P11Ds


P11Ds are part of the annual cycle of tax submissions and considerations a business owner must contend with. They’re necessary if you provide your employees or Directors any benefits or expenses.

They are easier now to prepare and submit than historically, but still need to be treated carefully, as late submission can result in penalties and they can trigger unwanted attention from HMRC!

By thinking through benefits before they’re provided to employees, the tax impact can also be minimised. Speak to us before you go ahead to be sure that you’re rewarding your team, and not giving them an expensive headache!

There’s more information around the processing of payroll and P11Ds in our related services page, or in the articles posted below. As ever, if you’re unsure, or have any questions after reading any of the posts in this section, please get in touch with us.

Image of Red alarm clock with 'deadline' written across its face as illustration for Blog post 'It's P11D time!'

It’s P11D time!

P11Ds are part of the annual cycle of submissions required by HMRC. They become necessary if you provide your employees or Directors any benefits or expenses. The primary areas to consider are:

– Company cars.
– Accommodation costs.
– Health or dental insurance.
– Travel expenses.

Obviously, some of these will have been affected by Coronavirus over recent years, and things like accommodation costs may not have been relevant if you’ve been working virtually, but if HMRC usually receive submissions, they will still expect them!

Remember to pay your Class 1A National Insurance!

Forms P11D(b) tell HMRC how much Class 1A National insurance is due on expenses and benefits employers have provided to their employees. The filing deadline for these is the 6th July each year.

The deadline for paying over the Class 1A National Insurance is 22nd July each year if you pay by direct transfer or 19th July each year if you pay by cheque.

Christmas is coming!

As soon as we’re past Halloween, our thoughts inevitably start to turn towards the next set of festivities! Adverts promise ‘delivery by Christmas’ and shops suddenly fill with tempting goodies to fill our trollies.

At this stage of the year, thoughts invariably start to turn to planning your celebrations for Christmas, giving gifts to your team or entertaining. There are key things you need to consider now rather than later.

Why not take a look at these sections too, as there is some overlap between our categories and we’d hate you to miss out!

Tax – Personal Tax

Payroll

Tax – Company Cars

Each of our clients receives regular updates that keep them aware of changes and suggestions on a wide range of subjects; if you’d like to receive those too, just click on the button below, add your details and we’ll do the rest!

Can I just say we are so pleased that we have moved to Baranov Associates. As we discussed when you visited, we had to find a way to take the stress out of all of the financials and you’re doing that for us! We can see how to use Xero more efficiently and so with us being as on top of it as we can be and with you and Liz we feel a lot more confident about our business being in good shape.


Mrs S James, Sandbanks Capital Partners Limited

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