Submit by July 6th 2015
It’s time to submit your P11D forms to HMRC.
As you know P11D forms need to be completed for employees earning over £8,500 pa, both directors and non-directors, in receipt of taxable benefit or expenses from the company.
Taxable benefits includes things like:
- Private medical insurance
- Company cars
- Entertainment allowances
- Travel and subsistence (but not the £0.45 per mile mileage allowance)
If you miss the deadline then HMRC will imposing a penalty of£100 per 50 employees for each month/part month missed. They will issue a reminder if the forms aren’t submitted by July 19th but the first penalty notification won’t be sent out until you are 4 months overdue. That means a fairly stiff fine could be imposed if you forget.
Equally it’s very important to ensure that your forms are correct. If HMRC thinks you knowingly made an incorrect submission then they can impose a penalty of up to 100% of the owed tax.
Of course HMRC isn’t all bad. You can apply for a dispensation on some benefits and expenses (Click here to see the online form) where employees can obtain a full matching tax deduction. The dispensation can cover items such as credit cards, telephones and hire car charges.
If you need help completing your P11D forms or sorting out a claim for dispensation then Lewis Smith & Co. are ready to help.
Call us on 01384 235549 or email info@lewissmith.com to arrange a no obligation discussion.
Lewis Smith & Co. – Accountants for Kingswinford businesses
