June is typically a quiet month for sorting out tax matters, but there are a number of key dates in July which you need to be aware of.
The deadline for submitting P11D forms for each employee who has been provided with expenses and benefits during the tax year ending 5 April 2017 falls on Thursday 6 July 2017, which is also the deadline for submitting form P11D(b) to HM Revenue & Customs (HMRC).
The £8,500 earnings exemption for reporting benefits has also been abolished from 6 April 2016. After this date all employees will need to be considered when evaluating the end of year P11D position.
Form P11D(b) declares the overall amount of Class 1A National Insurance contributions (NICs) due on all the expenses and benefits provided and employers must ensure that the payment of the sum declared on this form reaches HMRC by Saturday 22 July for electronic payments or Wednesday 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.