Strict Standards: Only variables should be assigned by reference in /var/www/vhosts/jamesstanley.co.uk/httpdocs/templates/luxon/vertex/responsive/responsive_mobile_sidebar.php on line 8
Blog

Blog

The Accountants for Growth

P11d Reporting: Payroll your Benefits

P11d Reporting: Payroll your Benefits
All business by now will have completed and filed with HM Revenue & Customs their Forms P11D and some businesses find this to be costly in terms of time and effort.

Is there a better way of dealing with this?
 Well employers can now account for the tax on benefits through the PAYE system each month/week. If you register before 6 April 2018 you can then calculate payroll tax on benefits and then you will no longer be required to submit Forms P11D after the end of the tax year.

The reporting and payment of Class1A NIC on benefits still remains the same – employers will still need to work out their Class 1A liability on the cash equivalent of benefits and complete Forms P11D(b) by 6 July each year.

Payrolling in this way is voluntary and businesses will need to inform the Revenue which benefits they want to payroll.
Please note that the following benefits cannot be payrolled: -
·         Employer-provided living accommodation
·         Interest free and low interest loans
 
Making tax Digital: Update
Dividend Waivers

Related Posts