Deadline Looms for End of Year P11D Deadline
All self-employed professionals in the UK need to complete and file an end of year P11D form and the deadline is looming.
Contractors and freelancers who have received key expenses and benefits from their limited companies in the 2011-2012 financial year are required to file the form to HM Revenue & Customs (HMRC) by 6th July.
Nixon Williams, one of the leading contractor accountancy services based in Lancashire, England, have already filed the P11D’s for all their clients but they are issuing a reminder to all consultants across the country to ensure the paperwork is completed on time.
A warning has been delivered by the taxman in that any self-employed people who do not meet the deadline will face an automatic fine. Penalties are reportedly calculated at £100 per 50 employees for each month or part month you delay filing your return.
If you earn £8,500 or more a year use the P11D form to report your expenses and benefits for example accommodation, car mileage, and fuel for the company vehicle. It works on a pro rata basis so if you are only self-employed for six months of the year, then file the form if your earnings are £4,250 or more.
If you earn less than this threshold, a P9D form is required but almost all company directors use form P11D.
There are various common errors that can delay HMRC processing the forms and unless the standards are covered it can cause problems with the taxman rejecting or asking for a resubmission of the form. The P11D quality standard requires that you must meet certain requirements such as your national insurance number must be included, tick the ‘director’ box if the you’re a director, and using a paper form that has the right tax year.
If you would like to consult with a financial advisor regarding your P11D form and you need help completing it, get in touch with the experts today. They can manage all of your taxes for you and ease you of the strain of paperwork by handling it all for you.
Remember; the deadline to file the form is on 6th July so if you still haven’t done so get your skates on!
ENDS
Media Contact Details
· Name: Nixon Williams
· Company Name: Nixon Williams
· Telephone Number: 01253 362000
· Email: info@nixonwilliams.com
