Key tax deadline approaching
The first week of July brings another key tax deadline for employers. What needs to be submitted, and when is the due date?
As an employer, if in the year ended 5 April 2023 you provided taxable benefits in kind or expenses to one or more of your employees or directors, details must be reported on Forms P11D no later than 5 July 2022. Forms P11D are not required for benefits and expenses that you have taxed through your payroll.
You must also complete a declaration Form P11D(b). This must reach HMRC on or before 5 July. The declaration is confirmation that you have reported all taxable benefits and expenses and shows the corresponding amount of Class1A NI you’re liable to pay. The Form P11D(b) is required for benefits and expenses reported on Forms P11D and those which have been taxed through your payroll.
You’re required to provide HMRC with details of all lump sum payments made in 2022/23 to employees or former employees in connection with the termination or variation of their employment.
Related Topics
-
Free childcare for company owners?
You’re an owner manager and your daughter is due to start nursery. You understand that working parents can get free childcare but a friend said this isn’t available if you only pay yourself dividends. Is this true and what can you do to qualify?
-
CT61
-
Getting the NI on benefits right
Getting the National Insurance (NI) treatment of employee benefits wrong remains a common issue for employers, particularly where the benefits are payrolled. Errors can lead to underpaid NI and potential compliance action. What should you check?
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.