Submit your P11D before July 6th!
The P11D document is used to report expenses and benefits provided to directors and employees earning a rate of £8,500 or more a year. These can be complicated documents to calculate as all benefits need to be interpreted into a cash equivalent value.
Some employers still fill in the paper versions of the P11D and send the hard copy, by post, to the HMRC, with many documents open to human error as the stress of submission looms. However, late and incorrectly submitted P11D’s can incur charges of £300 each!
Online, automated systems can make the whole process simpler and stress-free. MyExpensesOnline software will improve the accuracy of the data submitted and automatically send the documents online, saving employers hefty HMRC fines.
We would love to hear your stories of how you cope with this time of year and what systems you currently have in place for checking and authorising payments.