14/08/2023
What is a P11D Form❓
P11D is a form or document used by employers to report HMRC about certain benefits in kind, expenses and facilities paid or given to employees or directors to pay tax on. Employers issue this form at the end of each tax year. This statutory form is required by the tax office to show the amount of your year-end expenses, also known as company benefits.
The P11D form allows employers to tell the worth of employment benefits to HMRC on the annual Self-Assessment return. As company benefits increase employees’ salaries, so they may be liable for NICs on them. However, bear in mind that NICs will be paid by the company, not the individual.
Need help with filing the P11D form? Give us a call on 020 8144 9611 or email [email protected].
09/08/2023
What are trivial benefits❓
A small gift 🎁 or a perk not related to performance at the job is classified as a trivial benefit. According to HMRC rules, the following are the conditions that a gift or perk needs to satisfy to be classified as a trivial benefit.
✅ The gift value should be less than £50.
✅ The gift cannot be given in cash or the form of a cash voucher.
✅ Trivial benefits should not be in terms of the employment contract.
✅It cannot be given as a reward for performance.
If any of these conditions are not met, you will need to pay tax on trivial benefits and declare the same to HMRC. You do not need to report trivial benefits on the annual P11D form.
21/06/2023
‼️ANOTHER HMRC CLOSURE‼️
HMRC will be closing their Self-Assessment helpline from 12 June to 04 September 23. You will instead be directed to using online asssistance such as their webchat or Gateway account.
Another appauling act from HMRC following the closure of thier VAT registration helpline. This means you will not be able to speak to HMRC about issues regarding your tax return.
For our clients, the agent helpline is still open so feel free to give us a call if you require any help!
20/06/2023
Do you have manage your rental income and expenses accurately and efficiently? If not, get in touch with a member of the team today to see how cloud accounting can make your life much simpler!
