P11D filing deadline looming
The deadline for employers to file P11D forms for 2023/24 is 6 July. You need to be aware of a crucial change this year. Why should you check the position even if you've already made the submission?
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Accounting for VAT if there is no cash payment
Your business has submitted repayment returns for the last two quarters and you are concerned that you might have underpaid output tax on some supplies where no money has changed hands. Are your concerns justified?
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Treatment of distributions under review
The government has launched a consultation on modernising the tax treatment of distributions and repayments of capital by companies. The proposals could affect the distinction between dividends taxed as income and capital payments subject to CGT. What changes are being considered?
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Tax relief on equipment you haven’t paid for (yet)
The timing of tax relief for purchases of equipment isn’t straightforward when payments are delayed or goods are purchased through hire purchase (HP) agreements. How can you use these rules to your advantage and get tax relief before you’ve paid the final invoice?
Where taxable expenses and benefits were provided to an employee in the 2023/24 tax year, these will need to be reported to HMRC if:
- the benefit or expense was provided to an employee or a member of their family or household by virtue of the employee’s employment
- the benefit was not exempt from tax
- the benefit was not payrolled
- the benefit was not included in a PAYE settlement agreement.
However, for 2023/24 it's mandatory to file the forms electronically. If you're completing the forms yourself, you need to do this via PAYE Online Services for Employers or using compatible software. If your accountant is filing on your behalf, they will be able to use their details to do so. We recommend double checking that forms have not been filed by post or there is a risk the deadline could be missed. The forms will be rejected, but you may not be notified until it’s too late.
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