Have your employees or directors received expenses or benefits from you, their employer? If so, you may need to notify HMRC. There are different rules depending upon the type of benefit, so let us use our experience to guide you through the process.
TAKING CARE OF
Your employee benefit obligations
Benefits in kind are non-cash benefits with a monetary value that are provided to employees. They aren’t always obvious and their omission can often result in employers and employees not paying the correct amount of tax.
Employers must submit a form, known as a P11D, annually to HM Revenue and Customs providing information about the benefits in kind that employees have received.
We assist employers in determining these benefits in kind and can, in some cases, advise on the appropriate value of a benefit. We ensure our clients and their employees stay compliant.
Why choose Samuels?
A mistake in this area can cost you dearly. We can help keep you compliant and avoid penalties.
Assistance in determining what constitutes a benefit
Meet your statutory obligations
Reduce your administration and let us submit your annual Returns
Available at anytime to provide advice
We will notify you in a timely manner so you can meet your deadline
We will inform you of relevant developments in the regulation
What can we do for you?
We keep the process simple and ensure you pay the correct amount of tax. We will take will care of preparation and submission of your P11Ds, ensure you maintain compliance with the applicable regulations and do not commit an offence by not declaring and paying tax when you are required to.
As part of our commitment to keeping you up to date, we will inform you of relevant developments in the regulations and send you annual reminders for the preparation and filings relating to your benefits in kind. We will also keep you aware of any tax payments due in a timely manner to aide your cash flow.
Some benefits are not shown on P11Ds and should be added to the employee’s earnings on their monthly payslip and taxed as appropriate. We also provide payroll services, so can advise you on this aspect to ensure a consistent approach.
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Whether you are an established business or a new start-up looking for help to get your new venture off the ground, we think you’ll find our tailored approach refreshingly different to most other accountants.