One of Essex’s leading firms of accountants, MJ Bushell, is reminding employers that the deadline for the return of completed P11D forms is less than a month away.
The forms, which outline the expenses and benefits received by employees, must be submitted to HM Revenue & Customs by 6 July 2018 at the latest.
Under the current rules, employers must submit a form for each employee or director that earns £8,500 a year or more, which means that they can place a substantial burden on businesses.
The rules governing the taxation of expenses and benefits continue to change and with each expense often subject to its own unique rule it is easier for employers to lose track.
This is why accountants and tax advisers at MJ Bushell are calling on business to act now, to ensure that the forms are completed accurately and on time.
Dan Sayers, Director at MJ Bushell, said: “Employers often dread completing P11D forms due to their complexity and it is all too easy to make an error which could lead to a miscalculation of tax or penalty.
“However, as onerous as the task is, it is essential that employers who have not yet completed or submitted the form act quickly to ensure they do not miss the deadline in July.”
Dan added that in many cases businesses might benefit from outsourcing this task to payroll specialists, who can take away the stress and uncertainty of returning the forms.
MJ Bushell is encouraging those who have questions about the taxation of expenses and benefits via P11D forms to get in contact ahead of the deadline by calling 01277 245300 or visiting www.mjbushell.co.uk