WITH the end of the tax year fast approaching, companies should be mindful of their obligations to report employees' benefits and expenses to HM Revenue and Customs (HMRC) on forms P11D.
Even if the expenses are allowable as business costs, they must still be reported, unless there is a P11D dispensation in place for the company.
The process of totting up all those business expenses and form filling is both time consuming and unnecessary. The dispensation application process is straight forward but requires a company to have a system in place to independently check and authorise expense claims.
There is still time to get a dispensation in place effective for the current tax year which will keep a business compliant with HMRC, saving time for the employer whilst making it easier for the employee to manage their tax codes and complete their self-assessment tax returns.
For more information contact Deborah Parks Green on 01256 486800 or email deborah.parks-green@bakertilly.co.uk.
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