With the end of the tax year imminent it is now approaching the time when companies may need to prepare forms P11D in respect of the year ended 5 April 2019 for their Directors and employees.
These forms are due for submission by 6 July 2019 with payment of any Class 1A NIC due by 19 or 22 July 2019 depending on your payment method, so there is only a short time frame for employers to complete them.
In addition to the short time frame, it is important that these forms are completed with care and expertise to ensure that they are accurate, with the continuing rise in the number of employer compliance inspections showing that employees’ benefits are a risk area that HMRC are keen to target. Failure to do this can result in incurring additional tax liabilities as well as penalties and interest for inaccurate forms and late payment.
At Smith Cooper each of our offices have teams who are experienced and knowledgeable in this area who can complete these forms for you, reducing the risk of any inaccuracies in the submissions.
Below are links to a checklist which provides an overview of the types of benefits that may have been provided to your Directors or employees, as well as a document with detailed guidance notes.
If you would like Smith Cooper to undertake the preparation of forms P11D for your business please get in touch with one of our tax experts.