Over the past two years HMRC has encouraged employers to move away from reporting benefits in kind via individual ‘legacy’ P11D returns or lists, in paper form, favouring instead digital submissions or the use of ‘payrolling’.
It came as no surprise to us when, in the February 2023 Employer Bulletin, HMRC confirmed that it would no longer accept paper P11Ds and P11D(b) forms, leaving many employers facing considerable difficulties in making electronic P11D submissions with such short notice.
As we also saw this year, a number of commercial P11D software products currently available were released with bugs, causing significant difficulties for our clients.
Although PSTAX does have our own P11D Submission Service, using software that we are confident is correct, we still believe that the most efficient way of dealing with expenses and benefits information is through the use of benefit payrolling. There are clearly significant advantages of real-time benefit reporting and taxation. Employees are considerably more likely to pay the correct tax due on their benefits during the tax year and so PAYE (pay as you earn) tax code errors and underpaid tax liabilities associated with benefits in kind are less likely to occur if payrolling of benefits is done correctly.
- An introduction to payrolling
- How to register
- Frequently asked client questions
- Feedback from existing users of this service
- Synergy with employee benefit salary sacrifice schemes (cars, medical benefits, etc)
- Examples of benefit calculations, including the ‘tricky stuff’
- Points to note
We recommend this Seminar to all PSTAX clients and contacts. It will be highly relevant for staff with responsibilities relating to finance, payroll and also those involved in the administration of benefits in kind.
- The seminar will start at 10.00 , finishing no later than 1.00pm
- The cost of the seminar is £200 plus VAT per delegate.
- There is a 10% discount for your second delegate and a 30% discount for your third.
- If you book and subsequently find that you cannot attend, please email firstname.lastname@example.org.
- Please confirm your bookings as soon as possible.