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Reminder: Form P11D submission deadline is approaching

Are you an employer? Do you provide benefits or expenses to your employees (or members of an employee’s family)?

If so, your business may have to report these details to HM Revenue & Customs (HMRC) by completing and submitting forms P11D and P11D(b) to HMRC by 6 July 2021.

Examples of some of the most common entries include (but are not limited to) company cars, medical insurance, business mileage payments in excess of HMRC’s approved mileage rates and beneficial loans. A more detailed list can be found below.

P11D Checklist
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Filing deadline

Where required, both forms need to be submitted to HMRC before 6 July 2021. If this deadline is not met, then HMRC can impose penalties. Different penalties apply to each form as follows:

  • For the form P11D(b), the penalty depends upon the number of employees and length of the delay. This is £100 for each complete or part month for every 50 employees
  • If a benefit has been omitted or incorrectly detailed on the P11D, the maximum penalty of £3,000 can be imposed. HMRC could also impose further penalties for late submission of the P11D.

Payment date

The employer is liable for Class 1A National Insurance Contributions on the taxable value of most of the benefits at a rate of 13.8% for the year ended 5 April 2021.

This liability needs to be paid by 19 July 2021 and late payments will be subject to an interest charge at a rate of 2.6% per annum.

How we can help

If we are already engaged to complete these forms on your behalf we will contact you separately.

If you have not already engaged Mitchell Charlesworth to complete the forms on your behalf and would like us to do so, or if you have any queries, please contact a member of the tax department or your Engagement partner.

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