Key tax deadline approaching
The first week of July brings another key tax deadline for employers. What needs to be submitted, and when is the due date?
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New HMRC guidance on winter fuel payments
HMRC has released new guidance on the recovery of winter fuel payments. What do you need to know?
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Festive tax breaks for remote workers
You’re familiar with the tax break for Christmas parties but you now have a few remote workers, and the company will need to reimburse their travel and accommodation costs if they attend an event. Which costs count towards the tax-free limit and how can you manage any overspend?
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New process for some exports starting in Northern Ireland
Starting next month, businesses that import goods via Northern Ireland will need to change their processes. What do you need to know?
As an employer, if in the year ended 5 April 2023 you provided taxable benefits in kind or expenses to one or more of your employees or directors, details must be reported on Forms P11D no later than 5 July 2022. Forms P11D are not required for benefits and expenses that you have taxed through your payroll.
You must also complete a declaration Form P11D(b). This must reach HMRC on or before 5 July. The declaration is confirmation that you have reported all taxable benefits and expenses and shows the corresponding amount of Class1A NI you’re liable to pay. The Form P11D(b) is required for benefits and expenses reported on Forms P11D and those which have been taxed through your payroll.
You’re required to provide HMRC with details of all lump sum payments made in 2022/23 to employees or former employees in connection with the termination or variation of their employment.
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