Date posted: 26th Jun 2023
If you have provided any directors or employees with benefits-in-kind or issued/transferred shares to them, during the year to 5 April 2023, then you may have to report these transactions to HMRC by 6 July 2023.
Common benefits-in-kind include company cars, private medical insurance, gym memberships and low interest or interest free loans (including directors loan accounts) and will need to reported on forms P11D which need to be submitted to HMRC shortly to allow HMRC to tax the value of the benefits, on the employee/director. In addition, the employer may be liable for a class 1A national insurance liability which will need to be paid to HMRC by 19 July 2023.
Any share issues or transfers either from the directors own shareholding or a new issue of shares may also need to be reported separately to HMRC. The reporting forms will depend upon how the share scheme is identified under HMRC rules.
There are penalties for late submission of both forms, so please take action as soon as possible.
If you have any queries, please give us a call.
