If you provide taxable benefits or benefits in kind (BIKs) to your employees, for example company cars or medical insurance, you need to submit a P11D(b) form to HMRC by 6 July each year.
You can either include the cash equivalent value of the benefits in your payroll and deduct the tax, or complete form P11D for each employee:
- You can use Sage 50cloud Payroll to payroll benefits, with the exception of accommodation, beneficial loans and credit tokens or vouchers.
- Alternatively, Sage 50 P11D is a convenient way to help you manage your employees’ taxable benefits and calculate Class 1A National Insurance. It’s easy to use and there’s no requirement for in-house experience.
Using Sage 50cloud Payroll
- You must register with HMRC before before 5 April 2019 for the tax year 2019/2020.
- Once the tax year starts you have to payroll the benefits for the whole of the tax year, or until you stop providing them.
- You need to work out the Class 1A National Insurance contributions on benefits and manually complete form P11D(b).
- If you make a mistake, you may need to roll back or restore your data.
- You need to calculate the P11D values or cash equivalent manually, then manually enter the figures into Sage 50cloud Payroll.
Using Sage 50 P11D
- You can print P11D forms for your employees.
- You can submit your P11D forms and P11D(b) to HMRC in just a few clicks.
- It's easy to correct mistakes, you can just delete the benefit and start again.
- If an employee leaves part-way through the tax year, it doesn't matter, they don't have to be employed to receive the benefit.
- When you set up your benefits, you can use the Sage 50 P11D software to calculate the figures.
P11D live demos
If you're new to Sage 50 P11D, or need a refresher, why not attend a live webinar and learn how to manage your expenses and benefits from our Sage expert. Register now >
Interested in Sage 50 P11D?
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