2016 / 2017 P11ds
Annual P11D chore
Completing Forms P11D is one of those necessary evils for employers. Just in case you needed reminding, the forms for 2016/17 must be submitted to HMRC on or before 6 July 2017 or you could be charged a penalty starting at £100. What’s more, they will need to take account of various changes to the benefits and expenses rules which were introduced on 6 April 2016.
A P11D for 2016/17 is required for all employees and directors who you’ve paid, or reimbursed, taxable job-related expenses or provided taxable benefits to. For previous years, expenses and some benefits didn’t need to be reported on P11Ds for employees whose earnings were less than the rate of £8,500 per annum (so-called lower-paid employees). In that case a P9D was required. For 2016/17 there are no special rules for lower paid employees and a P11D must be used to report expenses and benefits as you would for others.
A trivial matter
Don’t forget that for 2016/17 you don’t have to declare most types of benefit in kind for employees if the cost to you of providing them was £50 or less per head
For advice on your specific circumstances regarding your P11d’s please don’t hesitate to contact us…soon!
Source: Tax Essentials for Advisors
Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice.