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Prepare benefit in kind returns to HMRC

Prepare benefit in kind returns to HMRC

Mike Wakeford

Employers that provide any form of taxable benefit to clients will need to prepare and file P11D returns to HMRC. The deadline to file your returns is the 6 July 2021.

Employers will also need to provide all employees affected with a copy of their P11D form by the 6 July 2021 as well. Employees will need a version of their P11D form to check their tax account or to include on their tax return.

Employers are also obliged to pay employers’ National Insurance contributions on the aggregate value of benefits provided to all employees. The way to do this is to complete a P11D(b) return; and again, this needs to be filed by 6 July 2021. NIC class 1A contributions are payable at 13.8% of the total benefits returned and are payable by 22 July 2021 if paid electronically or an earlier date of 19 July 2021 if you pay by cheque.

Any Class 1A NIC paid is an allowable deduction for tax purposes.

If your local Moore office prepares your payroll, they may handle this work for you.

Be sure not to miss the filing and payment deadlines otherwise you could trigger late filing penalties and interest charges. You can find key dates in our monthly calendar.

If you need assistance with the above, please make sure to contact us.