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.
Have you, or do you ever, employ casual workers for a short period?
The Coronavirus Job Retention Scheme (CJRS) began in March 2020 and was a lifeline to many businesses. Due to the impact and how quickly the pandemic took hold, a quick response by government to support businesses was the focus. This meant that HMRC issued funds through the CJRS with the confirmation that compliance checks would be carried out in the future, rather than completing checks in the moment.
With the last week finally showing glimpses of summer, vaccinations continuing to be administered at pace, along with further easement of restrictions, changes towards what employers are able to claim will change from July 2021.
As we approach the end of the 2020/21 tax year, we will shortly be in the P11D reporting window for employee benefits. While completing P11Ds may be something that you have done for as far as you can remember, it may be worth considering moving to the Payrolling Benefits scheme from April 2021 to streamline and simplify your employee benefit reporting.