Reported your employee’s expenses and benefits?
16th June 2023
P11D & P11D(b)
For employers who provide expenses and benefits to their employees, there is now under a month to go to ensure your P11D and P11D(b) submissions have been made with HMRC (6th July 2023).
Payments of Class 1 A National Insurance must be made by 19th July 2023 (22nd July 2023 if made electronically). HMRC’s guidance on payments can be found here https://www.gov.uk/pay-class-1a-national-insurance.
If your P11D(b) submission is made late, HMRC will charge an automatic penalty of £100 per 50 employees for each month the return is late. Late payment interest will be charged immediately from 22 July 2023, with additional penalties for any payments made over one month late.
Employees are legally required to receive their P11D by 6th July 2023.
Payrolling benefits
Employers who have payrolled their benefits for the 2022/23 tax year are required to file a P11D(b) and make their Class 1 A National Insurance payments by the normal due dates.
Checks should be made to ensure that the amounts declared through the payroll are as expected; any benefits that have not been payrolled must be declared on a form P11D.
PAYE settlement agreement
Employers who report their employee’s expenses and benefits via a PAYE settlement agreement (PSA) must refer to their initial agreement form (P626) to see the date HMRC expect a PSA01 form to be filed.
Payments of tax and Class 1B National Insurance, declared on the PSA, must be made by 19th October 2023 (22nd October 2023 if made electronically). HMRC’s guidance on payments can be found here https://www.gov.uk/pay-psa.
Although there are no late filing penalties relating to the late submission of a PSA01, you risk breaking your agreement with HMRC. Late payment interest will be charged as normal.
If you have any queries or require any assistance in the completion of your P11D, P11D(b) and PSA submissions, please contact your local Whitings Office.
Disclaimer - All information in this post was correct at time of writing.
