Jayne Tressler (Business Services Group Manager) and Lewis Pridgeon (Tax Compliance Manager) are discussing some of the key aspects of employee benefits.
A benefit-in-kind is any benefit that an employee or director receives from their company which is not included in the individual’s payslip. Sometimes people refer to these as ‘perks’ or ‘fringe benefits’ and contrary to popular belief, these are not all ‘tax-free freebies’, sadly.
The main objective of these forms are to prevent employees receiving remuneration for services provided and avoiding employment taxes. It covers expenses and benefits provided to employees, anything of value provided in return for the provision of services.
The P11D form must be filed with HMRC every year on the 6th July. Any tax due must be paid to HMRC by the 22nd July each year (19 July if you pay by cheque).
If you have any questions or would like to speak to our team about your situation you can call us on 01243 782 423 or email LetsTalk@LewisBrownlee.co.uk!
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Established nearly 30 years ago, Lewis Brownlee is a firm of Chartered Accountants with a team of directors and over fifty professional staff located across the south east, with offices in Chichester, Midhurst, Whiteley and London.
Find out more about Lewis Brownlee here: https://www.lewisbrownlee.co.uk/
To make an appointment with one of our Chichester Accountants go to: https://LBLink.uk/contact
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