Now the deadline has passed for employer annual returns, our attention is turning to the next important payroll deadline of the year which is 6th
July for P11D expenses and benefit forms.
A P11D form must be submitted to HMRC for every employee (or P9D should the employee's salary be less than £8,500) and it details the employees' taxable benefits and expenses including cars, property, fuel, goods, credit cards and any other assets placed at an employee's disposal in the last tax year.
The key information to provide on the P11D form is the total value of the expenses and benefits you have provided, adjustments to this total – for example if you have included benefits that aren't liable to Class 1A NICs, and your Class 1A NICs liability for the year – calculated as 13.8% of the adjusted value of the expenses. For more information on P11D forms and how to complete them, visit HMRC's useful overview
on their website.
To make this essential payroll task easier for businesses with large amounts of payroll data to process, Sage P11D software
collates all of the necessary information and performs the calculations for you readying your P11D forms for submission. Compatible with Sage 50 Payroll
, this useful piece of software cuts the cost of paying a tax professional to handle large amounts of data and offers a completely secure and paper-free solution to P11D submissions.
For businesses with more than 250 employees Sage P11D Professional
is necessary, and batch data can be entered for multiple employees which makes processing large amounts of data even easier. A module is included with Sage P11D to allow you to submit the forms online to HMRC, and with Sage software you can be sure that the P11D package is up to date with the latest legislation and requirements, helping you avoid penalties incurred by late submissions or inaccurate information.
See our website for more information on Sage P11D software
and how it can offer a complete solution to this next important payroll deadline.