The forms P11D, and where appropriate P9D, which report benefits and expenses for both employees and directors for the year ended 5 April 2013, are due for submission to HMRC by 6 July 2013.
Getting Your Employee Expenses Forms Submitted In Time
Employees pay tax on benefits provided as shown on the P11D, either via a PAYE coding notice adjustment or through the self assessment system. In addition, the employer has to pay Class 1A national insurance contributions at 13.8% on the provision of most benefits.
If you would like any help with you P11D forms or the calculation of the Class 1A liability, please get in touch with our accountancy services team.
Use Harris & Co Accountancy Services For Your P11D Submissions
From April 2013 HMRC have introduced an additional method for employers and agents to report end of year expenses and benefits called "Online end of year Expenses and Benefits forms". These are HMRC produced web based forms. However at present only two of the new online forms are available which deal with the situation where no P11Ds are due or benefits have been fully ‘payrolled’.
HMRC have advised that the rest of the planned online forms are in the final stages of development and should be available in June, prior to the 6 July filing deadline.
Employers who previously used HMRC"s Basic PAYE Tools to create forms P11D, P9D and P11D(b) will need to consider alternative methods for completing these end of year forms as the tools will not provide this facility for the year ended 5 April 2013.
If you are looking for accountancy services or tax advice, talk to Harris & Co. Specialists in compliancy and business growth, we can help you to increase your sales and profits. For more information call 01604 660661 or email email@example.com.