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Taking care of your end-of-year forms |
With the deadline for reporting the expenses reimbursed to employees – such as travel or subsistence costs – rapidly approaching, many academies will be feeling the pressure of completing and filing their forms P11D and P9D.
While form P11D needs to be completed for those earning £8,500 or more, plus most directors (unless they are a full-time director of a charity or non-profit making organisation), P9D applies to anyone with combined wages, expenses and benefits of less than £8,500.
Failure to submit these forms electronically or in paper format to HM Revenue & Customs (HMRC) by 6th July will lead to a penalty of £100 per 50 employees for each month or part month the return is outstanding.
We appreciate the extra burden that taking care of such paperwork can place on schools, which is why we offer fast, cost-effective payroll management for academies.
As part of this service, the team at Moore Thompson will maintain and file all future statutory forms, providing schools with the peace of mind that they will not face any penalties.
Furthermore, it may be possible to obtain a dispensation from HMRC to cover both tax and National Insurance contributions. Although schools may have been covered by a dispensation while under local authority control, academies will now need to seek their own – and the team at Moore Thompson can help.
Dispensations, for which applications are made using form P11DX, can be given where HMRC is satisfied that employees wouldn’t have to pay tax on employer-provided expenses or benefits.
The expenses and benefits included in the dispensation don’t have to be reported on forms P11D or P9D and employees don’t need to include them in tax returns.
Once granted, HMRC will review the dispensation from time to time, but will only normally withdraw it if the qualifying conditions are no longer met. However, HMRC stresses that if a dispensation is granted, expenses claims must be independently vouched for and, where possible, supported by receipts.
Expenses and benefits can be a complex issue. Therefore, it makes sense for academy schools to seek professional advice on the full implications of applying for a dispensation and whether this is right for them. For more information, please contact us.
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