Most businesses that employ staff (and especially directors) will have an obligation to file a Return for Benefits in Kind (P11D) to HMRC by 5th July following the end of the tax year. In small businesses, these returns are often not prepared properly or overlooked completely.
By using Xero accounting, we will be able to ensure that the information needed to prepare compliant forms P11D for submission to HMRC on time will be instantly available.
Many business pay allowances and expenses to employees and under certain circumstances it is possible to obtain a dispensation from HMRC to avoid the need to complete P11Ds in any event.
We are experienced at dealing with P11D preparation and in the obtaining of dispensations.
The operation of, and compliance with, Benefits in Kind legislation is currently under review by HMRC and we expect a modernisation of the system to be proposed in next year’s Budget.
If you would like more information on P11D preperation, and how JacRox’s Xero solutions could assist your company please call 0800 020 9542.