HMRC has released its 2014/15 benefits and expenses Form P11D plus updated guidance to go with it. Is there anything new to watch out for?
P11D deadline. It’s that time of year when you need to turn your attention to preparing the dreaded Forms P11D . A form is needed for each director and employee who earned £8,500 or more if you paid them expenses or provided benefits in kind. The forms must be submitted by 6 July 2015.
HMRC pointers. As in previous years, HMRC has spotlighted several trouble areas that employers need to watch out for.
- a new tax and NI exemption came into force on 1 January 2015. It applies to the cost of medical treatment to help employees return to work. These payments don’t have to be reported
- where an employee started to work from home in 2014/15 and they were already paying for broadband, reimbursements you made for all or part of the cost must be reported on the P11D . This is because the exemption which applies to the payment of homeworking expenses of up to £4 per week doesn’t apply
- if you submit your forms online, don’t follow this up by sending HMRC hard copies
- when completing a paper version of Form P11D make sure you use the 2014/15 version and not one for an earlier year
- ensure you tick the “director” box if appropriate
- in the company car section don’t complete the “from” and “to” dates if the car was available throughout the whole of 2014/15.
Online forms. HMRC has created a new online version of the P11D and P11D(b) (see The next step ). The job of submitting forms isn’t complete until you send HMRC a paper or online version of the Form P11D(b) , which is the declaration confirming that you’ve completed all the forms necessary or that none are required.