Deadline looming for expenses forms
Employers must submit P11D and P9D forms by July 6.
Practice managers must submit P11D and P9D forms to HMRC by July 6, 2014. These forms report expenses and benefits supplied to employees and directors for the year ending April 5, 2014.
HMRC has released a new expenses and benefits toolkit, including a checklist to help employers complete these forms correctly.
It is recommended that managers plan ahead, as gathering the information to complete these forms can be a time-consuming process.
A P11D or P9D must be completed for each employee receiving expenses or benefits during the last tax year.
For employees earning £8,500 or more per year - including the value of benefits or expenses provided - a P11D should be completed, whereas a P9D is for employees earning less than £8,500 each year.
A P11D should be used for almost all company directors, unless they have no material interest in the company, they earn less than £8,500 per year and are either a full-time working director or director of a charity or not-for-profit organisation.
Employers are also required to complete a P11D (b) to declare the Class 1A National Insurance Contributions (NIC) due on expenses and benefits provided. Employers pay NICs of 13.8 per cent on the provision of most benefits.
Payment of Class 1A NICs must reach HMRC by July 22, or July 19 if payment is made by cheque.
It is recommended that employers submit the forms electronically, using HMRC online forms, HMRC PAYE online or their payroll software if it has this facility. Alternatively, forms can be printed out and posted to HMRC.
For HMRC's guide to completing P11D and P9D forms, visit http://www.hmrc.gov.uk/payerti/exb/forms.htm
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