Readers are reminded that benefit and expenses forms (P11D, P11D(b) and P9D) and form 42 (if applicable) for 2011-12 are due for filing by 6 July. If the deadline is missed a penalty may be issued. Class 1A NIC arising on any benefits in kind is due for payment by 19 July.
It is important to meet HMRC's quality standards. HMRC will reject P11Ds that don't meet the standard.
Guidance on how to complete benefits and expenses forms together with details of frequent areas of difficulty can be found by clicking on the link.
Further information is also available.
By way of reminder, Form 42 asks for details of reportable events in relation to securities and options that are obtained by reason of employment. The information is to be provided by one of four responsible persons and in most cases, the employer, as one of the responsible persons, will usually make the report and complete the declaration. Form 42 must be submitted by 6 July following the end of the tax year in which the reportable events occurred.
Following the introduction of e-filing of forms 42, companies are no longer sent a paper copy. Instead they will receive a “Notice to File a Form 42” and companies must then file the information required electronically or send a completed paper copy on or before the deadline. However companies are required to notify HMRC of any reportable events arising in a tax year without a notice being issued to do so.
For guidance on Form 42 click on the link.