As we come to the end of 2021 and move forward to the end of the 2021/22 tax year, we are coming up to the P11D reporting period for employee benefits. While P11Ds may be something you have completed for a number of years, it may be worthwhile moving to the Payrolling Benefits scheme from April 2022. This could help streamline and simplify your employee benefit reporting.
There is no doubt that SMEs are facing a changing market. If you are an SME owner or manager, you will know that the past couple of years have been full of new challenges, and several new measures will have had to be put in place to ensure business survival and success. But it is important to remember that opportunities can arise out of adversity.
Recent research published by GRiD, the industry body for group risk protection, highlighted that a fifth of employees do not know how their employer would support them if they were absent through ill-health or injury. This highlights the need for employers to ensure information is provided in an easy, accessible manner, but that a communication campaign can also provide real value for awareness.
HMRC have now confirmed that the fifth SEISS grant will be available from late July 2021. The fifth grant will be taxable, paid in a single instalment and will cover May 2021 to September 2021.
It is a well-known fact that starting a pension earlier in life will help create better retirement outcomes later. However, the focus of this blog is about planning as early in a tax year as possible. There are many benefits to doing this, in particular it allows individuals to recognise what opportunities they may have for making pension contributions and spread the cost (and the investment risk) over the year.