Don’t miss the P11D Deadline!

Do you provide expenses or benefits to employees or directors?

Then by law you need to complete and submit a P11d form to HMRC for each employee that has received the benefits or expenses payment and a P11d (b) to summarise the class 1A NIC due. You need to pay these by 22 July 2018. You’ll need to pay by 19 July 2018 if paying by post.

P11D forms must be submitted to HMRC by 6 July for each employee.

If HMRC do not receive the return by 6 July a penalty will be charged. Penalties will accrue for each month (or part month) that a return remains outstanding.

Penalties will be calculated at £100 per 50 employees for each month/part month.

If the failure continues beyond 12 months there is an additional penalty not exceeding the amount of the Class 1A NICs paid late.

An incorrect return made carelessly or deliberately attracts a penalty not exceeding the difference between the amount of Class 1A NICs shown on that return and the amount that should’ve been show, so it is important to get your returns submitted by 6 July at the very latest!

Deadlines

What you need to doDeadline
Submit your P11D forms online to HMRC6 July following the end of the tax year
Give your employees a copy of the information on your forms6 July
Tell HMRC the total amount of Class 1A National Insurance you owe on form P11D(b)6 July
Pay any Class 1A National Insurance owed on expenses or benefitsMust reach HMRC by 22 July (19 July if you pay by cheque)
If you have a PAYE Settlement Agreement pay tax and Class 1B National InsuranceMust reach HMRC by 22 October (19 October if you pay by cheque)
Pay any PAYE tax or Class 1 National Insurance owed on expenses or benefitsPay monthly through payroll

 

Contact us if you need more information or help with P11D’s

How can we help you?

Brearley & Co Accountants are pleased to offer a free, no obligation, initial consultation with one of our experts who will be happy to discuss your business needs and how we can help you.

Are you a new business? Or an existing business interested in our services?