As the 6th of July 2024 approaches, many of us are gearing up for the P11D and P11D(b) filing deadlines. While filing these forms might seem straightforward, complexities arise when you have multiple employees and varied benefits to account for.
Key Deadlines & Penalties to Remember:
📅 6th July 2024: P11D & P11D(b) forms must be submitted for the 2023/24 tax year.
💷 19th July 2024: Class 1A NIC payments are due, with interest accruing on any late payments.
📝 22nd October 2024 (19th October if paying by cheque): PAYE Settlement Agreement (PSA) tax and Class 1B NIC must be paid.
❗ Failing to meet these deadlines can result in penalties of £100 per 50 employees for each month or part of a month your P11D(b) is late. Additionally, late payments to HMRC will incur penalties and interest.
Exemptions and Dispensations:
Some routine employee expenses do not need to be reported to HMRC under certain exemptions. However, it’s crucial to maintain accurate records of all expenses and benefits provided to your employees to ensure compliance.
Record Keeping Essentials:
📂 Ensure you keep comprehensive records of:
📅 Dates and details of every expense or benefit provided.
📄 Information needed to calculate amounts reported on your end-of-year forms.
💰 Any contributions made by employees towards expenses or benefits.
These records must be retained for 3 years from the end of the tax year they relate to, and you should be prepared to provide evidence of your accounting practices if HMRC requests it.
Common Expenses and Benefits:
Examples include:
🚗 Company cars
🏥 Health insurance
✈️ Travel and entertainment expenses
👶 Childcare
Remember, accurate reporting and timely submissions are critical. If the thought of navigating these requirements makes your head spin, we’re here to help. Our expertise in tax and compliance can ease the burden and ensure you remain compliant with HMRC regulations.
Disclaimer: The information provided here is intended for general guidance and is based on the current HMRC regulations. For specific advice tailored to your circumstances, please consult a professional advisor.
Feel free to reach out if you need assistance or have any questions. Let’s tackle this deadline together and keep your business running smoothly!
Best regards,
