P11D Deadline Is Fast Approaching – Are You Prepared?

Filing Deadline 6th July 2017

The P11D forms, which report details of the benefits and expenses provided to employees and directors for the year ended 5 April 2017, are due for submission to HMRC by 6 July 2017.

The process of gathering the necessary information can be time-consuming, so it is important that this is done well ahead of the due date. Employees pay tax on benefits provided as shown on the P11D, generally via a PAYE coding notice adjustment or through the self assessment system. However changes were introduced to the rules for reporting expenses from 6 April 2016 and some employers payrolled the benefit. If this is the this case, 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 is obligated 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. The deadline for payment of the Class 1A NIC is 19th July (or 22nd for cleared electronic payment).

For help and advice in meeting your P11D reporting requirements contact Golding Accountancy today on 0333 358 3560

Contact us today for an initial free consultation.

Looking for an Xero Expert ? Let us help you with your business accounts. Feel free to talk to us about our affordable Account Preparation, Taxation Services, VAT Management, Payroll Management, and Bookkeeping services. We can advise on the best package for your needs. Email or  call 01702 719116 / 01268 682001

Facebook - Golding AccountancyTwitter - Golding AccountancyLinkedIn - Golding Accountancy

Leave a Reply

Your email address will not be published. Required fields are marked *