2022-03-28: P11D Deadline
P11D – Deadline
If you are going to put your employees benefit in kind through the payroll system you must apply to do so by the deadline of the 5th April 2022, the beginning of the next financial year
This is a handy way to deal with company benefits and means you don’t need to file a P11D in July!
Any questions, just get in touch we can assist you in your enquires.
Its very simple, all you have to do is to contact HMRC on line. You can then set up the benefit in kind through your payroll system and the cash equivalent amount will be added to you employee’s monthly gross pay on which tax is then charged.
As mentioned, this means you will not have to file a separate P11D with the HMRC. This makes the whole process not only easier for you as the employer but it means that the tax owed by your employees has already been collected throughout the year and therefore, they will not receive a demand for tax owed at the end of the year.
You must remember however that if your employee no longer has access to the taxable benefit that you cancel it through the payroll system, otherwise they will be charged and you will have to contact HMRC to receive a refund on any amounts overpaid
