Do you make payments for expenses or provide benefits to employees/directors?
Then by law you need to complete and submit a P11d form to HMRC for each employee that has received the benefits and a P11d(b) to summarise the class 1A NIC due by 6th July 2015 to avoid any penalties.
The forms are required to disclose the value of any expenses and benefits that have been paid during the year to employees/directors, or their family or household.
The most common examples include:
– Reimbursed expenses
– Employment benefits – gym memberships/health insurance
– Business entertainment and travel expenses
– Company car and fuel benefits
– Directors’ beneficial loans
Some of these benefits will result in a Class 1A NIC charge to the company, if there is any Class 1A NIC to be paid, this needs to be paid by 19th July.
Completing the annual return of benefits and expenses form P11d carries many risks. A late or incorrect submission or failure to submit can result in hefty penalties and perhaps even result in a HMRC PAYE compliance review.
So make sure you note everything on the form and submit it by the deadline date.
If you require any assistance or have any queries then please get in touch – I can be contacted on:
email@example.com or by ringing 01656 867167.