New payroll benefits system – the end of P11Ds
Author: Russell SmithNovember 19, 2015
P11Ds have to be completed every year if you receive any benefits from your limited company, the most common being company cars and private medical healthcare.
If you have more than 1 employee receiving benefits, you can end up having a bit of a task on your hands to complete these P11Ds.
From October this year, there is now a new payrolling benefits system that means you don’t have to complete P11Ds.
It is a system that is on online and if you want to register for the next tax year – 2016/17, you have until 5 April 2016.
If you register before 21 December 2015, HMRC say it will avoid tax codes for 2016/17 being issued that include benefits that are to be payrolled.