvey Telford & Bates Accountants can provide guidance with our payroll and business accounting specialists.
P11D Form Preparation
The process of gathering the necessary information can take some time, even when you have minimal employees, so it is important that this process is not left to the last minute.
Employees pay tax on benefits provided as shown on the P11D, generally via a PAYE coding notice adjustment or through the self assessment system. Significant changes were introduced to the rules for reporting expenses from 6 April 2016. Some employers ‘payroll’ benefits and in this case the benefits do not need to be reported on forms P11D but employers should advise employees of the amount of benefits payrolled.
In addition, regardless of whether the benefits are being reported via P11D or payrolled the employer has to pay Class 1A National Insurance Contributions at 13.8% on the provision of most benefits. The calculation of this liability is detailed on the P11D(b) form.
National Insurance Payment Deadline
The deadline for payment of the Class 1A NIC is 19th July (or 22nd for cleared electronic payment).
HMRC produce an expenses and benefits toolkit. The toolkit consists of a checklist which may be used by advisers or employers to check they are completing the forms correctly.
If you would like any help with the completion of the forms or the calculation of the associated Class 1A NIC, you can find further information on the HMRC Guidance Toolkit.
If you need further support the HTB Accountants payroll team can assist, based in our Shrewsbury office – contact our team here.