This article summarises the main P11D late filing penalties and payment penalties. In addition, you should be aware there are penalties for providing incorrect information.
As a small business owner, you will have to deal with several different departments within HMRC. Each department has different forms to complete with different deadlines and different penalties should either your submission or payment be late.
The following is a quick guide as to what you need to be aware of when dealing with HMRC and which penalty for late submission of P11D deadlines you should put in your diary.
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P11D forms are required if you provide benefits to employees. Some examples include a company car, fuel, private medical insurance, beneficial loans, and accommodation. The p11d late filing also gives a breakdown of the expenses provided to each employee.
The P11D(b) declares the Class 1A National Insurance payable by the employer.
Late Filing
Forms P11D and P11D(b) should be filed by the 6th of July following the tax year. The P11D late filing penalty is similar to those issued for the late filing of the Employer’s Annual Return. A penalty of £100 is issued per month or part month the return is late, for every 50 employees.
Late Payment
The P11D filing deadline for Class 1A NICs is the 22nd of July if paying electronically, or by the 19th of July if paying by cheque. It must be paid to HMRC
The same p11d filing deadline penalties and interest rates apply to Class 1A National Insurance as to that under PAYE.
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Quick Sum Up
In conclusion, understanding and avoiding P11D late filing penalties is essential for businesses to stay compliant and save money. By keeping accurate records and filing on time, you can prevent unnecessary costs and focus on growing your business.
Make sure to mark the key deadlines, use digital tools if needed, and seek help from a tax advisor if you have any doubts. Staying proactive with your P11D submissions not only keeps you in good standing with HMRC but also supports smooth financial management in the long run.
Disclaimer: The information about P11D late filing penalties, provided in this article including text and graphics. It does not intend to disregard any of the professional advice.
