The deadline for the P11D was the 6th July,2020. Have you missed it?
What is P11D?
A P11D tax form is a statutory form which is needed by the tax office, in order to show the value of your end of year expenses. This is otherwise known as company benefits or ‘Benefits in Kind’. These are benefits in which employees or directors receive from their employment, but are not included within their wages. This can include things such as company cars, medical or dental insurance etc.
This form will be submitted by your employer, to the tax office directly. And they will give you a copy of this form for your personal records. The P11D form will also give the tax office the details in order to update your PAYE record, with the type and value of any company benefits in which you received during this tax year.
Who needs to file them?
P11D tax forms are filled out and sent to the tax office by your employer, not the employee.
When do they need to be filed?
Your P11D tax form does not need to be filed depending on your company year, however, they must be filed by the 6th July following that tax year. Moreover, if the company of your tax year runs from the 6th April 2019, to the 5th April 2020, this must be filed by the 6th July 2020.
What happens when P11D forms aren’t filed on time?
As with any other important tax file, HMRC will issue a penalty if this is filed over the deadline date. Moreover, it is stated on the official Gov website, that an employer will receive a penalty of £100 per 50 employees for each month or part month, if this is filed late.
Did You Know?
Businesses can often find it difficult to meet with the deadlines and demands of completing the annual P11D submission. Nonetheless, since April 2016 employers have been given the option of processing benefits through the payroll each pay period. However, many businesses choose to operate via their traditional P11D.
How can MCL help you?
MCL Payroll are able to oversee the process on your behalf. We help you to avoid potential penalties for late submission and incorrect calculations, and ensure everything is handed over to HMRC on time, every time.
Once we have received the relevant information regarding your submission, passed onto us to calculate and produce, we then submit all documents on your behalf. In the meantime we ensure important documents are stored together within a secure location and with easy access.
As part of our financial services which we offer, even though the P11D form is a dreaded part of operations, it is still an essential part of your employment and organisation. Hence why, here at MCL Payroll, it is one of our top priorities to help you with this.
Have you missed the deadline for 2020, or what to find out how you can prepare yourself for the P11D form for 2021?
Get in contact with one of our professional experts here at MCL Payroll today.
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