Payroll solutions company Precise Payroll is reminding employers that they are required to file a P11D form to the HM Revenue & Customs department by 6 July 2006 for all taxable benefits an employee has received during the tax year. According to Louise Mitchell, director of Precise Payroll employers must ensure that this form is completed on behalf of all employees who are paid at least 8,500, including benefits. Failure to return the P11D on time can result in a fine of (not exceeding) 300 for the employer, and further to that (not exceeding) 60 per day thereafter. Fraudulent submission of the P11D form can result in a fine of up to 3000.
Louise Mitchell, director of Precise Payroll says, ìIt is important that employers who provide staff with additional expenses or benefits such as a company car, beneficial loans, medical insurance, car fuel benefits or living accommodation complete and file a P11D form for the HM Revenue & Customs. Additional benefits or expenses that can directly increase income must be declared and the P11D form outlines the value of any ëbenefits in kindí so that HMRC can calculate tax in line with these added extras.î
Louise continues, ìIt can be difficult for small business owners to get to grips with all of the procedures and processes they must put in place to ensure that the business as a whole is operating within legislation and that payroll is delivered on time and accurately calculated in line with tax, benefits and national insurance contributions. It is paramount that employers make themselves aware of the upcoming deadlines that can affect their business and staff.î
Precise Payroll provide payroll solutions for employers across the north east from their offices in Aberdeen. These services can help improve an existing internal payroll process or remove the function completely through effective outsourcing. Employers can contact the company by telephoning 01224 638222 or email: info@precisepayroll.co.uk
Precise Payroll Reminds Employers to File P11D Form by 6 July
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