Easing the P11D Pain

Newsletter issue - June 07.

Completing P11Ds to report employees' expenses and benefits is a tedious job, but if the forms are incomplete or late in reaching the Taxman you could be landed with penalties of up to £300 per form. To help you along this year we have complied a list of tips to ease the process:

Do advise your employees that they need to report the P11D figures on their own tax returns and make claims for the expenses that had a business purpose, on the employment pages of the return, or by letter to the Taxman. This year there is a new automatic system for processing P11D information into the employee's PAYE code. So the your employees may find their tax code is altered in August or September to tax the expenses they have received, but this tax charge will not be removed until they have claimed a deduction for the business expenses.

Don't miss out

Our monthly newsletter is a great way to stay in touch with our work and everything that's going on in the accountancy world. Sign up now for our latest news and keep one step ahead in your business.

Sign up for our newsletter