Key tax deadline approaching
The first week of July brings another key tax deadline for employers. What needs to be submitted, and when is the due date?
As an employer, if in the year ended 5 April 2023 you provided taxable benefits in kind or expenses to one or more of your employees or directors, details must be reported on Forms P11D no later than 5 July 2022. Forms P11D are not required for benefits and expenses that you have taxed through your payroll.
You must also complete a declaration Form P11D(b). This must reach HMRC on or before 5 July. The declaration is confirmation that you have reported all taxable benefits and expenses and shows the corresponding amount of Class1A NI you’re liable to pay. The Form P11D(b) is required for benefits and expenses reported on Forms P11D and those which have been taxed through your payroll.
You’re required to provide HMRC with details of all lump sum payments made in 2022/23 to employees or former employees in connection with the termination or variation of their employment.
Related Topics
-
Are buy-to-let companies worth the hype?
There’s no doubt that landlords have been on the receiving end of multiple tax hikes in recent years. So called “property experts” will tell you that the best tax-saving strategy is to operate through a company. Are they right?
-
Electronic VAT return
-
Tax relief for lending to your company
You can usually claim tax relief for money you borrow personally to lend to your company. It sounds straightforward but there are in fact a number of restrictions to trip you up. How do you secure the tax relief?