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Forms P11D, which report details of benefits and certain expenses provided to employees and directors for the year ended 5 April 2018, are due for submission to HMRC by 6 July 2018.
The process of gathering the necessary information can take some time, so it is important that this process is not left to the last minute.
Employees usually pay tax on benefits via a PAYE coding adjustment or through the Self Assessment system. Significant changes were introduced to the rules for reporting expenses from 6 April 2016.
Some employers now ‘payroll’ benefits and in these cases the benefits do not need to be reported on a Form P11D, but employers should advise employees of the amount of benefits being payrolled.
Irrespective of whether the benefits are being reported via Forms P11D or payrolled, the employer must 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 July 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 please get in touch.
For more information, contact:
Payroll & HR Senior Manager
+44 (0)20 3667 5971