Deadline for P11D and Class 1A returns is approaching

Thankfully June is a relatively quiet month, but don’t be lulled into believing there are no key dates on the horizon, which require your attention…

July has two important submission dates you need to be mindful of so it’s well worth getting ahead now, particularly as there are penalties for late filing.

The deadline for filing benefits and expenses with HMRC via P11D/P11D(b) forms , is 6 July 2016. If during the last tax year, you have paid employees and expenses through your payroll, you need to declare these, along with any reportable employee benefits. Be aware that if you submit the forms after this date you will be liable to pay a penalty.

If you don’t submit any P11D forms, you can inform HMRC that you don’t owe Class 1A National Insurance by completing a declaration.

During this same month, you will need to ensure that all national insurance contributions on taxable employee benefits in kind are paid and submitted, using a Class 1A form.

You have until 19 July if you plan to pay by cheque and until 22 July if you intend to make an electronic payment. Remember to include all reportable benefits including health and dental insurance cover, company cars and beneficial loans.

At Moore Thompson we provide a range of services to keep clients both tax-efficient and fully compliant. For more information about what we do, please contact us.