Local businesses were last week reminded of the importance of the forthcoming deadline for filing of their tax forms P11D at a seminar held at the St Albans office of Vantis, one of the UK’s leading accounting, tax and business recovery and advisory groups.
Attendees heard from Peter Davies, a senior tax manager within the group, who provided useful reminders and tips on how to help minimise potential tax bills for businesses and their employees. Peter also highlighted some of the common errors and mistakes which can easily occur when completing P11Ds.
All businesses that provide benefits in kind to their staff, as well as many who pay or reimburse business expenses, are required to file forms P11D with HM Revenue & Customs no later than 6 July 2010, or face financial penalties. A penalty of up to £300 for each form submitted late can be charged, plus up to up to £60 per day from the date of the initial penalty, until the form is submitted. Additional penalties, up to a maximum of £3,000, can be levied for forms which are filed incorrectly or incomplete.
Over 20 Hertfordshire businesses attended the session, which was well received. Delegates commented that the session had increased their understanding of this complex area of tax and clarified areas of confusion. Anyone who is unclear about what is required of them, or thinks that there may be opportunities to mitigate tax bills for themselves and their employees, should take urgent advice. The deadline of 6 July is now only a few weeks away. www.vantisplc.com