The 2020/21 tax year ended on 5th April and now is the time to prepare for the upcoming P11D deadline.
Expense and benefits forms should be completed for each employee and director who have received expenses and/or benefits during the 2020/21 tax year. Class 1A National Insurance contributions should also be declared and paid by the employer.
The deadline for P11D submissions is 6th July 2021 with penalties levied for late or incorrect returns. The P11D payment deadline is 22nd July ’21.
If we currently prepare P11Ds for you or we include the benefits in kind in your payroll, we’ll be in touch to ask for any information we need.
Says Nicola Hawkins, tax manager at Curo: “We are seeing HMRC stepping up efforts to recoup underpaid taxes and seeking out non-compliance in many areas of taxation, keenly levying penalties where deadlines have been missed or returns are incorrect. Given the unprecedented levels of debt built up to cover the costs of the Covid pandemic, it is understandable that HMRC is looking to boost tax revenues in any way it can.”
If P11D compliance, or employer tax compliance in general is an area you’d like help with, our tax team can assist and advise. Curo is a full service practice and our offerings include audit, accounts preparation, corporate tax compliance & advisory, valuations, forensic accounting, Research & Development advisory, VAT, employments taxes, property transactions advice, succession planning, HMRC enquiries, shareholder tax advice, personal tax services including inheritance tax, trusts and probate. Our audit team also carries out grant audits and specialist audit work for academy schools and other non-corporate entities. Please take a look at our website to see what we can do for your business.
Please get in touch with Nicola to discuss how Curo can help your business and ensure it keeps up to date with all areas of tax and accounts compliance. Email [email protected] or call 01527 558539.