The stage has now reached the point where the Auto-enrolment process has commenced for all businesses with 30 or fewer employees.
The Pensions Regulator has now started sending out letters to all businesses with 30 or fewer employees to ask them to register the person in the business who will be the primary contact for them. At this point businesses can also pass the details of a secondary contact (the person who prepares your payroll).
This is now the time to seriously start considering the steps that need to be taken to organize the pension scheme to be offered to employees and the administration process for this.
If you need any advice on this please contact us as soon as possible
Benefit in Kind and P11D
The deadline for submitting forms P11D is fast approaching. Many businesses wrongly consider they do not need to do anything even though they may be paying for goods and services to their employees to reimburse the employee for such costs.
Even though the payment is a re-imbursement of a business expense, because it is the employee purchasing the goods or services, the contract of purchase is between the supplier and the employee and not the business. The re-imbursement for such payment needs to be entered onto a P11D even though it doesn’t result in a tax liability to the employee.
If your business does reimburse employees as described above, please contact us if you need any help or advice.
The deadline for filing P11Ds is 6 July.
If you are an employee and do receive benefits from your employer such as health/dental insurance, please make sure you receive your form P11D and retain it as the information will be required to complete your tax return.