Banks Sheridan is warning companies across Cheshire and Staffordshire to file their P11D forms on time and to ensure the details submitted are correct.
“End-of-year expenses and benefits form P11D has to be filed for employees who earned £8,500 or more during the tax year ending 5 April 2015,” explains Banks Sheridan Director, David Morris.
“All employers must complete and submit an accurate P11D form for every employee who’s had any benefits or expenses over the course of the last tax year, with all the details relating to these benefits or expenses – or face a penalty.”
The deadline for filing P11D forms is 6 July 2015, and Banks Sheridan is warning employers to start now as the process of gathering all the necessary information can take time.
David Morris comments: “It’s so important that the information employers put on the P11D forms is completely correct and that the forms are filed no later than 6 July. This is not as easy to do as it may sound as these forms are complex and require a great deal of data, which can take a while for employers to establish.
“This is why we’re encouraging all firms to begin compiling these forms today and not to leave it to the last minute.”
HMRC may charge companies a penalty for the wrong information on P11D forms or for filing the forms late.
“Every expense or benefit has to be calculated on an individual basis, and for each and every employee,” adds David.
“A number of our clients struggle to complete these forms every year, and our professional accountants are able to assist them to ensure their P11D forms are filed accurately.
“We’d advise employers not to be tempted to simply put the same details down that were on last year’s forms, even if you think nothing much has changed. Always check the details carefully as mistakes cause delays and can result in big fines.
“The forms are very detailed and it’s easy to overlook certain sections, which means the forms will be rejected by HMRC. For example, when it comes to company cars, you need to be careful. If the car was available in the previous tax year then the ‘from date’ box should be left empty and if the car will be available in the next tax year then the ‘to date’ box should be left empty – this catches a lot of people out, who wrongly put the dates of that tax year down to show the car was available throughout the year.
“It’s worth taking the time to get these forms right.
“If you do need some help compiling your P11D forms, we’d strongly recommend speaking to your accountant to make sure the forms are completed accurately and on time.”
To find out more about the business tax services Banks Sheridan provides and for assistance with P11D forms, call 01270 530970 or Email firstname.lastname@example.org