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The first of the employers' end of year reports, form P35 summary of payroll taxes and the P14 salary summary for each employee were due by May 19th. The Inland Revenue require employers to file a form P11D for each employee by July 6th, 2004. The form declares all expenses reimbursements made in the tax year and also reports the monetary value of Benefits in Kind. To view a specimen form click here. Each employer must complete a declaration - for a specimen click here - and calculate the rate of National Insurance Contributions the employer must pay as a result of any benefits in kind. Do remember that there are automatic financial penalties for late submission. If the Declaration is late then the penalty is £100 per month. If individual P11Ds are late then the penalty can be up to £300 per form. Employers can apply to the Inland Revenue for dispensation from reporting certain types of expenses reimbursed. Generally, they will have to show that a system of management control exists to verify employees' expenses and the company should have been operating for at least 3 years. We can assist with such applications and advise on the types of control procedures required. Whether or not companies meet the filing deadline of July 6th, they are required to make payment of the National Insurance Contributions on benefits by July 19th. The Dyer Partnership, 17 Westminster
Court, Hipley Street, Old Woking, Surrey GU22 9LG
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