Benefits in Kind
Anyone with staff who receive benefits in kind (BiKs) should remember they have to submit details on a P11D form by the 6th July following the end of the tax year. The most common BiKs are private health, vehicles (including vans) and fuel. When a van is a van is often a tricky one and we always encourage our clients to ask us if they have the slightest doubt. It should also be remembered if you have claimed for petrol receipts throughout the year then stictly speaking you have created a BiK and it is always better to claim a mileage allowance. The official allowances can be obtained from the HMRC website at www.hmrc.gov.uk
And finally here is a extract from the HMRC website:
You’ll get a penalty of £100 per 50 employees for each month or part month your P11D(b) is late. You’ll also be charged penalties and interest if you’re late paying HMRC.