Remember to complete and file your P11D returns to avoid a penalty
Employers providing expenses or benefits to employees or directors need to notify HMRC of these taxable benefits and expenses and pay class 1A National Insurance on these. This is done via form P11D and the benefit totals are summarised on form P11D(b).
An example of expenses and benefits can include company cars and fuel, health insurance, travel and entertainment expenses and much more.
The deadline for completing and filing your P11D and P11D(b) returns for tax year 6 April 2019 to 5 April 2020 and providing them to your employees is Monday 6 July 2020. HMRC will automatically generate a penalty for any forms not submitted. Ensure you prepare and file these forms in good time to avoid an automatic penalty. You should also notify HMRC of any taxable termination packages exceeding £30,000, consisting of cash and non-cash benefits.
As part of your payroll services the team at Clear Vision can ensure your P11d forms are completed and filed correctly and on time.