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Jun
P11D deadline looming
The forms P11D and where appropriate P9D, which report employees
and directors benefits and expenses for the year ended 5 April
2009, are due for submission to HMRC by 6 July 2009. The process of
gathering the necessary information can take some time so it is
important that this process is not left to the last minute.
Employees pay tax on benefits provided as shown on the P11D,
either via a PAYE coding notice adjustment or through the self
assessment system. In addition, the employer has to pay Class 1A
National Insurance Contributions (NIC) at 12.8% on the provision of
most benefits. The calculation of this liability is detailed on the
P11D(b) form.
HMRC have advised that they will shortly start sending out paper
forms P11D(b) - Return of Class 1A NICs. The forms should be issued
by 15 June 2009. Those employers who filed electronically last year
will receive an electronic reminder as opposed to a paper form.
Payslips will be issued to employers regardless of how the form is
to be submitted.
This year HMRC have introduced a new quality standard for P11Ds
that are submitted on paper, setting out how employers must
complete the form and what information must be included. Failure to
complete forms in accordance with the standard may result in the
forms being rejected by HMRC and may result in a penalty. For more
information on these issues please use the links below.
If you would like any help with the completion of forms P11D or
the calculation of the Class 1A liability please get in touch.
Internet links: HMRC P11D
guidance HMRC P11Db guidance HMRC
notice
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