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Reporting expenses and benefits to HMRC

23 May 2024

The deadline for submitting the 2023-24 forms P11D, P11D(b) and P9D is 6 July 2024. These forms can be submitted using commercial software or via HMRC’s PAYE online service.

Employers must submit forms P11D, P11D(b), and P9D for 2023-24 by 6 July 2024. Submit these forms through commercial software or HMRC’s PAYE online service. HMRC has stopped accepting paper versions of P11D and P11D(b) forms. Employers also need to give employees their form copies by this date. P11D forms report all Benefits in Kind (BiKs) to HMRC, including those under Optional Remuneration Arrangements (OpRAs), unless employers register to payroll benefits.

Payrolling benefits means employers don’t need to fill out a P11D for those benefits. But they still need a P11D(b) for Class 1A National Insurance contributions, whether they report benefits on P11D or payroll them. The payment deadline for Class 1A NICs is 22 July 2024, or 19 July for cheque payments.

If employers provided no benefits from 6 April 2023 to 5 April 2024 and get a P11D(b) reminder, they can submit a ‘nil’ return or tell HMRC online that they don’t need to return. Employers must fill out their P11Ds correctly, including all car and loan details.

Late P11D(b) submissions incur £100 penalties per 50 employees for each month or part month. Late Class 1A NIC payments also attract penalties and interest.

Employers must pay any tax or National Insurance due under a PAYE Settlement Agreement (PSA) for 2023-24 electronically by 22 October 2024, or by cheque by 19 October 2024. They don’t need to report this on a P11D form.

Employers should also be aware of the importance of timely and accurate reporting. Not only does this ensure compliance with HMRC regulations, but it also prevents the accrual of unnecessary penalties and interest. Staying up-to-date with these requirements can be complex, so seeking guidance from a tax professional or using reliable software can help streamline the process. By doing so, employers can focus on their business operations, confident that their tax obligations are managed effectively. Remember, keeping accurate records and being proactive with submissions can save time and resources in the long run.

Source: HM Revenue & Customs Tue, 21 May 2024 00:00:00 +0100

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