A key date is just around the corner for employers who provide expenses and benefits to employees.
The deadline for submitting forms P11D or P9D for each employee who has been provided expenses and benefits during the tax year ending 5 April 2015 falls on Monday, 6 July, which is also the deadline for submitting form P11D(b) to HM Revenue & Customs (HMRC). This declares the overall amount of Class 1A National Insurance contributions (NICs) due on all the expenses and benefits provided
Form P11D is used to report expenses and benefits provided to all directors and any employees earning £8,500 or more per year, including wages or salary and expenses and benefits. Form P9D is used for employees whose earnings fall below the £8,500 threshold.
Employers must also ensure that the payment of the sum declared on form P11D(b) reaches HMRC by 22 July for electronic payments or 19 July if paying by cheque.
HMRC warns employers: “You’ll get a penalty of £100 per 50 employees for each month or part month your P11D(b) is late. You’ll also be charged penalties and interest if you’re late paying HMRC.”
Moore Thompson’s fast, efficient payroll bureau provides a cost-effective service to businesses of all sizes, which includes dealing with P11D, payments and returns required by HMRC, giving employers peace of mind that these will be made correctly and on time.
For more information on how we can help you, please contact us.