Every year employers are required to declare any employee benefits to HMRC by the 6th July. These benefits could be items or services that your business gives to its employees in addition to their salary. It could be interest-free loans, private healthcare or a company car. HMRC seeks to charge additional tax and NIC on these ‘perks’.
HMRC are very strict when it comes to P11D’s and this area of tax like others has a regime of penalties and interest if you get it wrong.
We will work with you to understand your commercial objectives to reward or lock in key employees, the reporting and tax requirements of any benefits provided, but also ways to motivate and reward employees that don’t get caught by the P11d rules.
If you provide any ‘perks’ to employees, no matter how small, then make sure you are on top of the rules and reporting requirements.