Employers providing benefits to their employees by way of a salary sacrifice arrangement also need to consider whether these benefits need to be reported on a P11D, under the Optional Remuneration Arrangement rules introduced by HMRC in April As these deadlines approach, activpayroll can help customers and prospects alike with their P11D preparation and reporting requirements.
The points below provide an overview of the steps we take to complete the process:. To discover what additional services activpayroll can offer, please visit our What We Do page.
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Expenses and benefits that need to be reported to HMRC are:. This has now been replaced by an exemption system, whereby the majority of business expenses incurred personally by company employees no longer need to be recorded on a P11D form.
Exempt expenses include:. As with most tax filings, HMRC is ready and waiting with the penalty hammer should you file late or incorrectly. If your mistake was genuine and HMRC believes you took reasonable care before filing, you might not face any fines. This should be charged at the HMRC published rate of interest 2. If you need to pay loan interest on an overdrawn DLA, then the company will also need to pay Class 1A NICs on the interest payments the current rate is The cost of calls made by employees from their home telephone or personal mobile where the company has repaid the expense can be overlooked.
Be sure to keep a note of all your business phone usage and make sure every call is included.
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