As mentioned in the tax diary, the deadline for filing 2013/14 returns of benefits and expenses paid to employees is 6 July 2014. Significant penalties can be incurred for incorrect returns, so great care is required. The most common benefits in kind that need to be reported are company cars and loans of over £5,000 on beneficial terms. Unless the employer holds a dispensation from HMRC, employees’ and directors’ reimbursed expenses (such as travel and subsistence) also need to be reported.
We can assist you in completing the forms and to put in place procedures that will satisfy HMRC requirements to grant a dispensation from reporting certain expenses.