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Expenses and Benefits for Employers

Ten Facts You Might Not Know About Stamp Duty

If you’re an employer and provide company benefits to any employees or directors, or reimburse expenses, you may need to report these to HMRC on a Form P11D, and pay Class 1A National Insurance on them.

Examples of expenses and benefits include:

·       Company cars and fuel

·       Medical insurance

·       Interest free loans

·       Childcare

Please note however, you may not have to complete a P11D if you only reimburse expenses which are incurred wholly, exclusively and necessarily in connection with the employment, so please contact your accountant if you are unsure about what needs to be declared.

If you do have to complete a P11D and P11D(b),they will need to be submitted to HMRC by 6th July 2017, 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 22nd July (19th July if you pay by cheque).

Penalties for late submission of payment start at £100 so don’t delay!!