⏰ P11D Deadline Approaching — Make sure you’ve Submitted
As the HMRC deadline is the 5th July we want to just give a final reminder to all our clients this is relevant to that P11D submissions must be completed by then. These forms are essential for reporting employee benefits and taxable expenses provided during the year, ensuring that both your business and your employees remain compliant.
What needs to be included in your P11Ds
- Benefits in kind such as company cars, private medical insurance, accommodation, and low‑interest loans
- Reimbursed expenses that do not fall under HMRC’s exemption rules
- Class 1A National Insurance calculations relating to the benefits provided
- Adjustments or corrections from previous years if required
For many small businesses, P11Ds can feel like one of those “once-a-year headaches,” but accurate reporting prevents HMRC queries and avoids unexpected tax code changes for your employees. If you’re unsure whether a benefit should be included, we’re here to help you review your records and make sure everything is captured correctly. But don’t delay!
📢 Making Tax Digital for Income Tax — First Submissions Due in 5 Weeks
Also fast approaching in the next few weeks for some of you, the first Making Tax Digital (MTD) for Income Tax quarterly updates are due to be submitted. This marks a major shift in how individuals report their income so of you haven’t put something in place to ensure you do this and you think it effects you please get in touch.
If you’re within MTD for Income Tax, now is the time to double‑check that everything is in place:
- Your MTD‑compatible software is set up and linked to HMRC
- Your digital record‑keeping processes are running smoothly
- You understand the quarterly update requirements for your personal income
- You’ve reviewed any income streams that may need to be reported separately
For many clients, especially sole traders, and landlords, this will be the first time submitting under the new digital system. Getting organised now will make the transition far easier and help avoid last‑minute stress. The deadline will be at the start of August so better to make sure it is submitted early to ensure there are no hiccups.
Please contact us if your qualifying income from self-employment or property is over £50,000 and you’re not sure how you are meeting this requirement.
Produced with some help from AI