We already know the deadline for reporting details of benefits and expenses provided to employees in 2021/22, which is not too far ahead.This information can be accessed via Forms P11D by the 6th of July 2022 latest, together with a covering declaration Form P11D(b).Any Class 1A NI contributions which are payable in respect of the benefits have to be paid to the HMRC by 19 July. The last date is extended up to the 22nd of July, only if you shall be paying digitally.
HMRC has incorporated a different method for the completion and submission of Forms P11D and P11D(b) this year.The "Online End of Year Expenses and Benefits service" has been removed. As a result of this change, you now have to instead, submit the information and declaration via your HMRC "PAYE Online service". Alternatively, you may also do so with the P11D software.
HMRC offers us worksheets to assist us with the calculation of the due amounts which need to be reported for the benefits. There are, however, slightly more complex rules involved with different commodities and services including company cars, cheap rate loans, and employer-provided accommodation.All the worksheets have been updated for the financial year of 2021/22.
HMRC has strived to remind employers that a few employee benefits and expenses which would otherwise be reportable, have been discarded for the financial year of 2021/22.This has been done to benefit employees who have suffered as a result of the after-effects of the global coronavirus pandemic.However, the exact reasons and terms of the financial exemptions are often not as easy to assess as they may seem. This is especially true for matters related to homeworking.To circumvent HMRC inquiries and steer clear of possible penalties, kindly adhere to the instructions given here:If you have already listed certain benefits which you think might be exempt for this financial year, we advise you to scrupulously run a quick check and ensure whether all the conditions have been adhered to, before removing them from your Forms P11D.HMRC's interactive PDF Form P11D has been discontinued. However, you can now use an HMRC PAYE Online account or software to submit your information. Be sure not to neglect or disregard the temporary exemptions which are due to coronavirus-related benefits.
