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Completing Forms P11D
Newsletter issue - June 2012.
It's time to complete forms P11D, to report expenses (which were not included in your dispensation agreement with the Tax Office) and benefits paid to your employees in 2011/12. The P11D details can be submitted online using the free HMRC software or using your own payroll software. Alternatively you can complete individual paper forms, or submit a schedule to the Tax Office containing details for all your employees. Whichever method you chose, the deadline is the same: 6 July 2012.
Be careful not to submit the same P11D details by two methods: say online and in paper form, as this will only confuse the HMRC computer!
Some other common mistakes made when completing forms P11D include:
- Not ticking the 'director' box when required
- Missing employee ID details such as date of birth, gender, and full name
- Including expenses which have been covered by a dispensation
- Incorrect calculation of benefits provided for part of the year, such as cars, vans and fuel. You should use number of days available/366 for 2011/12.
- Restricting the list price value of a company car to £80,000. This cap has been abolished from 6 April 2011
- Omitting the cost of accessories fitted to cars after delivery
- Using the incorrect rate of interest for beneficial loans – it was 4% for the whole of 2011/12.
We can help you with your P11D forms, which can be quite a nightmare if you have lots of employees who received benefits or expenses.
What our clients say about us...
"Paul has provided accountancy services to my company for 2 years now. I can recommend Paul very highly; his skills as an accountant are highly detailed and professional and he is always available to provide advice. One aspect of the way Paul works that I greatly appreciate is a preference to meet face to face when there is a detailed conversation to be had. I personally find this more productive and is a benefit of working with a small accountancy firm that you wouldn't get with the large faceless providers."
ALISTAIR FAIRWEATHER - PROGRAMME & PROJECT MANAGER, DELIVERING/RESCUING I.T. 7 BUSINESS CHANGE WITH BUDGETS UPTO £50M INC SUPPIER MANAGEMENT
"I couldn't ask for more from Paul as an Accountant. Paul has been accountant to Work Relief Charity Recruitment for just over a year now and is proving an invaluable asset. Accurate, knowledgeable, flexible with an emphasis on service delivery, I would recommend Paul's services to any organisation looking for an accounts professional."
Neil Price - Managing Director at Work Relief Charity Recruitment
"Paul was a referral from a family member when I started my business 2 years ago. As this was the first time I had ever run my own company I was totally clueless over the financial side of matters and was worried that I may have made mistakes in any of my accounting. I needn't have worried as after enaging Paul for a set monthly fee he was always there on the end of the phone for all sorts of questions I had and no matter how trivial they were Paul gave me all the information I required and more and did an excellent and painless job at the end of my first year! Couldn't ask for any better to be honest. Just two words - hire him!!!"
Lee Westrap MBCS - Director - Bulldog IT Services
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