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Payroll / April 3rd 2014
Do I need to complete a P11D?A P11D is the name of a return sent to HMRC after the end of the tax year. This form reports taxable benefits and expenses provided to employees during the tax year. Many employers choose to provide benefits to their employees. This can include company cars, pension contributions, gym memberships or even just parking at their place of work. Some of these benefits are taxable, others are not. Those which are taxable will need to be declared on a P11D. In the above example, the gym membership and company car are taxable benefits. This will be included on the P11D. In addition to benefits, it is usual for employers to pay expenses to their employees. In most cases, these will be reimbursed business expenses, where the employee incurs a business cost on behalf of their employer, and later seeks reimbursement. In this case, a disclosure is required, although a taxable benefit does not arise. Some employers pay a round sum allowance to cover general costs. This is normally a taxable benefit in most cases. P11D returns are therefore likely to be required in these circumstances. The returns must be filed by 6th July following the end of the tax year. It may be possible to avoid P11D returns in some circumstances. However this area is complex and you are best advised to consult a tax expert. For more information on London payroll services or P11d return help, please contact Wisteria on 020 8429 9245.
Read ArticlePayroll / April 3rd 2014
A P11D is the name of a return sent to HMRC after the end of the tax year. This form reports taxable benefits and expenses provided to employees during the tax year. Many employers choose to provide benefits to their employees. This can includ
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Payroll / March 18th 2014
The way in which payroll was reported to HMRC changed in April 2013 with businesses having to now operate their payroll in real time (under the new RTI payroll rules). This essentially meant that rather than waiting till the end of the tax year to re
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Payroll / November 19th 2013
Paying National Insurance Contributions (NICs) build up your entitlement to state benefits and state pensions. The total amount of NICs contributed depends on your average weekly earnings and there are a number of different percentages of NICs for ea
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Payroll / November 14th 2013
If you pay a salary to an individual on the payroll, they will be liable to tax and National Insurance on the gross amount paid to them. Similarly, most benefits provided are also liable to tax and National Insurance. This is an avoidance mechan
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Payroll / October 30th 2013
Many businesses will have to make a decision about running a payroll or not. Whether it is for one director/employee to hundreds of employees, payroll is a vital system that ensures each employee of the business is paid and taxed correctly. Many s
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Payroll / April 19th 2013
If you are an employee and are unwell, you may not be able to attend work for a period of time. In addition to any contractual entitlements, you may be entitled to Statutory Sick Pay (SSP) if your employer does not pay your usual salary to you for an
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