New Quick Poll: Do you issue P11Ds, payroll benefits, or both?

30 March 2021

As the deadline for submitting P11Ds for tax year 2021-21 will soon be upon us – 6 July 2021 - the CIPP’s Policy team wanted to ask how taxable benefits are reported within your company.

A new Quick Poll has been published on our News Online page to establish whether companies currently issue P11Ds, if they payroll benefits, or if they use a combination of the two.

Employers have the option of taxing benefits through payroll as opposed to reporting them to HMRC on P11Ds, if they wish. Most benefits can be reported in this way, with the exceptions of low-interest and interest-free loans and living accommodation, which still need to be included on P11Ds, even if other benefits are being payrolled for the same employees. Companies that payroll benefits are still required to calculate the Class 1A National Insurance (NI) contributions due and submit a form P11D(b) on the 6 July following the tax year that the contributions relate to.

We understand that payroll professionals are extremely busy at present, but really appreciate the time you take to respond to research that the Policy team carries out. The Quick Poll should take less than a minute to respond to. Thank you in advance for your participation.

 


Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information. Download the CIPP's Payroll: Need to know - your guide to payroll legislation and reporting for the most up to date data.