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BizHelp24 Edition No. 155
Thursday 4th May 2006

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May 2006 - Small Business News
 

Make Sure You Meet Benefit Expenses Form Deadline

If you provide your employees with benefits in addition to their pay, you may need to inform HM Revenue and Customs (HMRC). If the benefits your employees receive are taxable then you are required to send a P11d form (which works out the amount of Class 1 NICs owed for each employee) for each employee who earns over £8500 (including benefits) by 6th July 2006. Company directors also need to complete the form.

If the return and payment are not received by 19th July 2006 then you are liable to a fine of £100 per month, as well as interest and late payment interest. If the form is 12 months late then there is an additional penalty. You are also required to give a copy of the P11D form to each employee or director before 6th July.

Here are some examples of taxable benefits and some non-taxable benefits:

Taxable:

- Computers for private use (over £500 including running costs)

- Clothing or uniforms that can be worn at any time.

- Cars made available for private use.

- Car fuel provided for private use, whether in a company or private vehicle.

- Entertaining staff

- Work related or necessary training.

Non-Taxable:

- Computers for private use (under £500 including running costs)

- Protective clothing, including uniforms that are necessary for work. (May have a logo)

- Car parking facilities and car parking fees at work or for a business related journey.

If you think that the benefits your employees receive could be taxable then you need to act quickly. If you are unsure whether the benefits are taxable then you should find out immediately, otherwise you may miss the deadline and suffer fines.

Guidance from HMRC is available here.

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