P11D's - Proto Payroll has you covered

Let Proto Payroll take the hassle out of P11D's

Did your business meet the P11D deadline earlier this month?

As you might know, employers had until 6 July 2018 to report employee benefits and expenses for the 2017/18 tax year. But many small businesses missed the deadline and some entrepreneurs were simply too busy to get the paperwork to HMRC on time.

When you use Proto Payroll for all your payroll requirements, you’ll never miss another deadline.

To recap. Any taxable benefits must be reported before the deadline using P11D and P11D(b) forms, which enable HMRC to calculate the class 1A national insurance contributions that need to be paid. These benefits include:

• company cars

• health insurance

• non-business travel or entertainment expenses

• assets provided by an employer that have significant personal use.

Employers who paid any taxable expenses or benefits to their staff will need to report them on a P11D(b) form, even if some or all of them have already been taxed through payroll.

A P11D must be sent for each employee who received the benefits or expenses, unless the employer registered online with HMRC before 6 April 2017.

Failure to meet the deadline could result in a penalty of £100 for every 50 employees for every month or part month the form is late, as well as interest on late payments to HMRC. SME's are particularly vulnerable to falling foul of this deadline.

The deadline for paying any class 1A national insurance was 22 July 2018.

We offer online payroll services throughout the UK and have the team, the time and the expertise to help you at Proto Payroll. For an informal chat, please email tom.hornbuckle@protopayroll.co.uk or complete a free quote using our payroll calculator on our website.