6 July 2017 is the deadline for notifying HMRC of non-cash benefits provided to employees. This is usually done via form P11D.
For 2016/17 there are some important changes to be aware of:
Form P11D is now used for all employees, the concept of a lower paid employee has been abolished. The same cash equivalent rules for valuing benefits now apply to all employees.
Employers must consider whether benefits have been taxed through the payroll, if they have these benefits do not need to be included on the P11D.
Many expenses are also now subject to exemption and do not need to be reported on form P11D. These include business travel expenses, business entertaining and uniforms / tools for work. There is no longer any need to have a P11D dispensation in place before leaving such items off the P11D form.
If the P11D forms result in a liability to pay Class1A, this must be paid by 22 July where payment is made electronically, or 19 July if paid by cheque.
For more information, please contact Lesley Sutton on 01484 550037 or email firstname.lastname@example.org.