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Duration: | Two consecutive half days online |
| Delivery: | Virtual classroom | |
| CPD: | 7 points | |
Reporting taxable expenses and benefits provided to employees to HMRC is a key area of compliance for any organisation. Payroll professionals are increasingly required to be involved in the processing of these chargeable benefits. This course is designed to equip you with the essential knowledge and practical skills to accurately process and report chargeable benefits
Why you should attend
With the introduction of mandatory payrolling of benefits, the duty of accurately calculating benefit values and reporting these to HMRC will increasingly fall into the remit of payroll professionals.
This course will show you how to accurately calculate the cash equivalent value of a range of expenses and benefits and will explore the different ways these can be reported to HMRC. You will learn how to submit P11D forms, report benefits via the payroll (payrolling benefits) and include items on a PAYE settlement agreement in an interactive environment with expert tutors.
What you will learn
By the end of this course, you should be able to:
- Calculate the taxable value of various benefits
- Calculate Class 1A NICs accurately
- Process benefit values through the payroll accurately (payrolling benefits)
- Complete forms P11D (where required) and P11D(b) correctly and on time
Course content
This essential course covers the following topics:
- Calculating reportable benefit values
- Marginal cost and market value
- Making good on the cost of a benefit
- Calculations and adjustments
- P11D completion
- Payrolled expenses and benefits
- Reporting expenses and benefits
- Completing returns P11D, P11D(b), P46(Car)
- Class 1A NICs
- Penalties
- Payrolling benefits
- Impact on employees
- Adjustments
- Annual statements
Prior learning required
This course is not designed for those new to payroll. You need to have a working/operational knowledge of tax in either a payroll, finance or HR capacity. This should be ideally (though not essentially) at supervisor level or above.