A new Tax Year brings in a new set of HMRC reporting deadlines; the next big deadline being Employee Benefit P11D submissions.

Workplace benefits are a popular way to attract employees, seen in the increase of Employers offering benefits such as medical, dental and risk policies to their staff, in order to attract and retain good people. With these benefits comes the legal duties of either payrolling the benefits or submission of P11’ds to report these benefits and pay the Tax and Class 1a NIC due on these.

In 2024-25 the deadline for submitting these amounts to HMRC is 06 July 2024 and the Employers Class 1a NIC is due by the 22 July 2024.

From the 06 April 2024 HMRC has mandated that all P11D’s and P11DB forms must be completed electronically and they will no longer be accepting paper forms.

Benefits that need to be reported

Below is a list of the most common benefits that will need to be submitted on P11D forms for your employees:

• Company Cars provided by employers
• Health Insurance
• Medical Insurance
• Dental Cover
• Critical Illness benefits (some exemptions apply)
• Company Vans (Exemptions Apply for Pool vehicles)
• Fuel Allowance for private mileage
• Employee Loans (Exemptions apply)
• Professional Subscription fees (Exemptions apply)

This is not an extensive list just the most common benefits but a full list can be found including exemptions at https://www.gov.uk/expenses-and-benefits-a-to-z

advo can complete P11D’s on our clients behalf and if you think you may need to report your employee benefits and you need help and guidance navigating the exemptions and your responsibilities then you can get in touch with us today.

PSA Submissions (PAYE Settlement Agreements)

Have you applied to HMRC to arrange a PSA?

The deadline to apply for a PSA is 05 July 2024, this will allow you as an employer to pay the Tax and Class 1A NIC liabilities on behalf of your employees.

This submission has a different deadline for the submission to HMRC you will have until the 22 October 2024 to submit the liability for any benefits offered under the PSA agreement for the Tax year ended 05 April 2024. https://www.gov.uk/paye-settlement-agreements/deadlines-and-payment

Remember we are here to help with all things payroll!, just reach out to your advo account manager.