18th June 2014
As highlighted in the tax diary, the deadline for filing 2013/14 returns of benefits and expenses paid to employees is 6 July 2014. You can incur significant penalties for incorrect returns, so great care when is essential. The most common benefits in kind that need to be reported are company cars, private medical insurance and loans of over £5,000 on beneficial terms. Unless the employer holds a dispensation from HMRC, employees’ and directors’ reimbursed expenses (such as travel and subsistence) also need to be reported.
Ward Williams can assist you in completing the forms and install procedures that will satisfy the requirements of HMRC to grant a dispensation from reporting certain expenses.
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