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Expenses and Benefits for Employers

Ten Facts You Might Not Know About Stamp Duty

Expenses and Benefits for Employers

If you’re an employer and provide expenses or company benefits to any employees or directors, you may need to report these to HMRC on a Form P11D, and pay tax and National Insurance on them.

Examples of expenses and benefits include:

  • Company cars and fuel
  • Medical insurance
  • Travel and entertainment expenses
  • Childcare

FormsP11D and P11D(b) need to be submitted to HMRC by 6th July 2016, and copies of the P11Ds also need to be given to your employees by the same date.

Any Class 1A National Insurance due on the benefits must reach HMRC by 22ndJuly (19th July if you pay by cheque).

Penalties of a minimum of £100 per month or part month will apply to late P11D(b)s so don’t delay!!

The tax tip is provided for general guidance only; further advice should be sought, for specific issues.